5 September 2026, PM
Analyst Rating
Maybank Research reiterated a BUY call on Addvalue Technologies (A31), unchanged target price 34 cents, based on 30 times FY27 forecast price to sales. The call is built on two new orders totalling US$5.0 million, US$2.8 million for its Inter-Satellite Data Relay System products and US$2.2 million for its Advanced Digital Radio System products, the latter covering both design work and repeat supply to defence-technology customers. Addvalue's reported orderbook now stands at US$20.2 million.
The bigger story behind the number is the Viasat partnership. Viasat plans to fold Addvalue's satellite relay terminals into its HaloNet portfolio for US government and government-supplier opportunities, with Addvalue as the lead US-facing provider. Maybank reads this as third-party validation of Addvalue's technology and a possible path to longer, recurring US space-programme orders, potentially including NASA-adjacent work. Worth being precise here, that specific customer exposure is Maybank's own expectation, not a signed Addvalue contract. The whole bullish case leans on orders that haven't been booked yet, so timing, margins and actual cash conversion on that US$20.2 million figure are the things to watch as this plays out.
My Personal Take
Not going to lie, the Viasat name attached to a small SGX satellite-comms player got my attention faster than most analyst notes do. Addvalue's not one I've run a proper forensic screen on yet, no zone call from me on this one today, just relaying what Maybank's saying. But given how much this name has been coming up in the news lately, I'm going to put together a full audit on it, not a quick take like this one, the real numbers on cash burn, order conversion and how much of that US$20.2 million actually turns into revenue this year. Let the numbers speak on this one once I've actually pulled them. Watch this space.
Not financial advice. Iggy's Forensic Compliance Standards apply.
Cheers, Iggy 🦖
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