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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.
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At Gem Comm, we bridge the communication gap for companies with a global footprint, like our client Procurri – listed on SGX since 2016 and with a CEO based in the US. 🇸🇬🇺🇸
𝗣𝗿𝗼𝗰𝘂𝗿𝗿𝗶’𝘀 𝗠𝗿 𝗝𝗼𝗿𝗱𝗮𝗻 underscores the importance of tapping Gem Comm’s familiarity with the nuances of SGX and the local investor community. This strategic partnership allows Procurri to better articulate its messaging and vision with clarity, transcending geographical boundaries even while Mr Jordan leads from the US.
Gem Comm’s expertise lies in seamlessly connecting businesses with their investors, no matter where they are. We help listed clients like Procurri uphold the highest reporting and disclosure standards while fostering close communication channels on the ground.
By leveraging on our tailored investor relations strategies, we cultivate trust, nurture enduring connections, and unlock lasting value for companies and their stakeholders alike.
Trust Gem Comm to be your global investor relations partner – we can elevate your business to new heights while keeping your investors engaged and informed every step of the way! 🚀🌍
