PC Partner: Powering the AI Revolution with NVIDIA from Singapore

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 77.9% 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
https://superphang.blogspot.com

Is YZJ Shipbuilding (BS6) the Best Dividend-Growth Stock on the Market Right Now?

For context, please refer to my first post on YZJ Shipbuilding dated 16 Jul 2025 https://superphang.blogspot.com/2025/07/yzj-shipbuilding-where-value-meets.html in which I estimated a target price of $3.77 — a level that has since been surpassed.

YZJ Shipbuilding just announced FY2025 earnings growth of 30.2% for the full year ended 31 December 2025, compared to FY2024. 2H2025 earnings were 24.6% higher than in 2H2024. 

However, when comparing 2H2025 growth against 1H2025, the growth rate was only 7%, which annualises to 14.5% for the full year if this pace is maintained.

I believe YZJ Shipbuilding has established a trajectory of sustained earnings growth of at least 14.5% going forward. With improved productivity, growth could be as high as 30.2%.

Their massive order backlog, extending through 2030, not only ensures continuous production throughout the year but also gives management the confidence to invest in equipment upgrades to drive further productivity gains. 

Based on the above, I offer my estimated target prices (TP) within a one-year horizon:

• Conservative (14.5% growth rate): TP = $5.85
• Moderate (20% growth rate): TP = $8.10
• Optimistic (30.2% growth rate): TP = $12.20 

At the closing price of $3.85 on 25 Feb 2026, the 20-cent dividend translates to a yield of 5.19% — comfortably ahead of the CPF SA rate of 4% per annum. For my part, I intend to hold the stock for the coming year, targeting my TP of $8.10 while enjoying the dividend income along the way.

Prescientsuper
https://superphang.blogspot.com

Nameson Hldgs (1982.HK): A Cash-Generating Compounder at Single-Digit Multiple

Nameson Holdings is an established knitwear manufacturer serving leading international apparel brands. The group focuses on mid- to high-end knitwear products, operating integrated production facilities across Asia to deliver quality, scale and cost efficiency.

Unlike low-end OEM manufacturers competing purely on price, Nameson emphasizes product development, design collaboration and long-term customer relationships — supporting margin resilience and order visibility. 

Business Model & Competitive Positioning

Nameson operates as a vertically integrated knitwear manufacturer, covering product design, sampling, raw material sourcing and mass production.

Its customer base comprises well-known international apparel brands, with relationships often spanning many years. Such partnerships create operational stickiness due to:

·       Product development collaboration

·       Technical know-how in knitwear engineering

·       Quality consistency and compliance standards

·       Established supply chain integration 

The apparel sourcing landscape increasingly favours reliable, ESG-compliant and financially stable suppliers. Nameson’s scale and manufacturing footprint position it as a preferred vendor rather than a transactional supplier. As global brands rationalize supplier bases post-pandemic, larger and more reliable manufacturers tend to gain incremental share — a structural advantage for Nameson.

Solid Financial Metrics

Based on the current price of HK$1.19:

·       TTM P/E: 7.12x

·       Dividend Yield (TTM): 10.5%

·       Payout Ratio: 75.24%

·       1H2026 earnings Growth: +12.21% YoY

·       Expected FY2026 ROE: >18%

·       Gross Margin: 21.6%

·       Net Margin: 11.84%

·       Operating Cash Flow: Positive and improving 

Net margin at 12% is strong for an apparel OEM business, indicating effective cost control, operating leverage and disciplined execution. The 12.21% earnings growth in 1H2026 signals demand recovery and margin sustainability. Importantly, earnings growth is supported by improved operating cash flow — not accounting adjustments. 

Geographic Revenue Mix — Diversified Exposure Across Key Markets

Nameson’s revenue is well distributed across major global consumer markets:

·       Europe: 22.65%

·       North America: 20.47%

·       Japan: 17.72%

·       Mainland China: 17.07%

·       Southeast Asia: 12.05%

·       Others: 10.04% 

This balanced geographic mix provides meaningful diversification, with no single region dominating overall revenue. Exposure to developed markets such as Europe, North America, and Japan typically entails more stringent quality requirements, higher product specifications, and greater supply chain transparency. These characteristics often support stronger pricing power and more resilient margins.

