[Click eStock] "Genoco, Establishment of Space Aviation Agency... Expected Record High Performance This Year"

Independent research firm Valuefinder analyzed on the 13th that momentum is continuing with the imminent establishment of the Space Aviation Agency, and Genoco is expected to achieve its highest-ever performance this year.

Genoco is a company engaged in the manufacturing business of core satellite payload components, satellite ground stations, avionics equipment, EGSE (Electrical Ground Support Equipment) inspection devices, and core components (TICN optical cables). Last year, it recorded sales of 55.1 billion KRW and an operating profit of 1.2 billion KRW.

Researcher Lee Chung-heon of Valuefinder stated in the report that “Recently, North Korea succeeded in launching the reconnaissance satellite ‘Malligyeong 1,’ and our military is also focusing on the microsatellite business. Considering that Genoco is conducting a microsatellite business with its major client Hanwha Systems and possesses technology related to satellite payloads and ground stations, Genoco is expected to directly benefit from the low Earth orbit satellite business and microsatellite business in the future.”

Additionally, in October last year at Seoul ADEX 2023 (Aerospace and Defense Exhibition), Genoco signed a memorandum of understanding (MOU) with the U.S. satellite communications company Viasat. Viasat competes with SpaceX’s Starlink satellite in the satellite internet market and was recently selected as the provider of ultra-high-speed satellite-based Wi-Fi service on Korean Air flights. Notably, it is also a company that possesses ESA (Electronically Steerable Antenna) technology necessary for microsatellites.

Researcher Lee said, “Genoco plans to establish Viasat’s exclusive domestic MRO (Maintenance, Repair, and Overhaul) center based on this MOU,” and analyzed, “Following the expansion of domestic satellite communication businesses such as satellite ground stations and reproduction, overseas market entry is expected to become more visible.”

He also noted, “Since microsatellites require corresponding ESA antennas, the MOU with Viasat will serve as a positive opportunity for Genoco’s ESA antenna technology development,” and predicted, “Orders related to the satellite business will be concentrated in the first half of this year.”

It is also analyzed that momentum from government policies such as the establishment of the Space Aviation Agency will continue. He explained, “The Space Aviation Agency, called the Korean version of NASA, is scheduled to launch in May, raising expectations related to this. Just as NASA’s technology transfer was the foundation for SpaceX’s growth into the world’s top space company, domestically, all know-how from the design of the Nuri rocket to the management of over 300 participating companies, launch, and operation will be transferred to Hanwha Aerospace, which was selected as the system integrator.”

Accordingly, it is analyzed that Genoco, which is collaborating with Hanwha Systems, is also expected to benefit.