- \n
- FY25 landed well ahead of our initiation case.<\/strong> Revenue rose 38.4% YoY to HK$13.95bn, making FY25 PCP\u2019s 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.<\/li>\n<\/ul>\n\n\n\n
\n\n\n\nManagement\u2019s FY26 Doule Digit Sales Outlook Initially Looked Aggressive<\/h2>\n\n\n\n
Brand VGA ASP was already US$493 in 1H25 and US$452 in 2H25, while formal guidance only points to around US$500 in FY26. We now think this should be read as a floor, not a ceiling, given management is minimizing MSRP models, exiting low end SKUs and pushing premium boards harder.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nRaise FY26 Revenue Growth Forecast to +12.3% from \u2013 15.2%<\/h2>\n\n\n\n
Just as importantly, we think the probability of a 2022 and 2023 style revenue collapse after FY26 is now lower, with the next consumer GPU refresh wave likely to start building again into 2H27 in our base case.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nValuation & Action<\/h2>\n\n\n\n
We maintain Outperform and raise our 12-month TP to S$2.54 from S$1.73. Better mix and pricing support FY26 growth, while our revised DCF now uses a stricter FCFF definition that strips out the import loan funding benefit.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\nRisks<\/h2>\n\n\n\n
Weaker than expected sell through after price hikes, tighter GPU allocation, deeper OEM and ODM weakness, and a slower handoff into the next cycle. The Section 301 tariff item also remains unresolved.<\/p>\n\n\n\n
\u00a0<\/div>\n\n\n\n
\n\n\n\n\nRead Full Report<\/a><\/div>\n<\/div>\n\n\n\n
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\n","protected":false},"excerpt":{"rendered":"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.<\/p>\n","protected":false},"author":17,"featured_media":84120,"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-86818","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-group-limited-pct-si-stock-price-new-3.jpeg?wsr",661,367,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/pc-partner-group-limited-pct-si-stock-price-new-3-150x150.jpeg?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/pc-partner-group-limited-pct-si-stock-price-new-3-300x167.jpeg?wsr",300,167,true],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/pc-partner-group-limited-pct-si-stock-price-new-3.jpeg?wsr",661,367,false],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/pc-partner-group-limited-pct-si-stock-price-new-3.jpeg?wsr",661,367,false],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/pc-partner-group-limited-pct-si-stock-price-new-3.jpeg?wsr",661,367,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/01\/pc-partner-group-limited-pct-si-stock-price-new-3.jpeg?wsr",661,367,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":"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.","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/86818","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=86818"}],"version-history":[{"count":2,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/86818\/revisions"}],"predecessor-version":[{"id":86820,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/86818\/revisions\/86820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/84120"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=86818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=86818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=86818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}