PC Partner Solely Listed in Singapore: A High-Yield, Geopolitically Strategic Play in the AI GPU Era
Following a strategic corporate restructuring, PC Partner Group Limited (SGX: PCT)—formerly dual-listed as 1263.HK on the Hong Kong Stock Exchange—has completed a voluntary delisting from HKEX, with its shares ceasing trading on 8 January 2026 and full migration to the Singapore Exchange (SGX) under the ticker PCT.SI. This transition is not merely administrative; it is a deliberate move to enhance the company’s position in the global AI hardware supply chain, particularly with NVIDIA.
Strategic Rationale: Securing NVIDIA Partnership in a Fragmented World
According to official announcements, the primary motivation for the SGX-only listing is to strengthen supply chain stability with NVIDIA and secure eligibility for next-generation GPU allocations, including the upcoming RTX 50 Series (Blackwell consumer architecture) and future AI-capable graphics processors.
In today’s tech landscape, NVIDIA faces stringent U.S. export controls, especially concerning advanced chips destined for China or entities with perceived geopolitical risk. By anchoring its public listing, governance, and investor base in Singapore—a neutral, U.S.-aligned yet Asia-integrated jurisdiction—PC Partner signals a lower compliance risk profile. This strategic repositioning significantly improves its chances of being classified as a trusted, Tier-1 Add-in-Card (AIC) partner, ensuring priority access to high-margin GPUs like the RTX 5080 and 5090.
Financial Outlook: Sustainable High-Yield with Upside Optionality
PC Partner’s fundamentals have already improved markedly in 2025:
- H1 2025 net profit: HK$250 million, up over 29% year-on-year.
- Full-year 2025 EPS guidance: HK$1.3, supporting a S$0.1 dividend per share（payout ratio of 50–60%）.
- Current share price: ~S$0.915, implying a gross dividend yield of 10%.
Crucially, Singapore-resident investors now receive dividends tax-free, well above the 5% threshold preferred by income-focused investors.
Looking ahead to 2026:
- Revenue growth of +10–15% is expected, driven by RTX 50 launch momentum and AI PC adoption.
- The company maintains a payout ratio of 50–60%, ensuring sustainability.
Liquidity & Market Positioning on SGX
While PC Partner remains a small-cap stock, SGX listing brings tangible benefits:
- Direct trading access for Singapore retail and institutional investors via CDP.
- Improved visibility among income-oriented funds focusing on high-dividend SGX equities.
- Expected daily liquidity: S$0.5-1 million, sufficient for core holding strategies (though not for large block trades).
Although unlikely to join the Straits Times Index, its profile aligns well with SGX’s growing focus on tech-enabled, cash-generative small caps.
Investment Thesis: A Probabilistic, High-Margin Opportunity
For investors who view the world through a probabilistic lens—acknowledging uncertainty while seeking asymmetric risk-reward—the new PCT.SI presents a compelling case:
- Downside protection: Trading below book value (P/B 0.7x), supported by tangible assets and strong free cash flow.
- Base case (70% probability): Steady 6–7% tax-free yield with modest earnings growth from mid-tier GPU demand (RTX 4060/4070, RX 7700 XT).
- Upside optionality (30% probability): If RTX 50 demand surges and PC Partner secures premium allocation, earnings and dividends could accelerate, triggering valuation re-rating.
- Geopolitical hedge: The SGX structure insulates the investment from escalating U.S.-China tech decoupling risks.
Conclusion
PC Partner’s transition to a Singapore-only listing is a strategic upgrade, not a retreat. By aligning its corporate identity with a geopolitically stable financial hub, it has positioned itself as a critical node in NVIDIA’s global, compliant GPU distribution network.
For Singapore-based investors seeking high, sustainable dividend income with embedded AI-era upside, PCT.SI now offers a rare combination:
✅ >6.5% tax-free yield,
✅ solid balance sheet and cash flow,
✅ enhanced access to cutting-edge AI hardware cycles,
✅ meaningful margin of safety.
In an uncertain world, this is not a bet on certainty—but a high-conviction, high-probability layout with favorable odds.
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Disclaimer: This analysis is based on publicly available information as of December 2025 and does not constitute investment advice.
$PC PARTNER(01263)$ $PC Partner(PCT.SI)$
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