The move helped PC Partner secure access to Nvidia’s flagship RTX 5090 Graphics Processing Units (GPUs), which are restricted under US export controls for firms domiciled in Greater China.
The RTX 5090 is facing a severe supply crisis due to a global memory shortage. This scarcity may drive further margin expansion for PC Partner, beyond the 10.5% achieved in 1HFY2025 ended June 30, 2025, says Tickrs Financial analyst Jaimes Chao in a Feb 6 report.
According to Chao, the RTX 50 series faces “one of the worst” GPU availability crises since the 2021 cryptocurrency boom. However, PC Partner is a tier-1 Nvidia AIB partner, which should give it “priority allocation” during this shortage, he adds.
“The market has yet to fully appreciate three critical factors: the severity of the current RTX 5090 supply crisis that favours established tier-1 AIB partners, the emerging dual demand streams from gaming and AI applications, and the strategic value of Singapore domicile amid intensifying US-China technology decoupling,” writes Chao, who has a “buy” rating and target price of $2.20 on PC Partner.
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Tickrs Financial’s report comes a month after KGI Securities analyst Chong Ting Shuo initiated coverage on PC Partner with an “outperform” rating and $1.73 price target.
According to Chong, the company is well-positioned to benefit from demand for gaming and AI hardware.
PC Partner’s financial performance over the past five years has been highly volatile, reflecting the boom-bust cycle of the GPU market. Revenue nearly doubled to HK$15.46 billion in FY2021, a 99% y-o-y increase, yielding a record net profit of HK$2.37 billion thanks to global demand for GPUs on the back of a cryptocurrency rally.
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The year 2024 saw a rebound as the industry cycle turned up again. PC Partner’s revenue grew 10% y-o-y to HK$10.08 billion in FY2024 and net profit recovered to HK$262 million. 1HFY2025 revenue jumped 28.5% y-o-y to HK$6.36 billion ($1.03 billion).
After 12 years on the Mainboard of the Stock Exchange of Hong Kong, PC Partner made a secondary listing on the SGX Mainboard in November 2024. The company announced in September 2025 that it would delist from Hong Kong and this was completed on Jan 14.
While PC Partner now trades in Singapore dollars on SGX, it still reports its financials in Hong Kong dollars.
On Jan 20, PC Partner announced a positive profit alert, guiding for net profit of around HK$450 million for FY2025, up 72% y-o-y, driven by strong demand for the RTX 50 series.
At current prices, PC Partner trades at just 6.9 times FY2025 P/E with a potential dividend yield of 5.7%, supported by a robust net cash position of HK$1.04 billion, writes Tickrs Financial’s Chao.
He also expects a final dividend of between HK$0.15 and HK$0.20 per share. Since listing here, shares of PC Partner have gained about 76% as of Feb 9, reaching an all-time high of $2.32 in March 2025.
