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>PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.</li>
<li>The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.</li>
<li>The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.</li>
</ul>


PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.


PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

<ul>
<li>PC Partner showed a significant improvement in its 1H24 results YoY.</li>
<li>The company will be relocating HQ to Singapore and move its primary listing from HK to Singapore. If this move is successful, it will improve AI chips allocation from Nvidia.</li>
<li>Why Singapore? PC Partner is preparing itself for a future where China/USA political relationship does not improve.</li>
</ul>


PC Partner showed a significant improvement in its 1H24 results YoY.
The company will be relocating HQ to Singapore and move its primary listing from HK to Singapore. If this move is successful, it will improve AI chips allocation from Nvidia.
Why Singapore? PC Partner is preparing itself for a future where China/USA political relationship does not improve.


PC Partner: Relocating HQ and Listing to Singapore, 81% of Market Cap Is Cash

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 18th June, personal computer parts and accessories play <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> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0618/2024061800917.pdf" target="_blank" rel="noopener">announced</a> a SGX listing was under consideration; and a possible withdrawal of the HKEx listing.</li>
<li>This development was discussed in <a href="https://skr.ma/HC3Sv" target="_blank" rel="noopener">PC Partner (1263 HK) Muses SGX Listing &amp; HKEx Withdrawal</a>.  PC Partner subsequently <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0624/2024062400546.pdf" target="_blank" rel="noopener">announced</a> a privatisation would not accompany any proposed withdrawal (should it happens).</li>
<li>My recent discussions with SFC confirms this is possible. And there was a recent precedent. But there may be caveats.</li>
</ul>


Back on the 18th June, personal computer parts and accessories play PC Partner (1263 HK)  announced a SGX listing was under consideration; and a possible withdrawal of the HKEx listing.
This development was discussed in PC Partner (1263 HK) Muses SGX Listing &amp; HKEx Withdrawal.  PC Partner subsequently announced a privatisation would not accompany any proposed withdrawal (should it happens).
My recent discussions with SFC confirms this is possible. And there was a recent precedent. But there may be caveats.


Further "SGX Listing & HKEx Withdrawal" Musings

<ul>
<li>On the 18th June, personal computer (PC) parts and accessories play <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 a profit alert for 1H24. </li>
<li>That's positive. What is also interesting is that the board is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0618/2024061800917.pdf" target="_blank" rel="noopener">considering</a> an SGX listing, by way of introduction, and applying for the withdrawal of the HKEx listing.</li>
<li>Precedents are thin on the ground. And for good reason. The process is not straightforward.</li>
</ul>


On the 18th June, personal computer (PC) parts and accessories play PC Partner (1263 HK) announced a profit alert for 1H24. 
That's positive. What is also interesting is that the board is considering an SGX listing, by way of introduction, and applying for the withdrawal of the HKEx listing.
Precedents are thin on the ground. And for good reason. The process is not straightforward.


PC Partners (1263 HK) Muses SGX Listing & HKEx Withdrawal

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>PC Partner demonstrated a robust recovery in FY25, with revenue and net income growing 38% and 88% respectively, driven by strong demand for its high-end video graphics cards (VGA).</li>
 <li>Management has a bullish outlook for FY26, anticipating double-digit revenue growth. This optimism is pinned on the launch of new GPU series and strategic expansion into AI server solutions, leveraging its key partnership with Nvidia.</li>
 <li>The company's shares trade at a significant valuation discount to peers. While the outlook is positive, investors should be mindful of high uncertainty stemming from potential GPU supply constraints, component cost inflation, and operational risks associated with its recent headquarters relocation.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  PC Partner demonstrated a robust recovery in FY25, with revenue and net income growing 38% and 88% respectively, driven by strong demand for its high-end video graphics cards (VGA).
  Management has a bullish outlook for FY26, anticipating double-digit revenue growth. This optimism is pinned on the launch of new GPU series and strategic expansion into AI server solutions, leveraging its key partnership with Nvidia.
  The company's shares trade at a significant valuation discount to peers. While the outlook is positive, investors should be mindful of high uncertainty stemming from potential GPU supply constraints, component cost inflation, and operational risks associated with its recent headquarters relocation.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: PC Partner Group (PCPG SP) - Apr 2026

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: 1H25 Results Show Progress, To Delist from HK by End of FY25

PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Nicolas Van Broekhoven

PC Partner: Relocating HQ and Listing to Singapore, 81% of Market Cap Is Cash

PC Partner sees strong YoY growth in 1H24 results, plans HQ relocation to Singapore for better AI chip allocation amid uncertain China/USA relations.

Nicolas Van Broekhoven

Further "SGX Listing & HKEx Withdrawal" Musings

IF a HK-listed company secures a dual-primary listing on a reputable bourse, an ordinary resolution can withdraw its HK listing. But, presuamably,...

David Blennerhassett

PC Partners (1263 HK) Muses SGX Listing & HKEx Withdrawal

I don't have a strong conviction one way or another on PC Partners underlying ops. I don't believe an Offer will be forthcoming. And IF one was,...

David Blennerhassett

Primer: PC Partner Group (PCPG SP) - Apr 2026

PC Partner demonstrated a robust recovery in FY25, with revenue and net income growing 38% and 88% respectively, driven by strong demand for its...

αSK Primers

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

​PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Nicolas Van Broekhoven

PC Partner: Relocating HQ and Listing to Singapore, 81% of Market Cap Is Cash

​PC Partner sees strong YoY growth in 1H24 results, plans HQ relocation to Singapore for better AI chip allocation amid uncertain China/USA relations.

Nicolas Van Broekhoven

Further "SGX Listing & HKEx Withdrawal" Musings

IF a HK-listed company secures a dual-primary listing on a reputable bourse, an ordinary resolution can withdraw its HK listing. But, presuamably,...

David Blennerhassett

PC Partners (1263 HK) Muses SGX Listing & HKEx Withdrawal

I don't have a strong conviction one way or another on PC Partners underlying ops. I don't believe an Offer will be forthcoming. And IF one was,...

David Blennerhassett

Primer: PC Partner Group (PCPG SP) - Apr 2026

PC Partner demonstrated a robust recovery in FY25, with revenue and net income growing 38% and 88% respectively, driven by strong demand for its...

αSK Primers

PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

PC Partner sees strong YoY growth in 1H24 results, plans HQ relocation to Singapore for better AI chip allocation amid uncertain China/USA relations.