Founded in 1997, PC Partner Group is a technology company engaged in the design, development, and manufacture of computer electronics. Its principal business is the design, development, and manufacture of video graphics cards, alongside an electronics manufacturing services division that produces components and products for external customers.
Beyond graphics cards, the Group offers other PC-related products and components, including motherboards and mini-PCs. It also provides technical support, subcontracting services, and holds intellectual properties.
The company
additionally offers electronics manufacturing services to providers of ATMs,
point-of-sale systems, industrial devices, and various consumer electronics.
Its primary
consumer brands are ZOTAC, Inno3D, and Manli, catering to gaming enthusiasts
and mainstream PC users alike.
The majority of its revenue is derived from the Asia Pacific region, followed by North and Latin America, China, and Europe, Middle East, Africa and India.
Beyond consumer electronics, PC Partner has also expanded into digital signage, enterprise and cloud solutions, industrial applications, and the Internet of Things (IoT).
Reducing
Dual-Listing Costs and Capturing Southeast Asian Business Opportunities
PC Partner
Group made its debut on the SGX on 15 November 2024. It was initially listed as
a secondary listing alongside its primary listing on the Hong Kong Stock
Exchange. The company has since delisted from HKEX, with its last trading day
on 8 January 2026 and the delisting taking effect on 14 January 2026, making
SGX its sole listing. Most of the original shares from Hong Kong were
successfully transferred only before 10 March 2026, and by now, the selling
pressure from shareholders who did not wish to hold the Singapore-listed stock
should have largely subsided.
The company believes that a primary listing on SGX will enhance its flexibility in procuring high-end GPUs from its key suppliers, which is critical given its AI hardware ambitions and reliance on partners like NVIDIA.
It has proceeded to complete the acquisition of a minority interest in Zotac Nippon Corp. in 2026.
Powering
the AI Revolution
The Group
participates in the NVIDIA Partner Network (“NPN”) as an Integration Partner,
supporting NVIDIA’s ecosystem by delivering AI servers powered by NVIDIA’s
innovative technologies. The Group has started building up its own
infrastructure and capabilities on AI talents recruitment, new product
development as well as manufacturing and operational setup to prepare for the
business opportunities arising from the surging demand for AI hardware.
Strong
cash, generous dividends
The Company has
declared a final dividend of SGD 0.05 per share and a special dividend of SGD
0.05 per share, with an ex-date of 15 May 2026 and a payment date of 5 June
2026. Together with the interim dividend of HK$0.25 (~ SGD 0.0407), the total
dividend yield stands at 10.4%, based on the current share price of SGD 1.35.
As at end of FY2025, cash and cash equivalents — comprising cash and bank balances — stood at SGD 1.052 per share, representing around 80.95% of the current share price.
Stellar financial
metrics
NAV = S$1.342
EPS = S$0.208
P/E = 6.53x
based on current price of S$1.35
Coming final 10-cent Dividend Yield = 7.41%
ROE = 15.46%
% of earnings growth over last FY = 86.76%
Strong
revenue growth powered by RTX 50 Series demand
Revenue
recorded an increase of 38.4% in FY2025 compared to FY2024, mainly driven by an
increase in sales of own brand VGA Cards.
The VGA Cards segment recorded an increase of 50.0% in FY2025 compared to FY2024. The strong sales performance of the NVIDIA’s RTX 50 Series being launched in FY2025 under the own brand VGA Cards segment had fully offset the small decline of the sales under the ODM/OEM VGA Cards segment.
Sales of the Group’s own-brand VGA Cards grew by 68.9% in FY2025 compared to FY2024. The increase was mainly attributed to both an increase in sales volume which has gone up by 32.0% as well as a higher average selling price which was increased by 28.0% in FY2025 compared to FY2024. The new VGA cards with Nvidia’s Blackwell-based gaming graphics processing units experienced strong demand, driven both by gamers upgrading from older RTX-series cards and by creators who want cutting-edge ray tracing and artificial intelligence-enhanced performance for high-resolution gaming and content workloads. In addition, the transition of the listing to Singapore together with the headquarter relocation to Singapore has restored the Group’s access to NVIDIA’s flagship RTX 5090 GPU in FY2025. This flagship RTX5090 series further contributed a total of HK$1,687.2 million under the own-brand VGA Cards business segment.
The Group’s gross profit increased by 48.9% in FY2025 compared to FY2024. The change was mainly due to an increase in sales volume together with a higher average selling price of own-brand VGA Cards. Gross profit margin increased to 10.2% in FY2025 compared to 9.5% in FY2024, mainly due to the newly launched RTX 50 series VGA Cards.
Solid growth in operating cash flow generation
Net Cash from Operating Activities Net cash from operating activities
was HK$2,815.4 million in FY2025 which was higher than HK$1,954.8 million in
FY2024. The change was due to an increase in operating profit and an increase
in working capital mainly consisting of trade and other payables which offset
cash outflows of inventories and trade and other receivables.
Supply
constraints today, AI opportunities tomorrow
Looking ahead
to 2026, the Group remains cautiously optimistic, acknowledging both the
challenges and new opportunities on the horizon. Demand for high-bandwidth
memory used in AI data centres has far exceeded supply, prompting major memory
manufacturers to scale back production of computer and graphics memory. The
resulting rise in graphics memory prices has already led to increases in
graphics card prices. Given this supply constraint, the Group expects VGA card
pricing to remain elevated throughout the year, compensating for the
anticipated decline in volume output until the graphics memory supply situation
improves.
A hidden
gem poised for re-rating and its target price
For comparison,
another NVIDIA-related Hong Kong stock, Karrie International Holdings, is
currently trading at about 25x P/E, while PC Partner is trading at 6.5x P/E,
despite delivering exceptionally strong earnings growth. It may not be long
before investors recognise its potential and drive the share price higher.
It could also
be worth waiting for NVIDIA to take a stake in, or even acquire, PC Partner outright.
Around 70% of PCT’s business depends on NVIDIA, and with a market
capitalisation of around S$524 million, PC Partner would be a relatively small
acquisition for NVIDIA.
I estimate a target price of SGD 2.48 for PC Partner, implying a fair earnings multiple of 12x over a 12-month horizon.
Against a backdrop of uninspiring fixed deposit rates, the company's generous
dividend yield alone makes this target conservative — and that is before
accounting for its exceptional earnings growth trajectory.
Prescientsuper
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