Intellian Technologies makes antennas that connect satellites to the ground, with two axes: maritime satellite-communication antennas for ships (about 60% of revenue as of Q3 last year) and antennas for land, aviation and low Earth orbit (LEO) satellites; it is a key partner of Eutelsat OneWeb, supplying dish-type and electronic flat-panel antennas. On April 20 it voluntarily disclosed a corporate value-up plan, signaling results-linked dividends (total dividends of ₩2.04 billion last year, up 96.5% year over year, a payout ratio of 27.3%), and on May 14 the quarterly report formalized a record-high Q1 revenue. What stands out most is that its position as one of the few suppliers of antennas to the non-Starlink LEO camp lets it take the demand from spreading satellite internet head-on, and earnings have recovered past last year's trough; on the other hand, results are lumpy from quarter to quarter depending on large orders, one-off gains and losses swing widely, the debt ratio is high, and cash generation is negative, so the pace at which investment converts into profit is the key.
At-a-glance assessment financial health · growth · profitability · valuation
- Revenue rose 24.0% year over year, and the pace is quickening (3-year trend: mixed).
- Net profit swung from a loss a year earlier back into the black (a turnaround).
- Most recent quarter (Q1 2026) revenue was 49.3% higher than a year earlier.
- ROE is 2.8% (controlling-interest basis).
- Operating margin is 3.7%.
- The forward P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Sung Sang-yeop 17.52% (individual)
Controlling bloc incl. related parties 23.13%
With the controlling bloc holding 23%, control is maintained but the free float is relatively large.
🔎 In-depth analysis
- Intellian Technologies makes and sells antennas that connect satellites to the ground.
- There are two main axes.
- The first is maritime satellite-communication antennas mounted on ships; this has long been the mainstay and made up about 60% of revenue as of Q3 last year.
- The second is antennas for land and aviation use and for low Earth orbit (LEO) satellites, roughly the remaining 40%.
- In particular, it is a key partner supplying dish-type (parabolic) antennas and electronic flat-panel antennas to Eutelsat OneWeb, a camp distinct from Starlink.
- Recently it has been broadening its product lineup with gateway antennas that go into satellite operators' ground stations and portable military antennas.
- In short, 'as satellite internet grows, antenna demand grows' is how this company makes money.
- The latest close is ₩66,900 and the market cap is ₩718.3 billion.
- The price sits below the 20-day line (₩82,015) and below the 60-day line (₩119,480).
- Trading below both the short- and medium-term moving averages, the trend is on the soft side.
- The RSI (a supplementary gauge that weighs upward against downward force over the last 14 days on a 0-100 scale) is 28.5, close to a depressed zone.
- The one-month change is -31.9%, the three-month change is -40.4%, and the position versus the 52-week high is -61.2%.
- Relative strength versus the KOSDAQ is 83 (on a 1-99 scale, converting the last year's return against the index with more recent weighting; higher means stronger than the market).
- That places it in roughly the top 17% of all stocks by strength.
- Over the last three months it lagged the index by 23.0%.
- When reading the chart, it helps to look at trading volume and disclosure dates alongside it.
- The valuation metrics need careful interpretation because this is an earnings-inflection stock.
- The P/E ratio (how many times a year's earnings the price represents) looks high at 96.25x.
- But that is because last year's net profit was pressured to ₩7.46 billion.
- With the denominator of recovering earnings small, the multiple grew large; it is not a figure to read straight away as expensive.
- The P/B (how many times net assets the price represents) is 2.70x.
- ROE (how much is earned on equity in a year) is 2.8%, still low, which is likewise a signal of an early stage of earnings recovery.
- The debt ratio (debt relative to equity) is somewhat high at 186%.
- EV/EBIT (enterprise value divided by operating profit, a debt-adjusted version of the P/E) is 75x, and EV/Sales (enterprise value divided by revenue) is 2.8x.
- Net debt (total borrowings less cash) is about ₩116.2 billion, a net-borrowing position, and the FCF yield (the ratio of cash actually generated to market cap) is -6.4%.
