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>
<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

<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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 15th November 2024, 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>'s secondary listing, by way of introduction, was effected.</li>
<li>The SGX also granted in-principle approval for the conversion of its secondary listing status to a primary listing. This dual-listing status (SGX + HKEx) took effect on the 20th August.  </li>
<li>In tandem with a SGX free float waiver, PCP will now seek a HKEx delisting. This listing/delisting construct is to ensure the uninterrupted supply of NVIDIAs GPUs.</li>
</ul>


On the 15th November 2024, personal computer parts and accessories play PC Partner (1263 HK)'s secondary listing, by way of introduction, was effected.
The SGX also granted in-principle approval for the conversion of its secondary listing status to a primary listing. This dual-listing status (SGX + HKEx) took effect on the 20th August.  
In tandem with a SGX free float waiver, PCP will now seek a HKEx delisting. This listing/delisting construct is to ensure the uninterrupted supply of NVIDIAs GPUs.


PC Partner (1263 HK): Thoughts On The HKEx Delisting

<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>Pc Partner reported its second-best year ever in FY22. But FY22 was divided into two distinct halves: a strong 1H22 and one of the worst halves 2H22.</li>
<li>FY23 looks to be another challenging year as margins stay under pressure and are unlikely to come back to FY21-FY22 levels but could revert to FY17-FY19 levels.</li>
<li>Over the past two years, Pc Partner had a large net cash buffer, but this is no longer the case. We expect the stock to revisit 2-3 HKD range.</li>
</ul>


Pc Partner reported its second-best year ever in FY22. But FY22 was divided into two distinct halves: a strong 1H22 and one of the worst halves 2H22.
FY23 looks to be another challenging year as margins stay under pressure and are unlikely to come back to FY21-FY22 levels but could revert to FY17-FY19 levels.
Over the past two years, Pc Partner had a large net cash buffer, but this is no longer the case. We expect the stock to revisit 2-3 HKD range.


PC Partner: Difficult 1H23 with Improvement in 2H23 as Nvidia Ramps up RTX Series

Hong Kong

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 computers related products.

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PC Partner (1263 HK)

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: 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