Broker Name and Date of Report

CGS International, March 18, 2026

Excerpt from CGS International report

Report Summary

• Marco Polo Marine (MPM) secured a 15-year emergency services charter contract in Taiwan worth S\$118 million, providing long-term revenue visibility and high vessel utilisation.
• The charter rate surpassed expectations, but limited upside impact is seen on FY26F-28F net profit due to profit sharing; CGS International reiterates an ‘Add’ rating with re-rating catalysts ahead, including new vessel contracts, subsidiary listing, and further fleet utilisation improvements.

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