Broker: Maybank Research Pte Ltd
Date of Report: February 19, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Marco Polo Marine (MPM) reported strong 1Q26 results with revenue up 27% YoY to SGD32.8m and improved gross profit margin, driven by higher ship chartering revenue and better fleet utilisation.
- Utilisation rates rose to 76% in 1Q26 from 71% a year earlier, even as the fleet expanded. The company expects continued quarterly improvement through 3Q26, which is seasonally the strongest period.
- Shipbuilding is set to contribute more from 2H26 onwards, with potential for further earnings growth if new contracts are secured and shipyard capacity increases.
- MPM is benefitting from strong demand in both oil & gas and renewable energy sectors, particularly offshore windfarm projects in Taiwan.
- The company maintains a net cash position, with expectations of continued NPAT and dividend growth as it acquires more vessels and expands repair capacity.
- Maybank maintains a BUY rating with a target price of SGD0.20, believing MPM is entering a rapid growth phase through FY30E.
- Key risks include a global recession, oil price decline, or geopolitical conflict affecting charter operations.
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 website : www.maybank-keresearch.com
