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This is Daily Stock, dissecting the growth drivers and global liquidity trends of the KOSDAQ market.
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Summary
On June 12, 2026, Elon Musk's SpaceX (SPCX) made a historic listing on the US Nasdaq market, signaling a global space industry re-rating.
Accordingly, in the domestic KOSDAQ market, an earnings-driven screening process is intensifying beyond mere technology evaluation stages, centered around Intellian Technologies (189300) and Satrec Initiative (099320).
Although short-term volatility and overhang risks exist following the global leader's listing, attention is focused on whether policy momentum led by the Korea AeroSpace Administration (KASA) can support the fundamentals of the KOSDAQ space theme.
Market Overview
At today's close (June 25, 2026), the domestic market saw the KOSPI at 8,930.30 and the KOSDAQ at 887.81, while the KRW/USD exchange rate closed at 1,541.90 won in the foreign exchange market.
The Nasdaq index recorded 25,476.64. According to the proprietary Daily Stock Fear & Greed Index, the KOSPI remains Neutral (53.8), while the Nasdaq is in the Fear (26) stage.
SpaceX, the global space leader, surged 19% on its first trading day to close at $160.95, up from its IPO price of $135, surpassing a market capitalization of $2.2 trillion. However, it has recently cooled down to the $156.11 level (as of June 23) in the wake of large-scale AI acquisitions and bond issuances.
In the KOSDAQ market, this synchronization with Nasdaq's aerospace momentum is occurring alongside policy events such as the "ISS 2026 (International Space Conference)" held in Daejeon from June 16 to 18, demonstrating the maturity of the ecosystem.
Financial Analysis
KOSDAQ aerospace companies, once evaluated solely on "dreams," are proving their earnings improvement in 2026 with full-scale revenue recognition of their order backlogs.
Industry leader Intellian Technologies broke its record for Q1 performance by posting consolidated revenue of 64.7 billion KRW and a net profit of 13.5 billion KRW even during the Q1 off-season, maintaining a solid surplus.
Conversely, Satrec Initiative and AP Satellite are showing short-term earnings volatility compared to expectations established in early 2026. However, they are preparing for a turnaround in the second half based on high-margin service business restructuring and equipment localization contracts.
| Category | Intellian Technologies (189300) | Satrec Initiative (099320) | AP Satellite (211270) |
|---|---|---|---|
| **Q1 2026 Revenue** | 64.7 billion KRW (YoY +49.3%) | 37.1 billion KRW (Quarterly adjustment ongoing) | 4.0 billion KRW (Short-term order delay) |
| **Q1 2026 Operating Profit** | 0.6 billion KRW (Maintained surplus) | Stable operating margin | Shifted to loss (Ground station development delay) |
| **2026 Annual Revenue Forecast** | Approx. 383.4 billion - 386.7 billion KRW | Approx. 228.0 billion KRW | Unconfirmed (Awaiting order momentum) |
| **2026 Annual OPM Forecast** | Approx. 33.4 billion - 35.0 billion KRW (YoY +180%+) | Approx. 22.8 billion KRW | Entering turnaround test phase |
| **Key Financial Stability Indicator** | CAPEX stabilizing with US factory launch | Stable debt ratio in the mid-50% range | Ultra-stable financial health with 21.86% debt ratio |
Valuation
The current KOSDAQ aerospace sector leans toward growth stocks within the KOSDAQ150. Consequently, forward EV/EBITDA and PSR (Price-to-Sales Ratio) reflect growth potential better than traditional PER (Price-to-Earnings Ratio).
Satrec Initiative experienced a valuation overshooting earlier this year, soaring to an all-time high of 224,000 KRW with a PER exceeding 90x. However, valuation pressure has eased with recent price adjustments to the 92,400 KRW level (as of the June 23 close).
For Intellian Technologies, analysts suggest that its forward PER based on 2026 earnings forecasts has significantly decreased, placing it in an attractive valuation range, driven by a product mix improvement from Low Earth Orbit (LEO) flat-panel antennas and gateway antennas.
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Expert & Institutional Analysis
Securities analysts and market experts note that the private sector-led "New Space" paradigm has firmly established itself. They advise focusing on system integration and component companies capable of winning large contracts, rather than temporary theme-driven flows.
Many IT analysts, including reporter Lee Kyoung-min, assess that the benefit scenario for Intellian Technologies remains valid as it secures a key strategic partner status with global satellite internet operators (such as OneWeb).
Furthermore, Satrec Initiative is evaluated as a prime example of structural improvement. Its high-value-added business model is taking root through the export of satellite imagery services via its subsidiary SIIS (SI Imaging Services).
Risk Factors
First, amid global monetary tightening, a high exchange rate environment near 1,540 KRW/USD is favorable for exporters like Intellian Technologies (which exports 94.3% of its products) but could burden the overall space sector with foreign currency-denominated capital expenditure (CAPEX).
Second, SpaceX lock-up releases are scheduled to hit the market between late July and early August, one to two months post-listing. This could expand liquidity volatility gaps across global tech stocks.
Third, unexpected delays in major scheduled launches—such as South Korea's Nuri rocket 5th launch or SpaceX's next-generation Starship V3 launch in the second half of the year—could abruptly cool investor sentiment toward small and mid-cap KOSDAQ space stocks.
Investment Outlook Summary
While the KOSDAQ aerospace sector has entered a long-term growth trajectory following the historic SpaceX IPO, it remains vulnerable to short-term macro liquidity contraction amid the Nasdaq's Fear stage (26).
Rather than blindly chasing themes, a conditional approach focusing on "earnings-driven blue chips" during price corrections may be more rational.
Particularly, defensive portfolio strategies are recommended to prepare for second-half policy benefits and the commercial launch of global low Earth orbit internet networks.
Investor Checklist Q&A
Q1. What is the direct impact of SpaceX's listing on KOSDAQ space stocks?
- It establishes a clear valuation benchmark for the global space sector, triggering peer-group re-evaluations. As funds flow into the global space market, spillover benefits are expected for technologically capable South Korean supply chain firms.
Q2. What is the main reason behind Intellian Technologies' recent earnings recovery?
- Revenue was driven by bulk shipments of flat-panel antennas and ground gateway equipment following the expansion of LEO satellite networks. With exports accounting for over 94% of sales, it achieved solid performance despite the high exchange rate environment.
Q3. Satrec Initiative's stock price dropped significantly from its peak. Is this a fundamental breakdown?
- It appears to be a technical correction following an overextended surge earlier this year. Order backlogs remain stable, and its diversification from satellite manufacturing to high-margin satellite imagery services suggests fundamentals are intact.
Q4. What is the significance of the "ISS 2026" event recently held in Daejeon?
- Hosted by Contec, a domestic space specialist, the international event brought together 550 institutions from 50 countries, facilitating business meetings and technological exchanges that expanded the private space ecosystem.
Q5. What are the key indicators to watch in the space sector for the second half?
- Investors must track the market absorption of SpaceX's lock-up release in July-August, alongside the launch success of large-scale projects like lunar landers and Starship V3.