- \n
- Blackwell ramp restores growth and brand momentum.<\/strong> We see a clean volume catalyst as NVIDIA\u2019s RTX 50 Blackwell launch lifted gaming upgrade demand in 1H25 and should remain constructive into 2H25. Own-brand revenue accelerated with the Group regaining access to the top tier RTX 5090 after the Singapore HQ move and SGX secondary listing, driving a 60.3% jump in branded sales and a 1H25 revenue print of HK$6,355.3M with EPS at HK$0.645.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\n1H25 Results and Key Takeaways<\/strong><\/h2>\n\n\n\n
PC Partner delivered a clean reacceleration with the RTX 50 Blackwell launch driving upgrades and mix. Revenue printed about HK$6,355M and EPS was HK$0.645, with own-brand sales up about 60% as access to top-tier SKUs resumed. Inventory stepped up to support 2H sell-through and the Indonesia ramp, consistent with stronger allocation and higher ASP content. Operational discipline improved as sell-through tracked well into the summer, positioning 2H25 for sequential growth and margin stability and a 1H25 revenue print of HK$6,355.3M with EPS at HK$0.645.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nCycle and End-Market Setup<\/strong><\/h2>\n\n\n\n
We expect a constructive gaming cycle through 1H2026 as NVIDIA\u2019s Blackwell stack catalyzes premium upgrades, AI PC attach improves, and channel inventories normalize. Allocation should support volume, while richer ASPs and mix toward higher-end boards underpin gross margin. Seasonality and a deeper holiday pipeline point to a stronger 2H25, with upside if attach on AI-enhanced SKUs exceeds historical norms.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nValuation & Action<\/h2>\n\n\n\n
We initiate an OUTPERFORM<\/strong> rating and derive the TP of S$1.73 <\/strong>(implying a 70%<\/strong> upside) from employing a blended valuation approach, comprising a Dividend Discount Model (DDM), Discounted Cash Flow (DCF) analysis and a Future Share Priceanalysis. The DCF captures the company\u2019s long-term cash generation potential in this cyclical industry, while the DDM and peer comparison grounds our assumptions in current market sentiment for similar companies.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nRisks<\/h2>\n\n\n\n
Allocation and cycle risk from NVIDIA delays may cap volume and mix. Export controls with slow Batam ramp could lift costs and stretch cash. However, we expect supply-side execution risk to be mitigated with established NVIDIA partnership in 1H2025 and new Singapore HQ to reinforce presence and focus on Southeast Asia ramp-up. See last page for important disclosure.<\/strong><\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\n
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\n","protected":false},"excerpt":{"rendered":"Blackwell ramp restores growth and brand momentum. We see a clean volume catalyst as NVIDIA\u2019s RTX 50 Blackwell launch lifted gaming upgrade demand in 1H25 and should remain constructive into 2H25. Own-brand revenue accelerated with the Group regaining access to the top tier RTX 5090 after the Singapore HQ move and SGX secondary listing, driving a 60.3% jump in branded sales and a 1H25 revenue print of HK$6,355.3M with EPS at HK$0.645<\/p>\n","protected":false},"author":17,"featured_media":83824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-83822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/PC-Partner-Logo-1.png?wsr",224,56,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/PC-Partner-Logo-1-150x56.png?wsr",150,56,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/PC-Partner-Logo-1.png?wsr",224,56,false],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/PC-Partner-Logo-1.png?wsr",224,56,false],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/PC-Partner-Logo-1.png?wsr",224,56,false],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/PC-Partner-Logo-1.png?wsr",224,56,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/PC-Partner-Logo-1.png?wsr",224,56,false]},"uagb_author_info":{"display_name":"Enya Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/enya-tankgi-com\/"},"uagb_comment_info":0,"uagb_excerpt":"Blackwell ramp restores growth and brand momentum. We see a clean volume catalyst as NVIDIA\u2019s RTX 50 Blackwell launch lifted gaming upgrade demand in 1H25 and should remain constructive into 2H25. Own-brand revenue accelerated with the Group regaining access to the top tier RTX 5090 after the Singapore HQ move and SGX secondary listing, driving…","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/83822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=83822"}],"version-history":[{"count":1,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/83822\/revisions"}],"predecessor-version":[{"id":83825,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/83822\/revisions\/83825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/83824"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=83822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=83822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=83822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}