- In a phase of facilities and R&D investment, current cash generation is negative, and whether this investment comes back as revenue is the point to watch.
- The direction of growth is clear.
- Last year's revenue was ₩319.6 billion, up 24.0% from the prior year.
- Profit is more dramatic.
- From an operating loss of ₩19.4 billion and a net loss of ₩3.0 billion in 2024, it swung to an operating profit of ₩11.95 billion and a net profit of ₩7.46 billion in 2025.
- It is a turnaround that hit a trough and reversed.
- The trend picked up further this year.
- Q1 2026 revenue was ₩64.7 billion, a surge of 49.3% versus the same period last year.
- It came from higher sales of LEO flat-panel and gateway antennas, plus the expansion of OneWeb service and added demand for portable military antennas.
- That said, Q1 net profit of ₩13.5 billion is unusually large relative to operating profit (₩0.6 billion).
- It is a figure heavily mixed with one-off non-operating gains, so annualizing this quarter's net profit by multiplying by four would overstate.
- The real substance of this year's results should be read through the pace of operating-profit recovery.
- The company said it is shifting to profitability-focused management as R&D investment passes its peak, and if it follows this direction, this year's operating profit has room to rise sharply from last year.
- The main threads of the disclosures are twofold.
- One is stronger shareholder returns.
- On April 20 it voluntarily disclosed a corporate value-up plan, signaling stronger dominance in the LEO satellite-communication market and results-linked dividends.
- Last year's total dividends were ₩2.04 billion, up 96.5% from the prior year, with a payout ratio of 27.3%.
- That it has disposed of treasury shares several times this year also reads as part of capital-structure adjustment.
- The other is confirmation of earnings improvement.
- On May 14 the quarterly report formalized a record-high Q1 revenue.
- On June 26 there was a disclosure of a change in a large holding.
- Overall, it is a flow that shows business growth and shareholder-return intent together.
- The strengths are clear.
- It is one of the few companies supplying antennas in the non-Starlink LEO camp.
- It takes head-on the structural demand from spreading satellite internet.
- Earnings hit a trough last year and reversed, and the recovery continued with the Q1 revenue surge this year.
- On the other hand, there are cautions.
- Results are lumpy from quarter to quarter depending on large orders and supply projects.
- As with Q1 net profit being far larger than operating profit, one-off gains and losses swing widely.
- The debt ratio is high and cash generation is still negative, so the pace at which investment converts into profit is the key.
- In sum, if the spread of LEO satellite service and sales of gateway and flat-panel antennas rise as planned, the earnings recovery gains momentum.
- Conversely, if large satellite operators' orders are delayed or cost and investment burdens hold earnings down, the pace of recovery could slow.
🔎 Valuation vs peers Inconclusive
Compared with domestic listed companies whose business reality in satellite communications and ground-station equipment is close. Communications equipment broadly differs greatly in business character, so the focus is on satellite and RF-related names.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| AP Satellite | — | 1.15x | -2.67% |
| Genoray | — | 2.56x | -4.10% |
| RFHIC | 45.40x | 3.84x | 8.45% |
| KMW | — | 4.85x | -20.57% |
Because last year's net profit was pressured to ₩7.46 billion, the P/E of 104.9x looks high, but this is an optical illusion of an early earnings recovery. The domestic listed satellite-antenna peer set (AP Satellite, Zenko and others) is mostly loss-making or thin on net profit, making a P/E comparison itself difficult, and Intellian Technologies leads them in profit scale and business scalability. On the other hand, direct comparison with the RF and 5G equipment group (RFHIC, KMW) is limited because the business character differs. If this year's earnings recovery proceeds as planned, the multiples on last year's basis could fall quickly, but with wide swings in one-off gains and losses and a heavy investment burden, rather than firmly labeling it undervalued or overvalued at this point, it is seen as a phase to watch while confirming the pace of the earnings recovery.
