Broker: Maybank Research Pte Ltd
Date of Report: April 9, 2026
Excerpt from Maybank Research Pte Ltd report:
Report Summary
- Stock: Marco Polo Marine (MPM SP)
- Action: BUY
- 12m Target Price: SGD 0.20 (38% upside from current price of SGD 0.145)
- Key Idea: Marco Polo Marine (MPM) is positioned as a key beneficiary of the structural shift towards energy diversification, with a first-mover advantage in the offshore windfarm vessel space in Asia. The company stands to gain from the rapid growth in offshore wind projects in countries like Taiwan, South Korea, Vietnam, and Japan from 2026 to 2030.
- Highlights:
- MPM’s growth is expected to accelerate due to increasing demand for offshore windfarm vessels. This is likely to drive up charter rates and utilization, supporting higher margins and profitability.
- Fleet expansion and potential new shipbuilding contracts are expected to enhance earnings per share and support a rapid growth phase from FY26E to FY30E.
- Strong net cash position, robust revenue and profit growth expected, and increasing dividends as profitability rises.
- Implications:
- Investors should consider MPM as a proxy for energy diversification in Asia, with significant upside potential backed by structural energy transition trends.
- Maintain BUY with a target price of SGD 0.20, as the company is entering a period of rapid growth and margin improvement due to sector tailwinds and its competitive positioning.
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 Research website : https://www.maybank.com/investment-banking
