Singapore SMID Caps

Research evidence excerpt

Singapore SMID Caps

19 June 2026

Singapore SMID Caps EquitiesSingapore

PC Partner Singapore

◆ Resumption of access to Nvidia’s GPU chips set to benefit

brands while OEM orders decline DanelleAssociate,Teo*ASEAN Equity Research

The Hongkong and Shanghai Banking Corporation

◆ 12-15% ASP growth due to product mix, increased costs, and Limited, Singapore Branch

danelle.t.y.teo@hsbc.com.sg

reduced GPU allocation; driving double-digit revenue growth +65 66585497

and margin expansion in FY26 JoyHeadWang*of ASEAN Equity Research and ASEAN Property

◆ Entering DC servers with 10% gross margins and 2-3% Limited, Singapore Branch

joy.wang@hsbc.com.sg

contribution to FY27 revenue +65 6658 0606

We hosted PC Partner for a group investor meeting on 10 June 2026, attended by * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations

the CFO, Gary Lau. We do not cover the stock; therefore we do not have a rating, nor

are we commenting on the investment merit of the company’s securities.

Resumption of access to Nvidia’s GPU. PC Partner is a leading global manufacturer

of computer electronics such as video graphic cards (VGA), mini-PCs, and PC

motherboards. The company has completed its voluntary delisting from the Hong Kong

Stock Exchange on 14 Jan 2026, and it relocated its headquarters to Singapore. PC

Partner has a 20-year relationship with Nvidia (NVDA US, Buy, USD210.69). With

access to the RTX50 series chip now through its Singapore headquarters, offering

Nvidia-GPU VGAs (with RTX50 chips) is becoming one of the company’s key revenue

drivers. Management said that Nvidia’s chips are more advanced than those from Intel

(INTC US, Buy, USD133.99) and Advanced Micro Devices (AMD US, Hold,