iM Securities Initiates Coverage of Intellian Technologies with Buy Rating and W89,000 Target

iM Securities initiated coverage of Intellian Technologies (KOSDAQ: 189300) on the 21st with a Buy recommendation and a target price of W89,000 per share.

The target was derived by applying a price-to-earnings multiple of 30 times — a 10% discount to the global peer average of 33 times — to a 12-month forward net profit forecast of W32.5bn. The implied upside from the current share price of W58,000 is 53.9%.

iM Securities projects Intellian's revenue to reach W367.2bn in 2026, up 14.9% year on year, with operating profit of W30bn — a 151.4% increase, representing an operating margin of 8.2%. For 2027, the brokerage forecasts revenue of W436.9bn (up 19.0%) and operating profit of W45.5bn (up 51.3%, with a margin of 10.4%).

Three growth drivers underpin the investment case.

First, flat-panel antennas (FPA), designed for use with low-earth-orbit (LEO) satellite constellations, are expected to generate revenue of W142bn in 2026, a 68% year-on-year increase. Intellian has been mass-producing FPAs for Eutelsat OneWeb since the fourth quarter of 2023, and is currently in development with SES and Telesat Lightspeed.

Second, the Gateway division — which supplies ground-station infrastructure — is forecast to deliver revenue of W162bn in 2027, up 32% year on year. A new factory in California is due to come online in the second half of 2026, adding annual production capacity of approximately W30bn.

Third, Intellian's core maritime VSAT business is expected to recover. As demand for hybrid communications grows, shipping operators are accelerating their shift to multi-network configurations that combine GEO, MEO, LEO, and LTE connectivity. As the world's leading provider of maritime VSAT terminals, Intellian is well placed to benefit from this transition.

For the second quarter of 2025, iM Securities forecasts revenue of W84.1bn, up 30.0% from the previous quarter and 12.6% from a year earlier, with operating profit of W4.4bn — a 151.2% increase year on year.

Shin Hee-cheol, the analyst leading the coverage, noted that the global market for LEO flat-panel antennas is expected to grow from roughly W1 trillion in 2025 to approximately W2.2 trillion by 2030. He estimates Intellian's share of that market will reach around 33% by the end of the decade.