Broker Name: Maybank Research Pte Ltd
Date of Report: March 19, 2026
Excerpt from Maybank Research Pte Ltd report.
- Report Summary:
- Addvalue Technologies is exploring a US spin-off listing for its Inter-Satellite Data Relay System (IDRS) business, targeting a potential valuation of USD200-300m, leveraging the higher valuations of US space sector peers.
- The company’s orderbook hit a record USD26.4m following several new IDRS and anti-drone solution orders, and it is rapidly ramping up production capacity from 100 to 200 units per annum by end-3Q26.
- Addvalue is highlighted as a top pick among small and mid-cap stocks due to its exposure to high-growth sectors like space and drones, with revenues and profits expected to accelerate sharply over FY27-28.
- Key upside risks include new contracts, strategic collaborations, and government missions, while downside risks include customer concentration, working capital needs, and project execution challenges.
- The company demonstrates strong ESG practices, with robust governance, a solid safety record, and responsible environmental sourcing, but needs to strengthen GHG reduction commitments and diversity efforts.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank.com/investment-banking