At the same time, the broad regional spread helps mitigate concentration, currency, and geopolitical risks. It also smooths cyclical demand fluctuations across markets, contributing to more stable earnings and reduced volatility over time. 

Conclusion

The stock currently trades at just 7.12x earnings — a valuation that typically reflects cyclical pessimism toward apparel exports. I believe the market will soon re-rate the stock to a more normalized, yet still conservative, 12x P/E. On that basis, Nameson’s share price could reach HK$2 within the next 12 months.

Prescientsuper
https://superphang.blogspot.com

Infinity Dev (ZBA.SI): Growth + Yield + Value — A rare combination

Infinity Development (HKEX: 640 | SGX: ZBA) is dual-listed on the Hong Kong and Singapore stock exchanges. The group operates in a specialized segment of the chemicals industry — supplying high-performance adhesives, primers and related products primarily to the global footwear manufacturing sector.

Unlike broad-based commodity chemical producers, Infinity focuses on technically demanding, service-intensive applications. This niche positioning supports structurally higher margins and deeper customer relationships.

Business Model & Competitive Positioning

Infinity serves approximately 200 footwear manufacturers, including suppliers to major global brands such as Nike, Adidas, and Puma. Its products are embedded in customers’ production processes, which creates operational stickiness and high switching costs.

Several customer relationships have spanned more than 30 years — a testament to product reliability, technical support, and consistent performance.

Importantly, Infinity Dev is investing in next-generation, water-based and low-VOC adhesive solutions. As global footwear brands emphasize sustainability and ESG compliance, environmentally friendly adhesives are becoming increasingly critical. This strategic R&D focus positions the company to capture higher-value demand over time. 

Solid Financial Metrics

Based on the last traded price of S$0.42 (13 February 2026):

• TTM P/E: 5.83x
• FY2025 ROE: 20.17%
• Gross Margin: 37.94%
• Net Margin: 14.63%
• Dividend Yield: 7.40%
• Payout Ratio: ~50%

For a specialty industrial business, a 20% ROE combined with high-30% gross margins signals strong pricing power and operational discipline.

Revenue grew 13.4% year-on-year, while EPS surged 143%. Such divergence suggests meaningful margin expansion and/or normalization of prior cost pressures — an encouraging indicator of operating leverage.

At under 6x earnings, the valuation appears undemanding relative to profitability and return metrics. 

Balance Sheet Strength

Infinity maintains a conservative capital structure:

• Current ratio above 3
• Very low debt levels
• Positive operating and free cash flow
• Substantial net cash position

This financial flexibility allows the company to fund expansion, capex, and strategic growth initiatives without heavy leverage or equity dilution risk. 

Industry Tailwinds

Asia remains the global hub for footwear manufacturing and exports. As production scales in emerging markets, demand for specialized adhesives rises in tandem.

Additionally, ESG-driven procurement standards favor higher-value, environmentally compliant adhesives — precisely the segment Infinity is developing.

These structural trends provide medium-term demand visibility. 

Recent Developments

Infinity recently completed a dual primary listing on both Hong Kong Stock Exchange and Singapore Exchange, raising approximately S$13.7 million via placement.

This move broadens its investor base, improves trading liquidity, and provides capital to support regional expansion.

Management is expanding manufacturing capacity and strengthening its presence in Indonesia and India. Establishing local production reduces logistics friction and positions the company closer to high-growth footwear clusters.

Sales contribution from India has historically been small, but this is expected to scale meaningfully as new facilities come online. 

Investment Thesis

Infinity combines:

• Undemanding valuation (sub-6x P/E)
• Strong ROE and margin profile
• Healthy balance sheet and cash flow
• Attractive 7%+ dividend yield
• Structural niche positioning with customer stickiness
• ESG-aligned product roadmap
• Regional expansion optionality

Given its earnings momentum and expansion plans, a re-rating toward a more normalized multiple appears plausible.

At my target price of S$0.84, the stock offers approximately 100% upside potential within 12 months, supported by both earnings growth and multiple expansion.

Prescientsuper
https://superphang.blogspot.com

TJ DaRenTang's dividend yield validates the undervaluation thesis

Reference to my post dated 12 November 2025: TJ DaRenTang USD (T14.SG): 62% Upside from Dual-Listing Arbitrage

TJ DaRenTang (T14) traded ex-dividend on 30 January 2026 with a dividend of US$0.35262 per share. The share price closed down 28 cents, which means the price effectively rose 7.262 US cents after adjusting for the XD impact.

