Broker Name: CGS International
Date of Report: December 1, 2025
Excerpt from CGS International report.
Report Summary
- Marco Polo Marine delivered strong execution in FY25, with core net profit ahead of expectations due to higher gross margins and tighter operational expense control. Revenue was in line with forecasts.
- Growth is expected in FY26 and beyond, driven by full-year contributions from new vessels and drydock facilities, along with major newbuild projects that provide clear earnings visibility into FY28. The company is forecasted to achieve a 23% net profit CAGR over FY25-28.
- Key catalysts for share price re-rating include new charter contracts, the IPO of its Taiwan subsidiary, and delivery of new vessels. Risks include potential lower fleet or yard utilisation and delays in offshore wind projects.
- ESG progress includes adoption of hybrid energy systems, green ship recycling, and increasing focus on offshore wind operations, though rising emissions and energy intensity highlight areas for improvement.
- CGS International maintains an “Add” rating and target price of S\$0.14, reflecting a premium for Marco Polo Marine’s strong long-term earnings visibility and robust operational execution.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com/en/home.html
