PC Partner - Nvidia-powered growth, AI upside not priced in
Stocks
By Ng Hui Min • 14 Jul 2026
Global Wealth Technology Pte. Ltd. is regulated by the Monetary Authority of Singapore (MAS) as a licensed Financial Adviser.
PC Partner is an authorised NVIDIA graphics card manufacturer with three established own brands, a consistently net cash balance sheet, and a nascent AI server business.
Investment Thesis
- PC Partner is the leading own-brand gaming GPU franchise with approximately 15–18% global market share across ZOTAC, Manli and Inno3D.
- FY2025 revenue of HK$13.95 billion rose 38.4% year-on-year, driven primarily by the Nvidia Blackwell gaming launch.
- We expect earnings to grow at approximately 20% CAGR from FY2025 to FY2027E as gross margins improve from approximately 10% to 12%, with EPS growth outpacing revenue growth.
- The stock trades at 10.0x FY2026E P/E, a discount of approximately 20% to the peer average of 11.9x, while maintaining a net cash balance sheet and growing dividends. AI server optionality via the Nvidia Partner Network adds a medium-term re-rating catalyst not yet priced in by the market.
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