The company was founded in Hong Kong in 1997 and was listed in 2012. However, in recent years, it has shifted its orientation southwards. With the trade war forcing practically all other China-based manufacturers to have an alternative site, PC Partner invested in a facility in Batam, Indonesia.
In November 2024, it listed on the Singapore Exchange (SGX) as a secondary listing. On Jan 14, it delisted from Hong Kong, making Singapore its sole listing. In addition, it shifted its headquarters to Singapore.
In addition to graphics cards, PC Partner makes a range of video graphics cards (VGA) under its own brand or as an original equipment manufacturer (OEM) for other brands. It is also known for making so-called “mini PCs”.
In his Jan 8 note, KGI Securities analyst Chong Ting Shuo says the company is well-positioned to “capitalise” on tailwinds in gaming and AI hardware. “The company’s close partnerships with Nvidia and AMD give it early access to cutting-edge GPU technology,” says Chong, who has initiated coverage of this stock with an “outperform” call and $1.73 target price.
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Specifically, Chong notes that, following its shift from Hong Kong to Singapore, a major importer of Nvidia chips, PC Partner promptly secured a sufficient supply of the sought-after RTX 50-series Nvidia graphics processing units.
As such, Chong is observing a “reacceleration” of PC Partner’s numbers. In its most recent 1HFY2025 ended June 30 2025, earnings rose 29% y-o-y to HK$250.4 million, driven by a 28.5% jump in revenue to HK$6.36 billion.
The RTX 50-series line, according to Chong, will continue to help drive “strong double-digit” revenue growth in the video graphics segment for FY2025. As gamers upgrade for stronger performance and AI features, this segment is projected to grow 25% y-o-y. “With this cyclical upswing underway, PC Partner appears poised to restore earnings to a healthier trajectory in 2025,” shares Chong, who projects revenue and margins to continue growing in the short-term period.
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In addition, its operations in nearby Batam have given PC Partner greater flexibility to navigate US tariffs and export controls, reducing policy risk while maintaining production and market share. “PC Partner increases its appeal as a manufacturing partner,” notes Chong. “We expect operational benefits from this expansion, including access to new talent pools, potential tax incentives and a broadened investor base via SGX listing.”
Also, PC Partner is diversifying into adjacent markets and new geographies, which should drive incremental growth and mitigate risk according to Chong. He also points out that the company is investing in new verticals such as AI computing, speciality personal computers, and other new products by leveraging its existing engineering capabilities, which could add a “mid-single-digit” percentage to revenue.
For FY2025, Chong forecasts earnings will double from 2024 levels, driven by higher volumes and stronger margins. Chong notes that PC Partner’s “robust” balance sheet, with estimated net cash of around HK$500 million, enables the company to fund research and development and support dividends.
At a valuation of around 7.5 times trailing P/E and 0.8 times P/B when listed in Hong Kong, Chong views the counter as a “bargain” trading at a “steep” discount. Using a blended valuation approach that incorporates a dividend discount model as the primary tool, supplemented by discounted cash flow analysis and a future share price scenario, KGI values the counter’s shares at eight times FY2026 earnings per share and a P/B of 1.1 times, or $1.73.
“PC Partner offers a combination of growth and value,” he notes. “A recovering earnings story in a structurally important niche, at a valuation that implies limited downside barring another severe industry downturn,” adds Chong.
