Korea Small Cap Gem #5: Satrec Initiative
Satrec Initiative (099320 KS) is the 5th company in our Korea Small Cap Gems series. Satrec Initiative has a market cap of 198 billion won. Satrec Initiative is one of the best small cap companies with specialized technologies in the space satellite systems in Korea.
Satrec Initiative is one of the few satellite system development companies that has been able to export products to other countries such as the UAE, Malaysia, and Singapore. Satrec Iniative is planning to IPO two of its subsidiaries, including SIIS (SI Imaging Services) and SIA (SI Analytics). Satrec is in the midst of selecting the main underwriters to lead these IPOs. Satrec Initiative owns 62.5% of SIIS and 89.2% of SIA.
A key investment thesis on Satrec Initiative is the fact that this company has one of the best technologies for developing and producing satellite systems and related components in Korea. Valuations are not too demanding and they are currently trading at relatively lower end of the historical valuation multiples. We are including Satrec Initiative (099320 KS) in our model portfolio.
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