PC Partner    Last:2.17    -0.07

Shift from HKEX to SGX

2H profit lower than 1H ?

spursfan      ( Date: 20-Jan-2026 12:17) Posted: POSITIVE PROFIT ALERT FOR THE YEAR ENDED 31 DECEMBER 'the Board expects the Group to report a net profit attributable to Shareholders at approximately HK$450 million for the year ended 31 December 2025, compared to a net profit attributable to Shareholders of approximately HK$262 million for the year ended 31 December 2024. The change was mainly due to an increase in sales revenue together with an improvement in the gross profit margin which had mainly resulted from a strong demand for the new Blackwell series of video graphics cards launched in the first quarter of 2025' https://links.sgx.com/1.0.0/corporate-announcements/XS7ZVU7J6Q7XG8B0/872472_Announcement%20of%20Positive%20Profit%20Alert_20%20Jan%2026.pdf

 

$1.37 Nice. Major breakout

SmallSmall      ( Date: 20-Jan-2026 13:01) Posted: $1.27 +$0.12 !!! More to come SmallSmall      ( Date: 11-Jan-2026 15:25) Posted: 70+% Upside Potential: KGI Initiates coverage on PC PARTNER   09 January 2026 THE CONTEXT &bull Founded in 1997,  PC Partner Group, which recently achieved a  primary listing  on the Singapore Exchange, has been around long enough to see plenty of cycles in the computer industry. &bull   KGI Securities has just published an initiation report on the stock, the first to do so, with a target price of  $1.73.    PC PARTNER Share price:  $1.00 Target:  $1.73 &bull   PC Partner makes its living from producing and selling video graphics array (VGA) cards -- products used in serious gaming, which  make up the bulk of its business (over 90% of revenue in 1HFY25). The rest comes from motherboards and mini-PCs, making it a one-of-a-kind business on the SGX. &bull   Notably, the VGA cards incorporate GPUs from the world' s biggest GPU (graphics processing units) producer Nvidia, its major supplier.  &bull In past years, PC Partner' s financial performance has been volatile and cyclical, mainly due to the timing of the release of upgraded hardware from Nvidia. Currently, another challenge looms:  Because high-speed memory is a critical component of every graphics card, surging prices impact the group&rsquo s cost structure and demand for its products. &bull   Read more below .... At the COMPUTEX 2025 show in Taipei in May 2025, Jensen Huang, CEO of Nvidia, dropped by the booth of Zotac, a brand of PC Partner. Nvidia is a major GPU supplier to PC Partner.  Photo: Zotac Excerpts from KGI Securities report Analyst:  Chong Ting Shuo   Riding the Blackwell cycle with a de-risked Southeast Asia footprint   &bull   Blackwell ramp restores growth and brand momentum. We see a clean volume catalyst as NVIDIA&rsquo s RTX 50 Blackwell launch lifted gaming upgrade demand in 1H25 and should remain constructive into 2H25. Own-brand revenue accelerated with the Group regaining access to the top tier RTX 5090 after the Singapore HQ move and SGX secondary listing, driving a 60.3% jump in branded sales and a 1H25 revenue print of HK$6,355.3M with EPS at HK$0.645. &bull   China Plus One execution improves