PC Partner: A Rare Undervalued Growth Beast with a Golden Yield

Based on its 1H2026 interim financial results released on 14 August 2026 and a closing share price of SGD 3.23, PC Partner presents a compelling growth-and-value proposition. The group’s strategic relocation of its headquarters to Singapore and manufacturing to Batam, Indonesia, has fundamentally decoupled it from Greater China geopolitical discounts.

Robust Financial Core Metrics

• TTM P/E Ratio: 9.62x
• Forward FY2026 P/E: 6.96x (Assuming 2H2026 matches 1H2026)
• YoY Earnings Growth: +117.9%
• Annualised ROE (FY2026): 31.21% (1H2026 standalone ROE: 15.61%)
• Liquidity Ratios: Current Ratio of 1.99x | Quick Ratio of 1.37x (Excluding HK$1.79B in inventories, reflecting fortress liquidity)
• Cash Flow Explosiveness: Operating Cash Flow reached HK$2.50B (Up from HK$670.3M in 1H2025), driving Free Cash Flow (FCF) to HK$2.48B. This cash hoard strongly points toward a higher final dividend payout.

Core Investment Merits

• Geopolitical Workaround: Re-domiciling to Singapore and shifting production to Batam, Indonesia, is a operational masterstroke. It successfully circumvents US export controls, securing uninterrupted access to Nvidia's restricted flagship chips (such as the Blackwell RTX 5090 series).
• Enterprise AI Server Catalyst: Shifting beyond volatile consumer gaming GPUs, PC Partner is stepping up as an Nvidia Partner Network integration partner. Shipments of dedicated, high-margin AI and machine learning GPU servers will commence in 2H2026.
• Phenomenal Net Cash Position: The company has negative net debt, backed by a massive cash reserve of HK$2.82 billion.
• High-Yield Income: Management declared an interim dividend of SGD 0.10 per share (Ex-Date: 16 Sep 2026; Payable: 9 Oct 2026), demonstrating consistent capital returns.

Risk Factors to Monitor

• Supply Chain Cyclicality: Performance is bound to global GPU refresh timelines. Management has flagged rising graphics memory costs and potential component supply bottlenecks in 2H2026.

🎯 Valuation & Target Price
For a business delivering triple-digit earnings growth, generating a >30% annualised ROE, and holding a pristine balance sheet, a sub-7x forward P/E is unsustainably cheap. Applying a conservative 12x target earnings multiple yields a 12-month Target Price of SGD 5.57—representing an attractive 72.4% upside from current levels. 

Prescientsuper
https://superphang.blogspot.com

Soon Hock's Stellar 1H2026 Earnings

Soon Hock just released its steller 1H2026 earnings results on 7 Aug after market close. Here are the key financial metrics based on the closing price of 58 cents:

1. EPS (in Singapore cents):
1H2025: -0.58
2H2025: 12.67
1H2026: 6.22

2. Profitability & Margin Metrics (1H2026)
Gross Profit Margin: 31.30%
Net Profit Margin: 13.55%
TTM P/E: 3.07x (super low)

3. Liquidity Metrics (as of 30 June 2026)
Current Ratio: 3.14 (very healthy)

4. Management & Valuation Ratios
ROE (TTM): 36.25% (very efficient in turning capital into profit)
Price-to-Book (P/B): 1.08x

5. Dividend estimation Scenario
Capital Preservation Clause: In the interim report, the board decided not to issue an explicit mid-year interim dividend to deliberately conserve cash for ongoing building infrastructure outlays which I think is a very prudent move.
Dividend Estimation: Assuming 2H2026 matches the 1H2026 profit of S$19.32 million, the 2026 year-end dividend per share is estimated to be at least S$0.0311 (A dividend yield of 5.362% based on the closing price of S$0.58) based on the company's stated minimum dividend payout policy of 25% of Net Profit After Tax (NPAT) and the 310,702,000 ordinary shares in issue as of June 30, 2026.
Historical Benchmark: This projected range aligns closely with the FY2025 actual payout of S$0.0305 per share. The estimated forward dividend yield of FY2026 represents a healthy step up from the historical 4.80% dividend yield paid out for the full year of 2025 (which was calculated against a higher closing share price of S$0.635).


Prescientsuper
https://superphang.blogspot.com

Soon Hock Chairman buys $1.3M in 3 days — stock still hasn't moved.

Tan Yeow Khoon, Founder and Executive Chairman of Soon Hock Holdings, bought more shares on 24 and 25 Jun,after executing his first puchase on 23 Jun. This is the breakdown of the purchases he made on the three consecutive days:

$0.65205875 per share, $499,477 outlay, 766000 shares on 23 Jun from 73.93% to 74.15%.
$0.65478637 per share, $499,602 outlay, 763000 shares on 24 Jun from 74.15% to 74.4%.
$0.62458333 per share, $314,790 outlay, 504000 shares on 25 Jun from 74.4% to 74.56%.

