Citigroup has issued a research report stating that KB LAMINATES (01888) released a positive profit alert for the previous year, forecasting a net profit increase of over 80% to more than HK$2.39 billion, surpassing the bank's projection of HK$2.14 billion. Consequently, the bank has raised its profit forecasts for KB LAMINATES for 2025, 2026, and 2027 by 8%, 6%, and 8% respectively, and increased the target price from HK$20.5 to HK$28. The stock has risen more than 50% year-to-date, and Citigroup believes this has largely factored in the positive profit alert. The report indicated that any pullback in the share price would present a better buying opportunity and expressed a preference for KB LAMINATES over Kingboard Holdings (00148). Key catalysts for KB LAMINATES, according to the bank, include: 1) an expected further increase in average selling prices in the first half of this year to catch up with recent copper cost inflation; and 2) more positive updates from management regarding the development of AI glass fabric after the announcement of 2025 results.