Broker: Maybank Research Pte Ltd
Date of Report: June 8, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
Stock: Addvalue Technologies (ADDV SP)
Action: BUY
Target Price: SGD 0.34
Highlights:
- Addvalue Technologies secured USD5.1m new orders for its Inter-Satellite Data Relay System (IDRS), including a new customer for multiple terminals.
- Year-to-date IDRS order wins for 2026 reached USD15.2m, sharply higher than previous years, indicating surging demand.
- Anticipated strong growth in Advanced Digital Radio (ADRS) orders in 2H26 driven by global anti-drone solution demand.
- The company is doubling production capacity and is exploring a potential US NASDAQ listing for its IDRS division, which could significantly boost valuation.
- Addvalue is positioned in high-growth areas: space and drones, with expected rapid revenue and profit growth after its FY25 turnaround.
Implications:
- Strong order momentum and expansion plans reinforce the BUY call.
- The SGD0.34 price target is pegged to 30x FY27E price-to-sales, reflecting a substantial discount to global peers.
- A successful NASDAQ listing could be a game-changer, potentially increasing Singapore market valuation and offering cash returns to shareholders.
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-keresearch.com