resilience and market access. Management has executed a tangible footprint shift with HQ relocation to Singapore, an SGX listing, and a new Batam plant. This expands Southeast Asia capacity and provides flexibility to navigate tariffs and export controls, including rapid rerouting of US bound assembly outside China after the 4 Feb 2025 tariff action. We think this configuration reduces policy friction risk while preserving allocation and customer reach. &bull Expanding beyond gaming into AI-adjacent compute.  Beyond VGA Cards, the pipeline includes GPU servers for AI and ML, handheld PCs, and medical-grade systems. Coupled with longstanding partnerships with NVIDIA and entry into the NVIDIA Partnership Network in 1H25, we see scope to broaden mix, deepen attach, and smooth cyclicality as AI PC adoption builds. &bull We initiate coverage of PC Partner Holdings Ltd with an OUTPERFORM rating, reflecting a bullish outlook on the company&rsquo s recovery and growth prospects. Our 12- month price target is  SGD$1.73. Jensen Huang' s autograph on a Zotac flagship product. Photo: Zotac 1H25 results and key takeaways PC Partner delivered a clean reacceleration with the RTX 50 Blackwell launch driving upgrades and mix. Gary Lau, CFO of PC Partner.Revenue printed about HK$6,355M and EPS was HK$0.645, with own-brand sales up about 60% as access to top-tier SKUs resumed. Inventory stepped up to support 2H sell-through and the Indonesia ramp, consistent with stronger allocation and higher ASP content. Operational discipline improved as sell-through tracked well into the summer, positioning 2H25 for sequential growth and margin stability and a 1H25 revenue print of HK$6,355.3M with EPS at HK$0.645.   Cycle and end-market setup   We expect a constructive gaming cycle through 1H2026 as NVIDIA&rsquo s Blackwell stack catalyzes premium upgrades, AI PC attach improves, and channel inventories normalize. Allocation should support volume, while richer ASPs and mix toward higher-end boards underpin gross margin. Seasonality and a deeper holiday pipeline point to a stronger 2H25, with upside if attach on AI-enhanced SKUs exceeds historical norms.   Valuation & Action   Chong Ting Shuo, analystWe initiate an OUTPERFORM rating and derive the TP of S$1.73 (implying a 70% upside) from employing a blended valuation approach, comprising a Dividend Discount Model (DDM), Discounted Cash Flow (DCF) analysis and a Future Share Price analysis. The DCF captures the company&rsquo s long-term cash generation potential in this cyclical industry, while the DDM and peer comparison grounds our assumptions in current market sentiment for similar companies.  Risks: Allocation and cycle risk from NVIDIA delays may cap volume and mix. Export controls with slow Batam ramp could lift costs and stretch cash. However, we expect supplyside execution risk to be mitigated with established NVIDIA partnership in 1H2025 and new Singapore HQ to reinforce presence and focus on Southeast Asia ramp-up &rarr The KGI report is  here.  &rarr   See also:  PC PARTNER: This Company Rode Nvidia Wave in 1H, Just Achieved Primary Listing on SGX

