Hello, this is Pipeman.
I was interested in StarLink, so I looked up related stocks.
For those of you who don't know what StarLink is, let me briefly explain.
There's another company run by Tesla CEO Elon Musk.
It's SpaceX, a company that runs the aerospace business.
One of the projects that SpaceX is working on is StarLink.
StarLink is a project aimed at putting about 12,000 satellites on Earth and using them as base stations to provide high-speed Internet access around the world.
Not long ago, StarLink recruited beta testers and started a pilot project.
It says the monthly fee is 99 dollars and the device price is 499 dollars.
So far, they have launched about 1,000 satellites, and by 2027, their goal is to launch 12,000 satellites worldwide.
This is the future they dream of.
First of all, self-driving cars.
Self-driving cars that travel around the world by communicating through high-speed satellite Internet even in areas without 5G base stations.
In the future, we'll be able to travel around the world in self-driving cars and broadcast live.
And the ship.
In the middle of the Pacific Ocean, high-speed satellite Internet is used to quickly send and receive navigation data, and sailors can access the cloud to work or watch YouTube videos.
If electricity is provided in places like this, you can use high-speed Internet.
I'm very fascinated by this project.
They're building base stations in space that cover the whole world, aren't they?
It's wonderful that they're imagining it and realizing it.
So I want to invest in SpaceX, but I can't because it's an unlisted company.
Unfortunately, I looked up related stocks.
If you look at the approximate composition of the StarLink now, it looks like this:
First, we put a satellite on the rocket and put it into space.
And the satellite and the ground antenna communicate.
The ground antenna is connected to the W-Fi router, and we can use the Internet through this Wi-Fi router.
I'm sure there are a lot of companies involved from rockets to Wi-Fi routers, right?
I looked for the most familiar Wi-Fi router.
Which company makes this router?
I looked it up and found this drawing. The company name WNC is written on the drawing.
So I went straight to the homepage.
It was a Taiwanese company.
As expected, the company makes communication devices such as routers, antennas, and communication modules.
I also looked up the financial statements of this company.
This is my first time seeing financial statements in English of a foreign company.
It's hard to look at it like this, so I drew a graph in Korean won.
Recently, the total market value of WNC is 1.2 trillion won (1 billion USD), which is roughly 175th on the KOSPI.
It's about the size of Lotte Tour Development or Kumho Tire if I know the company.
As of the third quarter of 2020, assets are around 1.4 trillion won (1.2 billion USD).
Of these, 800 billion won (700 million USD) in debt and 600 billion USD (500 million USD) in capital.
They have more assets than market capitalization.
And debt is more than capital.
The debt-to-capital ratio is 133%.
The debt-to-capital ratio of Korea's peer group is 73%, so it's a bit high, right?
But I looked it up and found that when I checked the detailed accounts, there were reports that they were capable of paying back their debts.
I will study further later because I need to analyze by detailed account to check the fact.
Anyway, the retained earnings were about 330 billion won (270 million USD) and were steadily increasing.
Net income must have been positive.
Let's check it out.
Annual net operatiing revenue have recently increased to 2.4 trillion won (2 billion USD), but net operating income and net income have been steadily decreasing.
It's similar even if we compare the accumulated performance by the third quarter.
If so, this year's performance is expected to decrease slightly compared to the previous year.
It's a surplus, but it's a shame that incomes are decreasing.
I didn't study for dividends, but I looked for how much they gave me.
Based on the current stock price, it's about 3.13%.
It's not a high dividend, but it's not bad.
But maybe it's because incomes are decreasing, but dividends are also decreasing.
This is the current stock price trend.
There hasn't been much change since the 2008 financial crisis and a big drop in 2011.
That's it for numbers.
I looked into what they've been doing lately, and they've partnered with Verizon, the largest mobile carrier in the United States.
Verizon is introducing a repeater solution to extend coverage of one of the hottest issues, 5G mmWave.
Verizon announced partnerships with three companies, one of which is WNC.
I wanted to know exactly what the role of the WNC was, but I couldn't find any details.
However, the WNC seems to be recognized for its technology in partnership with Verizon, which is currently leading the world in mmWave.
Besides this news, I wanted to know more business conditions and visions, but this is all I can find now. I'll have to look for more from time to time.
Now, looking at it like this, it's hard to decide.
What StarLink users see is a Wi-Fi router.
Then wouldn't the WNC become hot when StarLink becomes active in earnest?
I have vague expectations.
However, the debt-to-capital ratio is high and the recent decline in performance is a bit of a burden.
I'll have to look for more and decide because there are many other StarLink related stocks.
Today's study is over!
What should we look for next time?
댓글