Read-across to LEO satellite market: Management's positive tone on the company's growth and expanding application of satellite navigation and mapping in the future echoes our positive view on the development of the LEO satellite ecosystem. We expect the global LEO satellite TAM to increase from US$15bn in 2024 to US$108bn in 2035E, with 70,000 new satellites targeted for launch in the next five years, and companies in the ecosystem incl. We expect UMT and WNC to benefit from the trend. Read more: LEO satell ...