Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 18th June 2024, <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 board said it was considering an SGX listing, by way of introduction, and applying for the withdrawal of the HKEx listing.</li>
<li>A <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0830/2024083002822.pdf" target="_blank" rel="noopener">30th August 2024 announcement</a> provided clarity on a step-by-step approach for the HKEx withdrawal. A secondary listing on the SGX was established on the 15th November.</li>
<li>The next step is to establish a dual-primary listing in Singapore. Then withdraw the HKEx listing. The key driver behind this exercise is ensure the uninterrupted supply of NVIDIAs GPUs.</li>
</ul>


On the 18th June 2024, PC Partner (1263 HK)'s board said it was considering an SGX listing, by way of introduction, and applying for the withdrawal of the HKEx listing.
A 30th August 2024 announcement provided clarity on a step-by-step approach for the HKEx withdrawal. A secondary listing on the SGX was established on the 15th November.
The next step is to establish a dual-primary listing in Singapore. Then withdraw the HKEx listing. The key driver behind this exercise is ensure the uninterrupted supply of NVIDIAs GPUs.


PC Partners (1263 HK): SGX Primary Listing Justified To Maintain NVIDIA Supply

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> reported FY24 results which showed a strong finish to the year</li>
<li>Relisting on SGX on track to complete by 3Q25. If this completes it should allow the company to finally access NVDA's AI chips.</li>
<li>Better availability of RTX5090 and RTX5080 in 2Q25 and potential AI chips could turbocharge 2H25 results.</li>
</ul>



PC Partner (1263 HK) reported FY24 results which showed a strong finish to the year
Relisting on SGX on track to complete by 3Q25. If this completes it should allow the company to finally access NVDA's AI chips.
Better availability of RTX5090 and RTX5080 in 2Q25 and potential AI chips could turbocharge 2H25 results.


PC Partner: Strong Finish to FY24; Relisting on SGX in FY25

<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

<ul>
<li>PC Partner showed a significant improvement in its 1H24 results YoY.</li>
<li>The company will be relocating HQ to Singapore and move its primary listing from HK to Singapore. If this move is successful, it will improve AI chips allocation from Nvidia.</li>
<li>Why Singapore? PC Partner is preparing itself for a future where China/USA political relationship does not improve.</li>
</ul>


PC Partner showed a significant improvement in its 1H24 results YoY.
The company will be relocating HQ to Singapore and move its primary listing from HK to Singapore. If this move is successful, it will improve AI chips allocation from Nvidia.
Why Singapore? PC Partner is preparing itself for a future where China/USA political relationship does not improve.


PC Partner: Relocating HQ and Listing to Singapore, 81% of Market Cap Is Cash

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 Partners (1263 HK): SGX Primary Listing Justified To Maintain NVIDIA Supply

The next step is establish a dual primary listing in Singapore. Then withdraw the HKEx listing. The key driver behind this exercise is ensure the...

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PC Partner: Strong Finish to FY24; Relisting on SGX in FY25

PC Partner (1263 HK) reported strong FY24 results, with plans to relist on SGX by 3Q25 to access NVDA's AI chips, potentially boosting 2H25...

Nicolas Van Broekhoven