Independent Research Value Finder analyzed on

Independent Research Value Finder analyzed on the 13th that Genoco is expected to record its highest performance this year as momentum continues, with the establishment of the Korea Aerospace Administration imminent.

GenoCo is a company that manufactures core components of satellite payloads, satellite ground stations, aviation electronics equipment, EGSE inspection equipment, and core components (TICN photoelectric cables). Last year, its sales and operating profit recorded 55.1 billion won and 1.2 billion won.

Lee Choong-hun, a researcher at ValueFinder, said in a report, "North Korea has recently succeeded in launching the settlement satellite 'Manri-kyung 1', and our military is also paying attention to the ultra-small satellite project. Considering that Genoco is working on a micro-satellite project with Hanwha System, a major customer, and has technologies related to satellite payloads and base stations, Genoco will also be able to directly benefit from the low-orbit satellite business and micro-satellite business in the future."

GenoCo also signed a memorandum of understanding (MOU) with U.S. satellite communication company Viasat at ADEX 2023 in Seoul in October last year. Viasat is competing with SpaceX's Starlink satellite in the satellite Internet market and has recently been selected as a high-speed satellite-based Wi-Fi service provider for Korean Air. Notably, it also has Electronically Stable Antenna (ESA) antenna technology, which is needed for ultra-small satellites.

Researcher Lee Choong-heon said, "Genoco is planning to build an exclusive MRO (maintenance/maintenance) center for Viasat in Korea with this MOU," and added, "We expect to see its entry into overseas markets following the expansion of domestic satellite communication businesses such as satellite ground stations and reproduction."

He also predicted, "With micro satellites in need of corresponding ESA antennas, MOU with Viasat will also be a positive opportunity for Genoco's development of ESA antenna technology," adding, "In the first half of this year, orders related to satellite business will be concentrated."

Analysts say that the momentum of the aerospace government's policy, including the establishment of the Korea Aerospace Administration, will also continue. "Expectations are rising in this regard as the Korea Aerospace Administration, called the Korean version of NASA, is set to launch in May," he said. "Just as the technology transmitted by NASA served as the foundation for the growth of SpaceX in the U.S. into the world's top space company, the design of the Nuri spacecraft to the general launch and operation know-how of more than 300 participating companies will be transferred to Hanwha Aerospace, which has been selected as a system comprehensive company."

As a result, Genoco, which is collaborating with Hanwha System, is also expected to benefit.