Price history Close · MA20 · MA60
The latest close is ₩66,900 and the market capitalization is ₩718.3 billion. The price sits below its 20-day moving average (₩82,015) and below its 60-day moving average (₩119,480). It is under both its short- and medium-term moving averages, so the trend looks subdued. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 28.5, near oversold territory. The one-month change is -31.9%, the three-month change is -40.4%, and the position relative to the 52-week high is -61.2%. Relative strength versus the KOSDAQ is 83 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 83% of all stocks. Over the past three months it lagged the index by 23.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -23.03% / 6M +14.58% / 12M +36.42%
Key metrics vs sector median
Valuation
The P/E of 96.25x is above the sector median (16.19x). The P/B of 2.70x is above the sector median (1.32x).
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate)
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 10.0%→terminal 2.0%, 10-yr forecast, earnings-based. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 2.8%. The operating margin is 3.7%. The debt ratio is 186.5%, so the financial structure is moderate.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $202.2M | $170.8M | $211.8M | +24.00% ↑ faster |
| Operating profit | $7.1M | -$12.9M | $7.9M | — |
| Net profit | $3.7M | -$2.0M | $4.9M | — |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $91.5M | $158.7M | $202.2M | $170.8M | $211.8M |
| Operating profit | $1.5M | $10.2M | $7.1M | -$12.9M | $7.9M |
| Net profit | $4.0M | $10.6M | $3.7M | -$2.0M | $4.9M |
| Revenue CAGR | 4-yr avg 23.36% | ||||
Revenue rose 24.0% year over year (2023 ₩305.0 billion → 2024 ₩257.8 billion → 2025 ₩319.6 billion), and the three-year trend is 'mixed'. The pace of growth also quickened from the prior year. Over the 5 years on record, revenue compound annual growth (CAGR) is 23.4%. The two-year revenue CAGR is 2.4%. In the most recent quarter (Q1 2026), revenue was 49.3% higher than the same period a year earlier.
Latest quarterly results Q1 2026 · vs year-ago
Technical indicators
What stands out
- Revenue grew 24.0% year over year, a sign of growth.
Points to watch
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-04-20FilingVoluntary disclosure of a corporate value-up plan. It set as goals stronger dominance in the maritime, land and aviation LEO satellite-communication market, global expansion of the gateway-antenna business, and maintenance of results-linked dividends.By spelling out the growth direction and shareholder-return intent over the medium term, it is a factor that raises the credibility of the business roadmap. Source
- 2026-05-14EarningsQ1 2026 quarterly report. Revenue of ₩64.7 billion (+49.3% year over year), a record high for a first quarter. Operating profit of ₩0.6 billion, net profit of ₩13.5 billion.In the short term it confirms continued revenue growth. That said, net profit is heavily affected by one-off gains and losses, so it should be interpreted through the operating-profit trend. Source
- 2026-05-15FilingReport on the results of treasury-share disposals. Through April and May this year, treasury shares were disposed of several times, adjusting the capital structure.It affects near-term supply-demand and capital structure. Along with the dividend increase, it is part of a flow of shareholder returns and capital efficiency. Source
- 2026-06-26FilingReport on a change in a large shareholding. A change in a major holder's stake was disclosed.A near-term supply-demand reference point. The direct effect on business results is limited. Source
Figure cross-check computed ↔ external
Recent filings
- 2026-05-15TreasuryTreasury-stock disposal decision
- 2026-05-15OwnershipOfficers'/major-shareholders' holdings report
- 2026-05-15OwnershipOwnership-change filing
- 2026-05-14PeriodicQuarterly report
- 2026-05-08TreasuryMaterial-fact report
- 2026-04-24OwnershipOwnership-change filing
- 2026-04-20Disclosure
- 2026-04-14TreasuryTreasury-stock disposal decision
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09OwnershipOfficers'/major-shareholders' holdings report
- 2026-04-09TreasuryMaterial-fact report
- 2026-04-02TreasuryTreasury-stock disposal decision
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.