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.

Equity Bottom-Up

<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

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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<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

<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

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 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

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

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