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BROKER’S REPORT
CGS Research INITIATION on MARCO POLO MARINE (SGX: 5LY)
CGS initiates coverage on MPM with an Add call and TP of S$0.08, based on
9x 2026F P/E (in line with peers). Stronger fleet utilisation is a key catalyst.
📈Time to reap benefits from capex
MPM is in a stronger position than during the last offshore & marine
upcycle, with FY23-24 revenue and EBIT surpassing its FY13-14 peaks.
The charter of its new CSOV for offshore windfarm projects and yard
capacity expansion from Mar 25F as key revenue drivers starting FY25F.
The stock trades at 6x 2026F P/E, or a 33% discount to global peers. With a
net cash of c.S$36m (FY24), it is trading at ex-cash of 4.8x 2026F P/E.