 

👍

PQTPQK      ( Date: 20-Jan-2026 12:30) Posted: Gap up later spursfan      ( Date: 20-Jan-2026 12:17) Posted: POSITIVE PROFIT ALERT FOR THE YEAR ENDED 31 DECEMBER 'the Board expects the Group to report a net profit attributable to Shareholders at approximately HK$450 million for the year ended 31 December 2025, compared to a net profit attributable to Shareholders of approximately HK$262 million for the year ended 31 December 2024. The change was mainly due to an increase in sales revenue together with an improvement in the gross profit margin which had mainly resulted from a strong demand for the new Blackwell series of video graphics cards launched in the first quarter of 2025' https://links.sgx.com/1.0.0/corporate-announcements/XS7ZVU7J6Q7XG8B0/872472_Announcement%20of%20Positive%20Profit%20Alert_20%20Jan%2026.pdf

 

$1.27 +$0.12 !!!
More to come

SmallSmall      ( Date: 11-Jan-2026 15:25) Posted: 70+% Upside Potential: KGI Initiates coverage on PC PARTNER   09 January 2026 THE CONTEXT &bull Founded in 1997,  PC Partner Group, which recently achieved a  primary listing  on the Singapore Exchange, has been around long enough to see plenty of cycles in the computer industry. &bull   KGI Securities has just published an initiation report on the stock, the first to do so, with a target price of  $1.73.    PC PARTNER Share price:  $1.00 Target:  $1.73 &bull   PC Partner makes its living from producing and selling video graphics array (VGA) cards -- products used in serious gaming, which  make up the bulk of its business (over 90% of revenue in 1HFY25). The rest comes from motherboards and mini-PCs, making it a one-of-a-kind business on the SGX. &bull   Notably, the VGA cards incorporate GPUs from the world' s biggest GPU (graphics processing units) producer Nvidia, its major supplier.  &bull In past years, PC Partner' s financial performance has been volatile and cyclical, mainly due to the timing of the release of upgraded hardware from Nvidia. Currently, another challenge looms:  Because high-speed memory is a critical component of every graphics card, surging prices impact the group&rsquo s cost structure and demand for its products. &bull   Read more below .... At the COMPUTEX 2025 show in Taipei in May 2025, Jensen Huang, CEO of Nvidia, dropped by the booth of Zotac, a brand of PC Partner. Nvidia is a major GPU supplier to PC Partner.  Photo: Zotac Excerpts from KGI Securities report Analyst:  Chong Ting Shuo   Riding the Blackwell cycle with a de-risked Southeast Asia footprint   &bull   Blackwell ramp restores growth and brand momentum. We see a clean volume catalyst as NVIDIA&rsquo s RTX 50 Blackwell launch lifted gaming upgrade demand in 1H25 and should remain constructive into 2H25. Own-brand revenue accelerated with the Group regaining access to the top tier RTX 5090 after the Singapore HQ move and SGX secondary listing, driving a 60.3% jump in branded sales and a 1H25 revenue print of HK$6,355.3M with EPS at HK$0.645. &bull   China Plus One execution improves resilience and market access. Management has executed a tangible footprint shift with HQ relocation to Singapore, an SGX listing, and a new Batam plant. This expands Southeast Asia capacity and provides flexibility to navigate tariffs and export controls, including rapid rerouting of US bound assembly outside China after the 4 Feb 2025 tariff action. We think this configuration reduces policy friction risk while preserving allocation and customer reach. &bull Expanding beyond gaming into AI-adjacent compute.  Beyond VGA Cards, the pipeline includes GPU servers for AI and ML, handheld PCs, and medical-grade systems. Coupled with longstanding partnerships with NVIDIA and entry into the NVIDIA Partnership Network in 1H25, we see scope to broaden mix, deepen attach, and smooth cyclicality as AI PC adoption builds. &bull We initiate coverage of PC Partner Holdings Ltd with an OUTPERFORM rating, reflecting a bullish outlook on the company&rsquo s recovery and growth prospects. Our 12- month price target is  SGD$1.73. Jensen Huang' s autograph on a Zotac flagship product. Photo: Zotac 1H25 results and key takeaways PC Partner delivered a clean reacceleration with the RTX 50 Blackwell launch driving upgrades and mix. Gary Lau, CFO of PC Partner.Revenue printed about HK$6,355M and EPS was HK$0.645, with own-brand sales up about 60% as access to top-tier SKUs resumed. Inventory stepped up to support 2H sell-through and the Indonesia ramp, consistent with stronger allocation and higher ASP content. Operational discipline improved as sell-through tracked well into the summer, positioning 2H25 for sequential growth and margin stability and a 1H25 revenue print of HK$6,355.3M with EPS at HK$0.645.   Cycle and end-market setup   We expect a constructive gaming cycle through 1H2026 as NVIDIA&rsquo s Blackwell stack catalyzes premium upgrades, AI PC attach improves, and channel inventories normalize. Allocation should support volume, while richer ASPs and mix toward higher-end boards underpin gross margin. Seasonality and a deeper holiday pipeline point to a stronger 2H25, with upside if attach on AI-enhanced SKUs exceeds historical norms.   Valuation & Action   Chong Ting Shuo, analystWe initiate an OUTPERFORM rating and derive the TP of S$1.73 (implying a 70% upside) from employing a blended valuation approach, comprising a Dividend Discount Model (DDM), Discounted Cash Flow (DCF) analysis and a Future Share Price analysis. The DCF captures the company&rsquo s long-term cash generation potential in this cyclical industry, while the DDM and peer comparison grounds our assumptions in current market sentiment for similar companies.  Risks: Allocation and cycle risk from NVIDIA delays may cap volume and mix. Export controls with slow Batam ramp could lift costs and stretch cash. However, we expect supplyside execution risk to be mitigated with established NVIDIA partnership in 1H2025 and new Singapore HQ to reinforce presence and focus on Southeast Asia ramp-up &rarr The KGI report is  here.  &rarr   See also:  PC PARTNER: This Company Rode Nvidia Wave in 1H, Just Achieved Primary Listing on SGX

 

