[Click eStock] "Intellian Technologies, the Biggest Beneficiary of the Space Race"

[Asia Economy Reporter Hyunseok Yoo] KB Securities analyzed on the 12th that Intellian Technologies is the biggest beneficiary of the space race. No investment opinion or target price was presented.

Intellian Technologies is the global No. 1 company in maritime antennas, primarily manufacturing satellite communication VSAT antennas, FBB antennas, and satellite broadcast receiving antennas.

KB Securities expects Intellian Technologies' performance to improve again this year. Yoon Chang-bae, a researcher at KB Securities, said, "Considering the rapid recovery of the core business that was sluggish due to COVID-19 and the order backlog of LEO terminal antennas worth about 250 billion KRW, the performance growth trend is expected to continue in 2022." He explained, "With OneWeb's commercial service expected to start in March or April, sales of LEO (Low Earth Orbit satellite communication) terminal antennas are projected to be significantly reflected from the fourth quarter of last year."

Along with this, growth due to the increase in low Earth orbit satellite launches is also expected. He said, "OneWeb has completed the launch of 394 out of the 648 planned first-phase low Earth orbit satellites and plans to launch the remaining satellites through seven launches within this year." He added, "With Boeing obtaining permission to launch 147 low Earth orbit communication satellites and Amazon planning its first satellite launch in the second half of 2022, major aerospace companies are expected to begin full-scale low Earth orbit satellite launches starting this year."

Additionally, further orders are expected due to the planned entry of global LEO operators into the India market. He said, "OneWeb completed the establishment of a joint venture in India with its major shareholder Hughes and Bharti Airtel, targeting commercial service in the Indian market in May, and two gateways have also been completed." He added, "India is a huge market with 700 million people without internet access, so antenna demand is expected to reach trillions of KRW." He continued, "On the 10th, OneWeb signed a LEO communication service supply contract with Australian telecom operator FSG, and with the continuous expansion of service areas, large-scale additional orders for terminal antennas are expected for Intellian Technologies as the sole supplier."

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