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 potential US listing or spin-off of its Inter-Satellite Data Relay System (IDRS) business, aiming to unlock higher valuations and market value in the US.
- The company has secured strong order momentum in 2026, with its orderbook at a record high of USD26.4m, and expects continued rapid growth in the space and drone sectors.
- Maybank maintains a “BUY” rating with a target price of SGD0.12, anticipating significant revenue and profit growth, high gross margins, and improved balance sheet strength in the coming years.
- US peers trade at much higher valuations (70-200x P/S), and Addvalue’s potential US IDRS listing could value the business at USD200-300m, enabling capital raising at attractive multiples.
- The company is benefiting from high-growth themes like space and anti-drone solutions, with rising recurring income as satellite launches increase.
- Key risks include working capital needs, project execution, customer concentration, and supply chain complexity, while ESG practices are strong but could improve on emissions and diversity.
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 website: https://www.maybank.com/investment-banking