Gap up later

spursfan      ( Date: 20-Jan-2026 12:17) Posted: POSITIVE PROFIT ALERT FOR THE YEAR ENDED 31 DECEMBER 'the Board expects the Group to report a net profit attributable to Shareholders at approximately HK$450 million for the year ended 31 December 2025, compared to a net profit attributable to Shareholders of approximately HK$262 million for the year ended 31 December 2024. The change was mainly due to an increase in sales revenue together with an improvement in the gross profit margin which had mainly resulted from a strong demand for the new Blackwell series of video graphics cards launched in the first quarter of 2025' https://links.sgx.com/1.0.0/corporate-announcements/XS7ZVU7J6Q7XG8B0/872472_Announcement%20of%20Positive%20Profit%20Alert_20%20Jan%2026.pdf

 

POSITIVE PROFIT ALERT
FOR THE YEAR ENDED 31 DECEMBER

'the Board expects the Group to report a net profit attributable to Shareholders at approximately HK$450
million for the year ended 31 December 2025, compared to a net profit attributable to Shareholders of
approximately HK$262 million for the year ended 31 December 2024. The change was mainly due to
an increase in sales revenue together with an improvement in the gross profit margin which had
mainly resulted from a strong demand for the new Blackwell series of video graphics cards launched
in the first quarter of 2025'

https://links.sgx.com/1.0.0/corporate-announcements/XS7ZVU7J6Q7XG8B0/872472_Announcement%20of%20Positive%20Profit%20Alert_20%20Jan%2026.pdf

 

should test the 1.20 ... soon 

 

Rebounded back to $1.22 +$0.10 today....

 

  09 January 2026

 

Thanks. no wonder so powerful

 

Excerpt from KGI Securities (Singapore) Pte. Ltd. report.

Report Summary

• PC Partner Group Ltd, a leading manufacturer of graphics cards (notably under the ZOTAC, Inno3D, and Manli brands), has seen its growth trajectory restored by the NVIDIA RTX 50 &ldquo Blackwell&rdquo GPU cycle, with robust earnings recovery and strong own-brand sales momentum.
• Strategic relocation of headquarters to Singapore, SGX secondary listing, and a new plant in Indonesia (Batam) have enhanced operational flexibility, reduced exposure to China-specific risks (including tariffs/export controls), and improved market access.
• The company is expanding beyond gaming GPUs into AI-related computing, GPU servers, and specialty PCs, leveraging its strong NVIDIA partnership and positioning itself to benefit from longer-term trends in AI and hardware innovation.
• Financials reflect a rebound in 2024&ndash 2025, with revenue and EPS growth, strong balance sheet (net cash), and an attractive dividend yield (~7%). Valuation remains at a discount to peers, offering compelling upside, with KGI initiating an OUTPERFORM rating and a 12-month target price of SGD$1.73.
• Key risks include industry cyclicality, GPU supply dependence (primarily on NVIDIA), component cost pressures (especially DRAM), and ongoing geopolitical/regulatory risks. However, the company&rsquo s diversified footprint and prudent management mitigate many of these concerns.
• Peer comparison shows PC Partner trading at lower multiples than major Taiwan and Hong Kong hardware firms, despite its improved fundamentals, suggesting potential for multiple expansion as confidence in its recovery builds.
• KGI&rsquo s valuation blends Dividend Discount Model, Discounted Cash Flow, and scenario analysis, reflecting both near-term yield appeal and longer-term growth optionality.

Above is an excerpt from a report by KGI Securities (Singapore) Pte. Ltd. Clients of KGI Securities can be the first to access the full report from the KGI Securities website:  https://www.kgieworld.com

 

 

Looks like the Christmas sale is ending soon with the share price up 9% today.

 

Hope so too.

Last day of trading on HKEX is 8 January, so the selling pressue from people who cannot move to SGX will end at that date. It is like a year end sale that ends on 8 January.

