Broker: Maybank Research Pte Ltd
Date of Report: April 27, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Stock: Addvalue Technologies (ADDV SP)
- Action: BUY
- Target Price: SGD 0.31 (up from SGD 0.12)
- Key Idea: Addvalue is a rare profitable space/drone play, benefiting from surging global valuations and potential high growth. The company is exploring a NASDAQ spinoff listing for its Inter-Satellite Data Relay System (IDRS), which could significantly lift its valuation.
- Highlights:
- Global peers trade at much higher price-to-sales multiples (avg. 85.6x vs Addvalue’s 11.3x).
- FY27E revenue for IDRS is projected at USD 15-20m, with potential growth to USD 25-30m by FY28E.
- Production capacity is expanding, and the order book is at a record high (USD 26.4m).
- Addvalue is one of the top picks for space/drone growth in Asia.
- Potential market cap for IDRS spinoff is estimated at USD 200-300m.
- Implication: Investors should focus on Addvalue Technologies as it enters a rapid growth phase, with strong upside potential driven by sector trends, expanding order book, and valuation uplift from a possible US listing.
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 Research Pte Ltd website : www.maybank-keresearch.com
