[Click eStock] "Intellian Technologies, 2025 Year Starts Low and Ends High... Gradual Recovery Expected"

Kiwoom Securities analyzed on the 7th that Intellian Technologies is expected to show a gradual recovery this year, following a pattern of a strong start and a weak finish.

Han-gyeol Lee, a researcher at Kiwoom Securities, forecasted, "The Q4 earnings are expected to fall short of market expectations with sales of 84.8 billion KRW (a decrease of 1.7% year-on-year) and operating profit of 1.6 billion KRW (a decrease of 58.3% year-on-year, operating margin of 1.8%)."

Lee cited the main reasons for the poor performance as ▲lack of additional orders for flat-panel antennas due to delays in global service launches by major clients ▲weak new orders caused by waiting demand during the period when the maritime VSAT business segment awaited geostationary and low-earth orbit hybrid services.

He also analyzed that profitability declined due to increased development costs during the development of various products such as flat-panel antennas and gateways. However, he added, "As most major new development projects are nearing completion, development costs are expected to decrease starting this year," and "strong orders for gateway products and expansion of new clients will positively contribute to future earnings growth."

Intellian Technologies smoothly delivered low-earth orbit flat-panel antennas last year, but the delay in the launch of OneWeb's global satellite internet service led to disappointing additional orders, which was pointed out as a regrettable factor. The Eutelsat Group forecasts OneWeb's global service launch in the first half of 2025, and most of the infrastructure construction is completed ahead of the service start.

He predicted, "If major clients launch their global services in the first half of this year, additional orders will follow from 55 companies partnered with OneWeb in distribution, such as AT&T and Airtel, accelerating earnings growth from the second half."