Broker Name: Maybank Research Pte Ltd
Date of Report: October 24, 2025

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Maybank maintains a BUY rating on Marco Polo Marine (MPM), raising the target price to SGD0.11, citing strong fleet expansion, including new CSOV and AHTS vessels, and expected significant earnings uplift from FY27-30.
• MPM’s strategic moves, such as partnering with Salt Ship Design for a second CSOV and listing its subsidiary in Taiwan, position it well to benefit from rising demand in offshore wind and O&G sectors, with enhanced profitability, valuation, and access to funding.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website: https://www.maybank.com/investment-banking