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PC Partner Group
(SGX:PCT)
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Rating:78Outperform
Price Target:
S$3.00
▲(14.07% Upside)
Action:Reiterated
Date:07/03/26
Overall score is supported primarily by strong cash flow generation and a recovering financial profile with manageable leverage, complemented by a clearly positive price trend and momentum. A low P/E with a moderate dividend yield further strengthens the setup, while the main offset is margin and earnings volatility versus the 2021 peak.
Positive Factors
Strong cash generation
The company converted earnings into cash exceptionally well in 2025 (FCF up ~112.9% and FCF roughly equals net income). Durable cash generation improves funding for capex, dividends, working capital and deleveraging, increasing resilience through PC cycle downturns.
Negative Factors
Margins well below prior peak
Current margins are materially lower than the unusually high 2021 levels, reflecting a structurally more competitive product mix and pricing pressure. If higher-margin niches are not recaptured, sustained lower margins limit cash flow potential and long-term return on capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
The company converted earnings into cash exceptionally well in 2025 (FCF up ~112.9% and FCF roughly equals net income). Durable cash generation improves funding for capex, dividends, working capital and deleveraging, increasing resilience through PC cycle downturns.
Read all positive factors
PC Partner Group (PCT) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.04B
Dividend YieldN/A
Average Volume (3M)153.44K
Price to Earnings (P/E)6.7
Beta (1Y)0.70
Revenue Growth35.29%
EPS Growth83.98%
CountrySG
Employees2,530
SectorGeneral
Sector StrengthN/A
IndustryComputer Hardware
Share Statistics
EPS (TTM)1.28
Shares Outstanding387,883,670
10 Day Avg. Volume160,700
30 Day Avg. Volume153,443
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.71
Price to Sales (P/S)0.16
P/FCF Ratio0.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.4
Revenue Forecast (FY)S$2.56B
PC Partner Group Business Overview & Revenue Model
Company Description
PC Partner Group Limited functions as an investment holding entity, primarily engaged in the design, development, manufacturing, and distribution of computer electronics. The company's principal offerings include video graphics cards for personal ...
How the Company Makes Money
PC Partner Group primarily makes money through (1) selling its own branded PC hardware products and (2) providing electronics manufacturing services for third parties.
1) Branded product sales (own-brand / distribution revenue): A major revenue ...
PC Partner Group Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
83
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.14B | 10.08B | 9.17B | 10.78B | 15.46B |
| Gross Profit | 1.44B | 955.49M | 700.75M | 1.56B | 4.29B |
| EBITDA | 778.33M | 451.16M | 253.90M | 943.69M | 3.04B |
| Net Income | 501.00M | 262.13M | 60.84M | 702.48M | 2.37B |
Balance Sheet | |||||
| Total Assets | 6.38B | 5.02B | 5.30B | 6.16B | 6.92B |
| Cash, Cash Equivalents and Short-Term Investments | 2.51B | 2.33B | 2.49B | 2.21B | 3.76B |
| Total Debt | 1.40B | 930.51M | 1.08B | 1.87B | 823.61M |
| Total Liabilities | 3.18B | 2.15B | 2.52B | 3.31B | 3.83B |
| Stockholders Equity | 3.20B | 2.86B | 2.77B | 2.85B | 3.09B |
Cash Flow | |||||
| Free Cash Flow | 2.86B | 1.81B | 3.53B | 2.13B | 6.86B |
| Operating Cash Flow | 2.91B | 1.95B | 3.58B | 2.67B | 6.92B |
| Investing Cash Flow | 112.10M | 150.05M | -382.30M | -532.09M | 69.80M |
| Financing Cash Flow | -2.70B | -2.01B | -3.29B | -3.66B | -4.36B |
PC Partner Group Peers Comparison
UnderperformOutperform
Sector (55)
SG:PCT
PC Partner Group
2.92
1.80
161.41%
SG:C76
Creative Technology
0.82
0.03
3.82%
SG:BN2
Valuetronics Holdings
0.99
0.25
33.60%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.