 

Hope the rebounce will continues after Xmas

 

Never mind. You have the guts to start a thread. For this 🐻 salutes you. If you want AI , just go for American ones. The BIG ones will outmuscle small AI plays. Trade with SIZE 🐻

Alignment      ( Date: 16-Dec-2025 10:37) Posted: I started this thread, and unfortunately chose a bad time to do it in terms of share price movements since. As far as I&rsquo m aware there has been no company specific news, so what is likely driving the price fall is either the broader AI sentiment issues which is also affecting other SGX listed stocks in the space, and/or this is the impact of the imminent HK delisting that I had previously posted actually happening. Given the above, my views on fundamentals is unchanged. I previously thought in the medium term $1 would be an attractive in price so clearly at the current levels it looks even more attractive. I started buying at $1 when I first posted and since have been nibbling away as it fell all the way down to the current level. I don&rsquo t have any insight in short term price movements as to when it will recover. All I will say is that I will continue nibbling if it falls further using money that I can afford to have locked away for a few years without worrying about the share price falling further. The key is not to go too large too early &ndash my own approach with small cap stocks like this where the share price can move up or down significantly with no fundamental cause is to have an investment plan from the start with respect to price and sizing &ndash drip feeding in over time as the price changes. With this approach you make less profit if it goes up quickly as you underinvested but it also allows you to stay in the game if the share price goes down significantly or over a longer period, because what you don&rsquo t want to do is sell simply because of a share price fall when there has been no underlying fundamental change in the investment proposition (unless you now believe your original investment proposition was wrong). In short I am buying more, slowly and carefully. But that is based on my own background/knowledge/experience. Different people are in different situations, so you should do what is right for you. Hope sharing my own perspective helps though.

 

I started this thread, and unfortunately chose a bad time to do it in terms of share price movements since.

As far as I&rsquo m aware there has been no company specific news, so what is likely driving the price fall is either the broader AI sentiment issues which is also affecting other SGX listed stocks in the space, and/or this is the impact of the imminent HK delisting that I had previously posted actually happening.

Given the above, my views on fundamentals is unchanged. I previously thought in the medium term $1 would be an attractive in price so clearly at the current levels it looks even more attractive. I started buying at $1 when I first posted and since have been nibbling away as it fell all the way down to the current level. I don&rsquo t have any insight in short term price movements as to when it will recover. All I will say is that I will continue nibbling if it falls further using money that I can afford to have locked away for a few years without worrying about the share price falling further. The key is not to go too large too early &ndash my own approach with small cap stocks like this where the share price can move up or down significantly with no fundamental cause is to have an investment plan from the start with respect to price and sizing &ndash drip feeding in over time as the price changes. With this approach you make less profit if it goes up quickly as you underinvested but it also allows you to stay in the game if the share price goes down significantly or over a longer period, because what you don&rsquo t want to do is sell simply because of a share price fall when there has been no underlying fundamental change in the investment proposition (unless you now believe your original investment proposition was wrong).

In short I am buying more, slowly and carefully. But that is based on my own background/knowledge/experience. Different people are in different situations, so you should do what is right for you. Hope sharing my own perspective helps though.

 

Any guru can share a bit on this stock? i jumped in and made a loss. now to cut or hold??

 

The opportunities I look for have both a valuation angle and a catalyst angle. The valuation angle is clear, but with respect to catalyst the shift from HKEX to SGX is only part of the bigger picture which relates to the shareholder structure.

49% of the company is owned by its directors, most of whom cofounded the company nearly 30 years ago and were friends or colleagues before at companies like Vtech. They are now all in their 60s and 70s, while none of their next generations are at senior levels within the business. But even the 49% is not a unified block &ndash the largest shareholder is only 14% and the equal largest shareholder also at 14% inherited her stake from her husband (another cofounder). This situation I think is set up for an eventual sale of the business to either private equity or a strategic buyer as has been happening a lot recently for SGX. The key for them to maximise value is to establish a China + 1 strategy so they can do business both within China and the US and the move from HKEX to SGX is part of this. Once they complete this and also finish setting up new plants in SEA then they would be set to cash out.

 

Last day of trading on HKEX is 8 Jan 2026 - can refer to the EGM minutes essentially 3 months from notice to shareholders which was done on 8 Oct 2025. Can refer to their disclosures here:

https://www.pcpartner.com/attachment/ac/17606943227ZKF9.pdf

PQTPQK      ( Date: 21-Nov-2025 11:07) Posted: when the delisting date complete ? Alignment      ( Date: 21-Nov-2025 10:35) Posted: Agree - knowledge base is thin. You can see that from the thin trading volumes which means the stock moves are more volatile. Hopefully they will improve investor relations once the delisting from HKEX is complete.I guess as Buffett pointed out as I want to buy more stock I actually want the share price to fall so I can buy cheaper (not that what I want matters).