‌In summary, it was $0.64627103 per share, $1,313,869 outlay, and a total of 2,033,000 shares. This substantial insider accumulation reflects powerful internal confidence in the industrial property developer's market trajectory and asset pipeline.

I added to my Soon Hock position today at an avg price of $0.615. It is odd that the stock has not rallied, given that the Chairman and CEO have been buying heavily ahead of the earnings announcement at the end of August. Shareholders sell for all sorts of reasons, but when insiders buy, it usually signals conviction that the stock is undervalued and its prospects are sound.

Soon Hock also has a tight float of around 83 million shares, with insiders controlling roughly 77% of the company. Soon Hock now trades at a steep liquidity discount — striking when you consider its P/E is currently only about 4.15x.

I strongly believe management will deliver a solid dividend, or perhaps even a stock split, in the upcoming report at the end of August.

Prescientsuper
https://superphang.blogspot.com

XMH Holdings: 1-to-4 Share Split and 29.25% ROE Signal Strong Bullish Momentum

In line with my earlier prediction, XMH Holdings has proposed a 1-to-4 share split to improve trading liquidity and affordability. This will also broaden the shareholder base of the company over time.

Based on the closing price of $2.30, the important metrics from the 26 Jun’s earnings report are:
EPS = 28.79 cts (Up 23.62% YoY)
P/E = 7.99x
NAV = 98.44 cts (Up 32.4% YoY)
Dividend = interim 3 cts (Declared earlier, xd 6 Jul), final 0.25 cts + special 7.75 cts (Payable 16 Sep)
Dividend yield = 4.78% (Beats CPF SA rate)
Payout ratio = 38.21% (Room to grow though it leaves substantial retained earnings to fund future growth)
ROE = 29.25% (Exceeds Buffett's benchmark)

XMH's exceptionally high 29.25% ROE and explosive year-on-year earnings growth provide a rock-solid fundamental foundation. Coupled with aggressive, consistent insider buying from the CEO, these strong indicators signal intense management confidence and support a highly bullish outlook for the stock.

Prescientsuper
https://superphang.blogspot.com

The smartest read on Soon Hock's outlook? Watch where the insiders put their own cash.

Tan Yeow Khoon, Founder and Executive Chairman of Soon Hock Holdings, acquired nearly S$500k worth of shares on 23 June — picking up 766,000 shares at S$0.65206 each — lifting his stake from 73.93% to 74.15%. This follows an earlier purchase of S$83.7k worth of shares by his son Walter Tan, the company's CEO.

When both the founder and the next-generation leader are putting their own money into the business, that is a strong vote of confidence. They likely see something very positive ahead for the business.

I imagine the conversation between father and son went something like this:

Father: You're running the company now — what's your read on the upcoming earnings report?

‌

Son: Strong. Very strong. In fact, I'm confident enough that I've already bought $83.7k worth of shares on the open market.

‌

Father: $83.7k? That's all? Son, if you truly believe in this, you don't nibble — you commit. I'm putting in $500k.


Prescientsuper
https://superphang.blogspot.com

Soon Hock's Triple Tailwind: $150M Revenue Unlock, Skye @ Tuas Launch, and a CEO Doubling Down

I can anticipate that Soon Hock’s upcoming August 2026 earnings report (1H2026 results) will look highly robust, primarily driven by recognized revenue from the recently completed Stellar @ Tampines mega-project. 

Key Tailwinds Driving Soon Hock’s 1H2026 results

Two project milestones to support a bullish outlook:

• Stellar @ Tampines Revenue Spillovers: While partial revenue from levels 1–8 was booked in late FY2025, the project secured its full Temporary Occupation Permit (TOP) on 10 February 2026. It is expected that remaining revenue recognition from this single development will inject an estimated S$100 million to S$150 million into their FY2026 books, heavily impacting the first half of the year.
• New Pipeline Monetization: The developer launched Skye @ Tuas (a 313-unit development with a Gross Development Value of S$354 million) in 2Q2026. Early booking deposits and initial sales contracts from this launch will begin reinforcing their cash position. This will likely provide a clear runway for stable top-line performance moving into the back half of the year.

 Also, Soon Hock CEO Tan Min Loon (Walter Tan) bought 130,000 shares at $0.644 each on 8 June 2026, boosting his stake from 3.06% to 3.1%. This strongly signals his confidence in the company’s outlook.

Prescientsuper
https://superphang.blogspot.com

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