Broker Name: CGS International
Date of Report: February 23, 2026
Excerpt from CGS International report.
Report Summary
- Marco Polo Marine (MPM) delivered strong 1QFY26 results, with 27% year-on-year revenue growth driven by new offshore wind vessels and higher fleet utilization.
- The company is receiving increased enquiries for technically complex newbuild vessels and could secure new orders worth around S\$130m in FY26.
- MPM is actively expanding its offshore wind exposure beyond Taiwan, targeting higher dayrates and longer-term contracts for new vessels, including potential deployment in Korea.
- The target price is maintained at S\$0.20 (18x FY27F P/E), with key catalysts being newbuild order wins, confirmed charters, and a possible IPO of its Taiwanese subsidiary.
- MPM demonstrates progress in ESG by adopting hybrid energy systems and green ship recycling, but needs to improve energy management as emissions and energy intensity rose with business expansion.
- Financial forecasts show robust growth in revenue, EBITDA, and net profit over the next three years, supported by new vessel additions and continued offshore wind sector opportunities.
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