With the closing price at US$3.01, the interim dividend yield is already 11.7%. Historically, the company has paid only one dividend annually at their final results announcement, so I expect they will declare the final dividend when they release earnings on 31 March 2026, and the annual dividend yield could potentially exceed 20%!

My earlier post explained that the dual-listing discount presents a compelling value opportunity. I was initially hoping for a 5%+ dividend yield to provide downside protection and earnings support from the A-share market. Now that the dividend yield has already reached at least 11.7% based on the closing price of 30 January 2026, my conviction has strengthened. I will have the patience to wait for Mr. Market to close the valuation gap and push T14 toward its fair value of US$5 or above, even though my unrealized return has already reached close to 20% based on my purchase price of US$2.81 in August 2025.

Prescientsuper
https://superphang.blogspot.com

Nam Cheong capitalizes on Indonesian O&G boom with timely vessel sale and dual-pronged growth strategy

Reference to my earlier post dated 30 Dec 2025: Nam Cheong: Positioned to Ride the OSV Market Recovery

Nam Cheong reached a peak of $1.12 on both 21 and 22 January 2026, surpassing my prediction of $1.10. It closed at $1.08 on 26 January 2026.

After market close on 26 January 2025, Nam Cheong announced that the Group had entered into a sales agreement with an Indonesian customer to sell one (1) 11-year-old 3,000 deadweight tonnage (“DWT”) platform support vessel (“PSV”) for US$19.8 million.

The vessel sale is part of the Group’s fleet reprofiling initiatives and is expected to contribute positively to the Group’s earnings for the financial year ending 2026. Vessel delivery is expected to be concluded in 1Q2026, and net proceeds will be allocated for debt repayment and working capital needs.

The vessel is sold to an Indonesian customer for immediate deployment to support ongoing operations. This transaction aligns with the pickup in offshore activities in Indonesia, where investments in upstream oil and gas (“O&G”) reached a decade-high of US$7.19 billion in 1H2025, up 28.6% y-o-y.

Following the vessel sale, Nam Cheong will manage a total of 36 OSVs with an average vessel age of 9 years. The relatively young fleet provides the Group with a long runway to generate recurring income from charter contracts, or monetisation at opportune times to advance capital recycling.

Globally, the OSV market reached US$4.73 billion in 2024, and is projected to grow at a 7.5% compound annual growth rate (“CAGR”) between 2025 to 2034, reaching US$9.75 billion by 2034.

Commenting on the vessel sale, Mr. Leong Seng Keat, Chief Executive Officer of Nam Cheong said, “I believe that we are at a sweet spot supported by our complementary OSV chartering and shipbuilding businesses. We have the optionality to generate recurring income through the monetisation of our older vessels via ship sales or continue to generate revenue with our chartering services. At the same time, with the resumption of our shipbuilding business, we have the capability of external vessel sales or expanding our ship chartering fleet. We believe this dual-pronged strategy will not only advance growth momentum with stronger cash flows but also unlock shareholder value over time.”

I purchased the stock at $0.72 per share on 5 Sep 2025 and already have an unrealized profit of about 50% in less than 4 months. I will continue holding this position given this positive news. My Chinese New Year angbao has arrived early this year with stocks like Nam Cheong and UOB Kay Hian.

Prescientsuper
https://superphang.blogspot.com

 

XMH Chairman's continued purchases signal strong confidence in company prospects

XMH's Chairman and Managing Director, Tan Tin Yeow, demonstrated continued confidence in the company by purchasing an additional 15,000 shares on 7 January 2026, at $1.53 per share for a total of $22,950. This transaction increased his stake from 64.72% to 64.73%.

The relatively modest size of this purchase likely reflects the stock's limited liquidity rather than a lack of conviction. Given his already substantial majority holding and the constraints of available shares, this insider buying suggests that Mr. Tan would likely acquire more if market conditions permitted.

For existing and prospective investors, this insider activity represents a meaningful vote of confidence. When a chairman with deep operational knowledge continues to increase their position—even incrementally—it often signals positive expectations for the company's future performance. Investors may wish to consider this as a potential indicator for maintaining or building their positions in XMH.


Prescientsuper
https://superphang.blogspot.com