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Do not conform to the pattern of this world but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is—his good, pleasing, and perfect will.
Romans 12:2-4 NIV
MARCO POLO MARINE
Listed on the Mainboard of the SGX-ST since 2007, Marco Polo Marine Ltd is a reputable regional integrated marine logistics company which principally engages in shipping and shipyard operations.
The Group’s shipping business relates to the chartering of Offshore Supply Vessels (“OSVs”) for deployment in regional waters, including the Gulf of Thailand, Malaysia, Indonesia, and Taiwan, as well as the chartering of tugboats and barges to customers, especially those which are engaged in the mining, commodities, construction, infrastructure, and land reclamation industries.
Under its chartering operations, the Group has diversified its activities beyond the oil and gas industry to include the support of offshore wind farm projects. The burgeoning offshore wind energy industry in Asia is at a nascent stage where structures are being installed, which presents tremendous opportunities for the Group whose fleet can support the development of these projects.
The Group’s shipyard business relates to shipbuilding and providing ship maintenance, repair, outfitting, and conversion services carried out through its shipyard located in Batam, Indonesia. Occupying a total land area of approximately 34 hectares with a seafront of approximately 650 meters, the modern shipyard also houses three dry docks, boosting the Group’s technical capabilities and service offerings to undertake projects involving mid-sized and sophisticated vessels.
For more information, please refer to our corporate website: www.marcopolomarine.com.sg
FY2023 RESULTS ANNOUNCEMENT
EST 3 DEC 2023
COMMON FAQ
RESPONSES TO QUESTIONS RECEIVED FROM AGM 2020
RESPONSES TO QUESTIONS RECEIVED FROM AGM 2021
SGX 10 IN 10
Recent Developments
- 10 Oct 2023 Change - Change in Corporate Information::Incorporation of a Joint Venture Company
- 05 Oct 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest / Changes in Interest
- 28 Sep 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest / Changes in Interest
- 04 Sep 2023 General Announcement::Media Release: Marco Polo Marine plans new dry dock construction
- 23 Aug 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest / Changes in Interest
- 17 Aug 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest / Change in Interest
- 17 Aug 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest / Change in Interest
- 17 Aug 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest / Change in Interest
- 17 Aug 2023 Employee Stock Option/ Share Scheme::Expiry of Share Options Pursuant to Marco Polo Marine Employee Share Option Scheme
- 17 Aug 2023 General Announcement::Marco Polo Marine Maintains Strong Growth Momentum
- 24 Jul 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest / Changes in Interest
- 08 Jun 2023 Disclosure of Interest/ Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)::Disclosure of Interest/ Changes in Interest
- 08 Jun 2023 Disclosure of Interest/ Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)::Disclosure of Interest / Changes in Interest
- 30 May 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest / Changes in Interest
- 16 May 2023 General Announcement::1HFY2023 Results Briefing Presentation
- 12 May 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest/ Changes in Interest
- 11 May 2023 General Announcement::Media Release: Marco Polo Marine’s EBITDA More Than Doubles
- 11 May 2023 Financial Statements and Related Announcement::Half Yearly Results
- 11 May 2023 Change – Change in Corporate Information::Establishment of Branch Office
- 18 Apr 2023 General Announcement::Media Release: Marco Polo Marine and Amogy to Develop Zero-Emission Solutions for Vessels
- 22 Feb 2023 Annual Reports and Related Documents::
- 15 Feb 2023 General Announcement::Media Release: 1QFY2023 Business Update
- 14 Feb 2023 General Announcement::Minutes of Annual General Meeting held on 31 January 2023
- 31 Jan 2023 REPL::Annual General Meeting::Voluntary
- 30 Jan 2023 Equity Listing – Ordinary Shares::Allotment and Issuance of Shares Pursuant to the Exercise of Warrants
- 27 Jan 2023 Warrant Exercise::Voluntary
- 26 Jan 2023 Disclosure of Interest/ Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)::Disclosure of Interest/ Changes in Interest
- 26 Jan 2023 Disclosure of Interest/ Changes in Interest of Substantial Shareholder(s)/ Unitholder(s)::Disclosure of Interest/ Changes in Interest
- 20 Jan 2023 Equity Listing – Ordinary Shares::Allotment and Issuance of Shares Pursuant to the Exercise of Warrants
- 17 Jan 2023 Equity Listing – Ordinary Shares::Allotment and Issuance of Shares Pursuant to the Exercise of Warrants
- 12 Jan 2023 Disclosure of Interest/ Changes in Interest of Director/ Chief Executive Officer::Disclosure of Interest/ Changes in Interest
- 12 Jan 2023 Equity Listing – Ordinary Shares::Allotment and Issuance of Shares Pursuant to the Exercise of Warrants
- 11 Jan 2023 General Announcement::Media Release: Marco Polo Marine secures partnerships in Korea
- 11 Jan 2023 Change – Change in Corporate Information::Incorporation of Indirect Wholly Owned Subsidiary
Investment Merits
- Attractive Valuation. Assets backed by hard assets, including cash and PPE. The Group owns a shipyard in Batam (occupying more than 34 ha of land area) and 14 OSVs, 2 MWVs and 10 tugboats and barges.
