Intellian Technologies인텔리안테크

Intellian Technologies has returned to profit on a trailing basis, but its shares have fallen sharply over the past month.

Intellian makes satellite communication antennas for maritime, land, aviation and military customers. Trailing results to H1 2026 show revenue of ₩364B, operating income of ₩30B and net income of ₩44B, compared with a loss-making 2024. The share price of ₩53,200 is well below its 52-week high of ₩180,200 and is down 23.7% over one month.

What stands out

• Trailing revenue of ₩364B is above the 2025 full-year level of ₩320B, with a trailing operating margin of 8.2% versus 3.7% in 2025.
• Net income of ₩44B is well above operating income of ₩30B, so non-operating or other items appear to have contributed; the data does not explain the source.
• Free cash flow is negative at -₩11.7B on a trailing basis, and borrowings of ₩34.6B exceed cash of ₩25.1B.
• Trailing P/E of 13 and P/B of 2 compare with a much higher 2025 year-end P/E of 85.6, and the model's base fair value of ₩4,348 is far below the current price.
• Foreign ownership fell from 25.5% to 20.2% over about 60 days, and foreign investors recorded net selling over the last 20 days.

What to watch

• Filings on major sales or supply contracts, including amendments, since several were filed in August and September 2026.
• The next results release, since the trailing figures are as of H1 2026 and the data does not show a forecast.
• Continued foreign selling and the cash-versus-borrowings position, given negative free cash flow.