External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

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Equity Bottom-Up

<ul><li>FY25 landed well ahead of our initiation case.</li><li>Revenue rose 38.4% YoY to HK$13.95bn, making FY25 PCP's second highest revenue year and third highest profit year on record.</li><li>Brand revenue grew 67.3% and VGA revenue rose 50.0%, more than offsetting softer non brand and other PC lines.</li></ul>

FY25 landed well ahead of our initiation case.Revenue rose 38.4% YoY to HK$13.95bn, making FY25 PCP's second highest revenue year and third highest profit year on record.Brand revenue grew 67.3% and VGA revenue rose 50.0%, more than offsetting softer non brand and other PC lines.

PC Partner Group Ltd: Pricing Power and Cleaner Cash Flow Lens

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>Singapore Relisting Unlocks GPU Access The conversion to SGX primary listing was instrumental in restoring PC Partner's access to NVIDIA's flagship RTX 5090 GPU, which had been restricted for Hong Kong-domiciled entities.</li><li>Unlike Hong Kong-domiciled entities — which face restrictions on accessing advanced NVIDIA GPUs under US export controls — Singapore-based companies are permitted to procure flagship products without licensing barriers.</li><li>This regulatory de-risking positions PC Partner to capture premium-tier demand in the growing gaming and AI PC markets without supply access constraints.</li></ul>

Singapore Relisting Unlocks GPU Access The conversion to SGX primary listing was instrumental in restoring PC Partner's access to NVIDIA's flagship RTX 5090 GPU, which had been restricted for Hong Kong-domiciled entities.Unlike Hong Kong-domiciled entities — which face restrictions on accessing advanced NVIDIA GPUs under US export controls — Singapore-based companies are permitted to procure flagship products without licensing barriers.This regulatory de-risking positions PC Partner to capture premium-tier demand in the growing gaming and AI PC markets without supply access constraints.

PC Partner Group Initiation : Singapore Pivot Unlocks RTX 5090 Supercycle; Scarcity Premium

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>PC Partner Group Ltd. is principally engaged in the design, development and manufacture of video graphics cards.</li><li>The Group manufactures various electronics components and products for customers under its electronics manufacturing services division and also manufactures other personal computer-related products.</li><li>PC Partner Group is strategically shifting its operational focus and headquarters from Greater China to Singapore.</li></ul>

PC Partner Group Ltd. is principally engaged in the design, development and manufacture of video graphics cards.The Group manufactures various electronics components and products for customers under its electronics manufacturing services division and also manufactures other personal computer-related products.PC Partner Group is strategically shifting its operational focus and headquarters from Greater China to Singapore.

PC Partner Group: An Event-Driven Opportunity with Undervalued Growth

The New Standard in Wealth Management, Wealth Management Alliance

Wealth Management Alliance

The New Standard in Wealth Management

WMA is a Singapore-based multi-family office with a Capital Markets Services license and provide fund management and investment advisory services to a small number of global UHNW clients. We also act as incubator for single-family offices, allowing them to plug into our broader ecosystem and infrastructure, and tap on our investment professionals for advice. WMA is designed around providing truly bespoke advice to each client, rather than taking a one-size-fits-all approach that may not fit each client's investment objectives and risk tolerances. On top of that, we are designed so that we avoid any semblance of conflicts of interests by being compensated only by the client (which may include profit sharing), as opposed to the model that many of our peers adopt, which include compensation from a variety of third parties such as funds managers, distributors or banks. That, to us, is the easiest way to be firmly on the side of the client in every decision we make.

Thematic (Sector/Industry)

<ul>
<li>Amid the global tech rally, tech companies in Singapore are not left behind.</li>
<li>Compared to an 11.6% gain in the broad FTSE ST All-Share Index (which covers 98% of the SGX universe), the FTSE ST Technology Index has soared 73.9% year-to-date.</li>
<li>Trading activity has also increased in the broad market.</li>
</ul>


Amid the global tech rally, tech companies in Singapore are not left behind.
Compared to an 11.6% gain in the broad FTSE ST All-Share Index (which covers 98% of the SGX universe), the FTSE ST Technology Index has soared 73.9% year-to-date.
Trading activity has also increased in the broad market.


Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<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.

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 Group Ltd: Pricing Power and Cleaner Cash Flow Lens

FY25 landed well ahead of our initiation case. Revenue rose 38.4% YoY to HK$13.95bn, making FY25 PCP's second highest revenue year and third...

KGI Securities

PC Partner Group Initiation : Singapore Pivot Unlocks RTX 5090 Supercycle; Scarcity Premium

Singapore Relisting Unlocks GPU Access The conversion to SGX primary listing was instrumental in restoring PC Partner's access to NVIDIA's...

Tickrs

PC Partner Group: An Event-Driven Opportunity with Undervalued Growth

PC Partner Group Ltd. is principally engaged in the design, development and manufacture of video graphics cards. The Group manufactures various...

uSMART Securities

Singapore Equity Strategy: June 2026

Amid the global tech rally, tech companies in Singapore are not left behind. Compared to an 11.6% gain in the broad FTSE ST All-Share Index (which...

Wealth Management Alliance

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

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