Broker Name: CGS International
Date of Report: March 18, 2026
Excerpt from CGS International report.
- Report Summary:
- Marco Polo Marine (MPM) secured a 15-year charter contract worth S\$118m with Taiwan’s Marine Port Bureau, providing emergency towing and salvage services for offshore wind farm areas.
- The contract’s implied charter rate is above expectations, giving MPM long-term revenue visibility, though profit upside is limited due to profit sharing with its 49%-owned subsidiary PKRO.
- MPM is rated “Add” with a target price of S\$0.20, supported by potential catalysts such as newbuild orders, listing of its Taiwan subsidiary, and continued fleet expansion.
- Peers comparison shows MPM outperforming in net profit growth and return on equity; financial forecasts indicate strong revenue and profit growth from FY26 to FY28.
- Key risks include possible delays in new contract revenue recognition and lower-than-expected fleet or yard utilisation.
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
