Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Strong 2H25 results push PC Partner's FY25 revenue performance to the second-best ever.</li>
<li>Management is bullish on the FY26 outlook with a record high ASP forecast on branded VGA.</li>
<li>Stock trading between 3x FY26 P/E and could easily double on consistent FY26 delivery.</li>
</ul>


Strong 2H25 results push PC Partner's FY25 revenue performance to the second-best ever.
Management is bullish on the FY26 outlook with a record high ASP forecast on branded VGA.
Stock trading between 3x FY26 P/E and could easily double on consistent FY26 delivery.


PC Partner: First Set of Results on SGX, Low Single-Digit P/E and Bullish FY26 Outlook

One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

<ul><li>Maintain BUY; TP raised to S$3.40 from S$1.30, implying c.21% upside.</li><li>FY2025 materially exceeded our initiation assumptions, with PATMI of HK$494m versus our HK$268m forecast, while 1H26 further validated the earnings reset with 16.5% GPM and PATMI more than doubling despite only 1.5% revenue growth.</li><li>Premium VGA mix and ASP, rather than broad unit growth, are now the key earnings drivers.</li></ul>

Maintain BUY; TP raised to S$3.40 from S$1.30, implying c.21% upside.FY2025 materially exceeded our initiation assumptions, with PATMI of HK$494m versus our HK$268m forecast, while 1H26 further validated the earnings reset with 16.5% GPM and PATMI more than doubling despite only 1.5% revenue growth.Premium VGA mix and ASP, rather than broad unit growth, are now the key earnings drivers.

PC Partner Group Limited: Earnings Reset Confirmed; Servers Set the Next Leg

Thematic (Sector/Industry)

<ul>
<li>The 2023 vintage of "5 High Conviction Ideas" was commodity heavy with 4 of our 5 picks coming from this sector. Three out of five declined between 15-25%. </li>
<li>Our best performer was unloved <a href="https://www.smartkarma.com/entities/mongolian-mining-corp" target="_blank" data-smartkarma-citation="entities:4382:1" rel="noopener">Mongolian Mining (975 HK)</a> which returned 234% even beating <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> YTD performance.  Miracles happen: Coal mining beats AI.</li>
<li>Our 2024 vintage of top ideas for the year will hopefully have a higher hit ratio. See below for more details which are our five high conviction ideas for 2024.</li>
</ul>


The 2023 vintage of "5 High Conviction Ideas" was commodity heavy with 4 of our 5 picks coming from this sector. Three out of five declined between 15-25%. 
Our best performer was unloved Mongolian Mining (975 HK) which returned 234% even beating NVIDIA Corp (NVDA US) YTD performance.  Miracles happen: Coal mining beats AI.
Our 2024 vintage of top ideas for the year will hopefully have a higher hit ratio. See below for more details which are our five high conviction ideas for 2024.


Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 18th June, personal computer parts and accessories play <strong><a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a></strong> (PCP) announced a SGX listing was under consideration; and a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0618/2024061800917.pdf" target="_blank" rel="noopener">possible withdrawal of the HKEx listing</a>.</li>
<li>PCP's<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0830/2024083002822.pdf" target="_blank" rel="noopener"> 30th August announcement</a> provided clarity on a step-by-step approach for the HKEx withdrawal. I recently held zooms with the SFC and SGX for added clarification.</li>
<li>PCP's exchange relocation is predicated on PCP's operational expansion into new markets, in particular, Southeast Asia. How and when the SGX becomes the preferred trading exchange  remains an unanswered question. </li>
</ul>


On the 18th June, personal computer parts and accessories play PC Partner (1263 HK) (PCP) announced a SGX listing was under consideration; and a possible withdrawal of the HKEx listing.
PCP's 30th August announcement provided clarity on a step-by-step approach for the HKEx withdrawal. I recently held zooms with the SFC and SGX for added clarification.
PCP's exchange relocation is predicated on PCP's operational expansion into new markets, in particular, Southeast Asia. How and when the SGX becomes the preferred trading exchange  remains an unanswered question. 


PC Partner (1263 HK): Goodbye Hong Kong; Hello Singapore

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> announced it was completing its delisting from HK and moving to Singapore</li>
<li>The move to Singapore was a "life or death" situation for the company, as staying in HK precluded it from having access to Nvidia's latest chips</li>
<li>2026 will be a crucial year to determine PC Partner's future outlook</li>
</ul>



PC Partner (1263 HK) announced it was completing its delisting from HK and moving to Singapore
The move to Singapore was a "life or death" situation for the company, as staying in HK precluded it from having access to Nvidia's latest chips
2026 will be a crucial year to determine PC Partner's future outlook


PC Partner: Delisting in HK on 14 January 2026, Only on SGX Going Forward

Hong Kong

PC Partner Group Limited designs, develops, manufactures, and sells computer electronics, including video graphics cards, motherboards, and mini-PCs under brands like ZOTAC, Inno3D, and Manli. The company also provides electronics manufacturing services for various consumer electronic products. Headquartered in Singapore, it was founded in 1997.

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PC Partner (PCPG SP)

PC Partner: First Set of Results on SGX, Low Single-Digit P/E and Bullish FY26 Outlook

PC Partner's strong 2H25 results drive second-best revenue performance ever, with bullish outlook for FY26 and potential for stock to double on...

Nicolas Van Broekhoven

PC Partner Group Limited: Earnings Reset Confirmed; Servers Set the Next Leg

Maintain BUY; TP raised to S$3.40 from S$1.30, implying c.21% upside. FY2025 materially exceeded our initiation assumptions, with PATMI of HK$494m...

uSMART Securities

Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

Our stand-out performer in FY23 was little loved Mongolia Mining. For FY24 we provide five new names which we think can perform strongly.

Nicolas Van Broekhoven

PC Partner (1263 HK): Goodbye Hong Kong; Hello Singapore

The exchange relocation is predicated on PCP's operational expansion into new markets, inotably, SE Asia. How and when the SGX becomes the...

David Blennerhassett

PC Partner: Delisting in HK on 14 January 2026, Only on SGX Going Forward

PC Partner (1263 HK) completes delisting from HK, moves to Singapore for access to Nvidia chips, 2026 crucial for future outlook.

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Partner: First Set of Results on SGX, Low Single-Digit P/E and Bullish FY26 Outlook

​PC Partner's strong 2H25 results drive second-best revenue performance ever, with bullish outlook for FY26 and potential for stock to double on...

Nicolas Van Broekhoven

PC Partner Group Limited: Earnings Reset Confirmed; Servers Set the Next Leg

Maintain BUY; TP raised to S$3.40 from S$1.30, implying c.21% upside. FY2025 materially exceeded our initiation assumptions, with PATMI of HK$494m...

uSMART Securities

Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

Our stand-out performer in FY23 was little loved Mongolia Mining. For FY24 we provide five new names which we think can perform strongly.

Nicolas Van Broekhoven

PC Partner (1263 HK): Goodbye Hong Kong; Hello Singapore

The exchange relocation is predicated on PCP's operational expansion into new markets, inotably, SE Asia. How and when the SGX becomes the...

David Blennerhassett

PC Partner: Delisting in HK on 14 January 2026, Only on SGX Going Forward

​PC Partner (1263 HK) completes delisting from HK, moves to Singapore for access to Nvidia chips, 2026 crucial for future outlook.

Nicolas Van Broekhoven

PC Partner's strong 2H25 results drive second-best revenue performance ever, with bullish outlook for FY26 and potential for stock to double on...

PC Partner (1263 HK) completes delisting from HK, moves to Singapore for access to Nvidia chips, 2026 crucial for future outlook.