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 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

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>UOB Kay Hian raises ASL Marine’s target price to 35 cents due to strong growth.</li><li>KGI sees 76% upside for PC Partner, citing gaming and AI hardware drivers.</li><li>UOB Kay Hian rates NTT DC REIT as 'buy', targeting a 42% upside.</li></ul>

UOB Kay Hian raises ASL Marine’s target price to 35 cents due to strong growth.KGI sees 76% upside for PC Partner, citing gaming and AI hardware drivers.UOB Kay Hian rates NTT DC REIT as 'buy', targeting a 42% upside.

Singapore Market Roundup (13-Jan-2026): UOB Kay Hian raises ASL Marine's target price to 35 cents.

<ul><li>KGI sees 76% upside for PC Partner, citing gaming and AI hardware as key drivers.</li><li>UOB Kay Hian rates NTT DC REIT as 'buy', with a 42% upside forecast.</li><li>UOBKH rates Reclaims Global as ‘buy’ with a target price of 56 cents.</li></ul>

KGI sees 76% upside for PC Partner, citing gaming and AI hardware as key drivers.UOB Kay Hian rates NTT DC REIT as 'buy', with a 42% upside forecast.UOBKH rates Reclaims Global as ‘buy’ with a target price of 56 cents.

Singapore Market Roundup (12-Jan-2026): KGI predicts 76% upside for PC Partner with gaming, AI

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: 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

Singapore Market Roundup (13-Jan-2026): UOB Kay Hian raises ASL Marine's target price to 35 cents.

UOB Kay Hian raises ASL Marine's target to 35c; KGI sees 76% upside for PC Partner; UOB rates NTT DC REIT 'buy' with a 42% upside.

Singapore Market Roundup

Singapore Market Roundup (12-Jan-2026): KGI predicts 76% upside for PC Partner with gaming, AI

KGI sees 76% upside for PC Partner, while UOB Kay Hian rates NTT DC REIT as 'buy' with 42% upside and Reclaims Global at 56 cents target.

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Singapore Market Roundup (13-Jan-2026): UOB Kay Hian raises ASL Marine's target price to 35 cents.

UOB Kay Hian raises ASL Marine's target to 35c; KGI sees 76% upside for PC Partner; UOB rates NTT DC REIT 'buy' with a 42% upside.

Singapore Market Roundup

Singapore Market Roundup (12-Jan-2026): KGI predicts 76% upside for PC Partner with gaming, AI

KGI sees 76% upside for PC Partner, while UOB Kay Hian rates NTT DC REIT as 'buy' with 42% upside and Reclaims Global at 56 cents target.

Singapore Market Roundup

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