- Strong net cash position of S$50.2 million as of 31 Mar 2023.
- Turnaround efforts bear fruits as the Group turns EBITDA positive.
- Pivoting to renewables to increase utilization and boost profitability.
In The News
- Business Times: Brokers’ take: RHB raises Marco Polo Marine target on expectations of rising charter rates
- The Edge: Marco Polo Marine’s former executive chairman to purchase 121.8 mil shares in the company at 3.3 cents apiece
- Straits Times: Marco Polo Marine Q3 revenue up 140% on shipyard, ship chartering growth
- The Edge: RHB Contiune to ‘buy’ Marco Polo Marine as it ventures into renewable energy
- Business Times: Brokers’ take: RHB initiates ‘buy’ on Marco Polo Marine on forecast renewable energy turnaround
- The Edge: RHB initiates coverage of Marco Polo Marine with “buy” call and 4.1 cents target price
- The Edge: Marco Polo Marine to boost ship repair capacity by up to 20% with dry dock extension
- Business Times: Marco Polo Marine to acquire majority stake in PT BBR to strengthen foothold in Indonesia
- The Edge: Marco Polo Marine’s earnings triple to $5.95 million in 1HFY2021
Archive
2023
- 12 June 2023 – UOB Kay Hian: Encouraging Times Ahead
- 8 June 2023 – UOB Kay Hian: To Indonesia Via Singapore
- 29 May 23 – RHB: On Track For Growth; Reiterate BUY
- 16 May 23 – RHB: 20 Jewels 2023 Editon
2022
- 24 Mar 22- CIMB- Marco Polo Marine Ltd – Turned Profitable in 2021
- 25 Mar 22 – RHB: Heading towards a greener path; BUY
- 3 June 22 – RHB: Turnaround On Track; Keep BUY
- 30 August 22 – RHB: The Inflection Point Is Here; Stay BUY
- 7 December 22 – UOBKH: Company update; downgraded to HOLD
2021
- 21 May 21 – RHB Jewel: Oil & Gas Turnaround Play With Net Cash Balance Sheet
- 14 Jul 21- UOBKH: Maintain BUY with higher TP
- 31 Aug 21 – RHB: Turnaround in motion; Maintain BUY
- 09 Dec 21 – UOBKH: Green Shoots Appearing On Tighter Utilisation; Primed For Entry
- 29 Nov 21- RHB:Towards a Greener Future; Keep BUY
2020
Initiations
- 4 Jan 22 – SAC Capital Initiation: Tides turning in favor of Marco Polo; Initiate BUY
- 16 Jun 21- RHB Initiation: Turnaround On Renewable Energy; Initiate BUY
- 26 Aug 20 – UOBKH Initiation: Second Wind Temporarily Disrupted; Initiate BUY
Research
| Brokerages | Report | Analysts | Recommendation | TP |
|---|---|---|---|---|
| UOB Kay Hian | Download File | Heidi Mo John Cheong |
BUY | 0.060 |
| RHB | Download File | Alfie Yeo | BUY | 0.060 |
| UOB Kay Hian | Download File | Heidi Mo | HOLD | 0.048 |
| RHB Capital | Download File | Alfie Yeo | BUY | 0.060 |
| CGS CIMB | Download File | Izabella Tan | NON-RATED | |
| SAC Capital | Download File | Lim Shu Rong | BUY | 0.032 |
Stock Information
| Price | Market Cap (SGDm) | Free Float % |
|---|---|---|
| 0.0500 | 187.682 | 44.6% |
Key Financial Highlights
| Key Highlights | 2020 | 2021 | 2022 |
|---|---|---|---|
| Revenue (SGDM) | 30.8 | 46.1 | 86.1 |
| EBITDA | (1.9) | 10.0 | 24.2 |
| Net Profit (SGDM) | (9.2) | 14.8 | 22.0 |
| Adjusted Net Profit | (8.9) | 3.0 | 13.8 |
| Net D/E | -13.6% | -14.0% | -33.2% |
Your Pathway to Strategic Engagement and Growth
