The AI Data Center Catalyst Igniting Trigiant’s Massive Turnaround

Trigiant Group Limited (1300.HK) is presenting massive growth momentum as a turnaround play, primarily driven by technological breakthroughs in the AI data center supply chain, a dramatic shift back to profitability, and soaring top-line revenue. The stock has experienced a multi-fold rally from its 52-week low of HK$0.30.

Capitalizing on the AI Infrastructure Boom

• Core Supply Chain Entry: Trigiant’s subsidiary, Jiangsu Trigiant Technology, recently secured a partnership breakthrough by entering the core supply chain of a leading global storage enterprise. Its specialized feeder (signal cable) products will support heavy deployment in the AI Data Center (AIDC) intelligent computing sector.
• Massive Growth Momentum: Driven by the booming data center and AI hardware cycle, first-quarter revenue surged 50.3% year-on-year to approximately RMB 824.7 million. Gross profit grew even faster, sky-rocketing 92.7% year-on-year to RMB 118.3 million.

Executing a Strong Financial Turnaround

• Shift to Net Profitability: Trigiant recorded a substantial net income turnaround of CN¥105.18 million, recovering decisively from its previous net losses. This rebound was heavily anchored by stable demand for its Flame-Retardant Flexible Cables and RF Feeder Cable Series.
• Cleaner Balance Sheet: The group’s credit profile has significantly improved due to the recovery of legacy trade receivables from major telecom operators, resulting in minimized asset impairment losses. Debt obligations remain well-covered by robust operating cash flows and EBIT.

 A significant portion of Trigiant's FY2025 net profit turnaround did not come from product sales alone; it was aided by a 29.17 Million RMB reversal of bad debt provisions (impairment loss write-backs) as trade receivables were recovered better than expected. This is a one-time accounting boost, not a recurring product margin expansion.

Removing the reversal of bad debt provision in 2H2025 to arrive at the Core Profit:

• FY2025 1H Core Profit: RMB 24.955 Million
• FY2025 2H Core Profit: RMB 51.051 Million

If this growth percentage can be sustained, Trigiant's target price will be $15 within the next 12 months.

Prescientsuper
https://superphang.blogspot.com

Soon Hock: Most Overlooked Industrial Developer — Trading at 80% Cash, Forward 5.9% Yield, and a 177% Upside

Soon Hock Enterprise Holding Limited (SHE) is an established industrial property developer and investor headquartered in Singapore. The company specialises in developing industrial properties, with its project management team having led projects with a Gross Development Value (GDV) exceeding S$1 billion. Its portfolio include strata-titled industrial developments such as Sky@Tuas and Stellar@Tampines. 

The Group operates across two core segments:

• Property Investment: Holding and managing income generating industrial properties including units at Kaki Bukit Units and Jalan Papan -- to generate recurring rental income.
• Expansion & Strategy: The company is expanding its portfolio with future strata-titled industrial units across Singapore key industrial zones. 

On the growth front,  Soon Hock is actively expanind its portfolio through the redevelopment of 20 Shore Road and developments at Sanang Crescent. As of April 2026, the company maintains a robust pipeline of projects (~S$979 million in GDV extending to FY2029) indicating a focus on growth. Soon Hock made its trading debut on the SGX Mainboard on 16 Oct 2025 with its IPO prices at 58 cents per share. 

Soon Hock presents a rare deep-value opportunity in Singapore industrial property sector. At the current price of S$0.64, the market is significantly underestimating the company’s massive cash reserves and its imminent earnings inflection point. With a 29.1% ROE and a projected 38% jump in NPAT for FY2026, Soon Hock is well-positioned for a major re-rating as its flagship projects near completion.

1. Extreme Value: Trading Near Cash Floor

The most compelling element of the Soon Hock thesis is its margin of safety.

• Cash-Rich Balance Sheet: As of April 2026, Soon Hock holds S$0.515 per share in cash. This means that at a share price of S$0.64, approximately 80.5% of the market capitalisation is backed by cold hard cash.
• Valuation Gap: Investors are effectively paying only S$0.125 per share for the entire operating business, the company’s project management expertise, and a S$979 million GDV pipeline. This represents a significant "Developer Discount" that is likely to narrow as the market recognizes the company’s recurring income potential and upcoming project completions.

2. Aggressive Growth & Valuation Re-rating
Despite its strong track record, Soon Hock is priced like a stagnant company at just 4.35x P/E, yet it is delivering high-growth metrics:

• Earnings Inflection: FY2026 NPAT is forecast at S$47.2 million (+38% YoY), driven by revenue recognition from the Skye@Tuas project.
• Re-rating Potential: Soon Hock’s superior ROE of 29.1% justifies a premium multiple relative to its industrial peers – a gap the market has yet to price in.

3. Superior Yield While You Wait
Soon Hock offers an attractive income return that compares favourably to traditional low-risk Singapore assets:

• FY2025 Dividend: S$0.0305 (4.77% yield).
• FY2026 Forward Yield: Management’s commitment to a 25% payout ratio, combined with projected NPAT growth, points to an estimated DPS of $0.038 – a forward yield of 5.9%. This provides a substantial income cushion while investors await the anticipated capital appreciation. 

The Bottom Line
At 4.35x trailing P/E and trading near its cash value, Soon Hock represents a mispriced growth opportunity where the market has yet to fully account for the S$181 million revenue inflection expected from the Skye@Tuas TOP.

My target price of S$1.77 implies a forward P/E of 12x — a multiple I consider well-justified given Soon Hock's transformation from a small-cap IPO debutant into a leading industrial property developer, underpinned by robust earnings growth and an attractive, sustainable dividend yield.

Prescientsuper
https://superphang.blogspot.com

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