"The successful SpaceX listing helps build the case for high space sector valuations in the US, which should be positive for Addvalue if it lists its IDRS business on Nasdaq," says Seet.
He estimates that Addvalue can fetch a potential market cap for its IDRS unit in the US$180 -250 million range with a successful Nasdaq listing. There is even the potential to return some cash to shareholders following which.
"This would put Addvalue at the forefront of Singapore’s space/satellite scene and could lead to M&A opportunities. The Singapore valuation could rise if the Nasdaq-listed arm value is higher than Addvalue’s Singapore market cap. ADRS orders likely to surge in coming months," he adds.
As a quick recap, Addvalue's IDRS division has secured orders of US$15.2 million year to date, compared to only US$4.2 million in 1H2025 and US$3.8 million in 1H2024.
"We believe IDRS orders will continue to surge from increased demand from existing and new customers," says Seet.
Out of US$5.1 million in orders clinched, one new customer has been secured for multiple IDRS terminals to support upcoming earth observation and in-orbit services.
"With anti-drone solutions now actively demanded by governments globally, including locally, we expect ADRS orders to surge in 2H2026 with larger sized multi-year orders while IDRS orders likely continue to be secured," reasons the analyst.
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Seet says that besides AI, Addvalue is benefiting from 2 of the most exciting and highest growth themes in the investment world: drones and space.
"We expect a rapid growth phase in the next few years after Addvalue’s turnaround in FY2025. It thus ranks as one of our Top Picks in the small-cap tech space." – The Edge Singapore
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