User Terminal in Expansion

Goldman Sachs maintains a Buy rating on WNC (6285.TW), raising the target price to NT$318 due to strong growth in LEO satellite terminals and the WiFi-7 replacement cycle.

Key Takeaways

• 1.Reiteration of Buy rating for WNC with a TP raised to NT$318, driven by LEO satellite adoption and the WiFi-7 replacement cycle.
• 2.LEO satellite applications are moving into mainstream use cases like aviation (e.g., British Airways and Lufthansa) and maritime.
• 3.2026 is projected to be the year for WiFi-7 mainstream application, which will increase ASPs and improve margins for WNC.

Table of Contents

• Expanding use cases of LEO satellites
• WiFi-7 in rising penetration
• Earnings revision
• Valuation
• Price Target Risks and Methodology: WNC
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures

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