Broker Name: KGI Securities (Singapore) Pte. Ltd.
Date of Report: January 8, 2026
Excerpt from KGI Securities report.
Report Summary
- PC Partner Group Ltd, a leading manufacturer of graphics cards, is experiencing renewed growth and brand momentum following the launch of NVIDIA’s RTX 50 Blackwell series, with revenue and earnings rebounding strongly.
- The company’s strategic relocation of headquarters to Singapore, new listing on SGX, and expansion into Indonesia have strengthened its operational resilience, reduced exposure to geopolitical risks, and improved access to export markets.
- PC Partner is diversifying its product offering beyond gaming GPUs into AI servers, handheld PCs, and medical-grade systems, leveraging strong partnerships with NVIDIA and entering new growth markets such as AI computing.
- Financials show a robust recovery with 1H25 revenue up 28.5% YoY and own-brand sales surging 60.3%, while operational discipline and inventory management position the company for further growth.
- Valuation remains attractive relative to international peers, with the stock trading at a discount despite improving fundamentals; the report initiates an OUTPERFORM rating and sets a 12-month price target of SGD\$1.73, implying significant upside.
- Key risks highlighted include cyclical demand downturns, dependency on NVIDIA for GPU supply, and geopolitical/regulatory uncertainties, though recent strategic moves have improved risk mitigation.
- Overall, PC Partner is well-positioned for continued recovery and long-term growth, supported by industry tailwinds and strategic execution.
Above is an excerpt from a report by KGI Securities. Clients of KGI Securities can be the first to access the full report from the KGI Securities website: https://www.kgi.com.sg
