Broker Name: KGI Securities (Singapore) Pte. Ltd.
Date of Report: March 18, 2026
Excerpt from KGI Securities (Singapore) Pte. Ltd. report.
Report Summary:
- PC Partner Group delivered a strong FY25, with revenue up 38% and record profits, driven by a 67% surge in branded product sales and strong performance from premium VGA graphics cards.
- The company is shifting focus to higher-margin, premium products while phasing out low-end models, which is expected to support double-digit revenue growth in FY26 even as industry-wide component costs and constraints impact lower price segments.
- KGI raises its FY26 revenue growth forecast to +12.3% (from -15.2%) and its 12-month target price to S\$2.54 (from S\$1.73), reflecting better product mix, pricing power, and a more conservative cash flow valuation approach.
- The risk of a post-FY26 revenue collapse has decreased, with the next GPU refresh cycle likely to support sales from 2H27 onward.
- Risks include weaker than expected demand after price hikes, GPU supply constraints, ongoing US tariffs, and industry headwinds, but the company’s balance sheet and dividend outlook have improved substantially.
Above is an excerpt from a report by KGI Securities (Singapore) Pte. Ltd. Clients of KGI Securities can be the first to access the full report from the KGI website: https://www.kgi.com.sg
