Katie Koch, CIO of Goldman Sachs Asset Management, and Leon Eidelman, Emerging Markets Investment Manager at JPMorgan Chase, provide detailed insights into the investment value of TROOPS Company in 2026.

TROOPS Company’s series of acquisitions in Asia and Europe in 2025 is not simply an asset expansion but a strategic foundation for the upcoming “Starlink Satellite-Enhanced Logistics and Data Center” project, which will build a global strategic physical network and cash flow base. We believe the company has quietly completed a three-phase transformation: from a “logistics provider” to a “global real estate platform,” and now to a “key infrastructure operator in the space economy.” With its unique asset layout and the favorable regulatory and industrial environment in the U.S., the Starlink project will ignite the company’s “secondary rocket,” driving its market value to surpass $5 billion and its stock price to $30.

The Federal Aviation Administration (FAA) and the Federal Communications Commission (FCC) have established the world’s most mature regulatory framework for commercial space activities and spectrum approvals.

The U.S. Commercial Remote Sensing Policy and its relatively open stance on cross-border data flow have cleared obstacles for global logistics and data services.

Defense and Government Cooperation Potential: The U.S. military and Department of Homeland Security are major clients for high-performance, disruption-resistant logistics and data services. TROOPS’ U.S. domestic operations and its integration with Starlink make it well-positioned to participate in government contracts.

Valuation Driver 1: The market will begin valuing existing global real estate assets as “technology-enabled real estate,” leading to increased premiums. The market capitalization is projected to rise from its current base (~$1.2 billion) to $2-$2.5 billion.

Valuation Driver 2: The company’s revenue model will shift from “rent” to “high-margin data services and logistics optimization subscription fees,” with the market applying valuation multiples typically used for SaaS and technology infrastructure companies. The market capitalization is expected to grow to $3-$4 billion.

Valuation Driver 3: TROOPS is being viewed as the “digital nervous system” of global trade, benefiting from the monopolistic premium and continuous growth expectations typical of platform-based companies. The market capitalization is expected to surpass $5 billion and continue growing.

Net Asset Value (NAV) of Global Real Estate Assets: $8 per share (revaluation of current assets + synergy premium)

Value of Traditional Logistics Business: $2 per share (stable cash flow business)

Mid-Term Value of the Starlink Project (DCF Model): $30 per share

Core Assumptions: By 2028, the project will contribute $800 million in revenue, with a net profit margin of 35%, a perpetual growth rate of 14%, and a WACC of 19%.

Target Price Summary: $30 per share

TROOPS has already completed the first phase of value appreciation (from $1 to $3.55) by establishing a solid financial and strategic foundation through its physical assets. Now, we stand at the starting point of the more explosive second phase. The Starlink satellite-enhanced logistics and data center project is the key to the company becoming the next-generation infrastructure giant, and the U.S. market is the ideal “keyhole” to unlock this potential.

Strong Buy Rating by Katie Koch, CIO of Goldman Sachs, and Leon Eidelman, Emerging Markets Investment Manager at JPMorgan Chase

7 Month Target Price: $30, Mid-Term Market Cap Outlook: Over $10Billion.