- PC Partner (SGX:PCT)'s FY25 landed well ahead of our initiation case (see report: PC Partner: Riding The Blackwell Cycle With A De-risked Southeast Asia Footprint).
- - Read this at SGinvestors.io -
- Brand revenue grew 67.3% and VGA revenue rose 50.0%, more than offsetting softer non brand and other PC lines.
Management's FY26 double digit sales outlook initially looked aggressive.
- - Read this at SGinvestors.io -
The 2026 setup is polarized, not uniformly weak.
- Memory and component inflation should pressure entry and mid-range upgrades, but scarce premium Blackwell allocation supports realized pricing. RTX5090 already contributed HK$1.69bn, or 16% of own brand VGA revenue in FY25, which supports our view that the high-end customer is less price sensitive than feared.
Raise FY26 revenue growth forecast to +12.3% from - 15.2%.
- Read more at SGinvestors.io.
