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CGS Research INITIATION on MARCO POLO MARINE (SGX: 5LY)

CGS Research INITIATION on MARCO POLO MARINE (SGX: 5LY)

12 Dec 2024
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.
    CGS Initiation _MPM_121224

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