Broker: CGS International
Date of Report: February 23, 2026
Excerpt from CGS International report.
Report Summary
- Marco Polo Marine reported strong 1QFY9/26 results, with revenue up 27% year-on-year, mainly due to new offshore wind vessels and increased ship repair activity.
- Management is seeing rising enquiries for complex newbuild vessels and is likely to secure at least one major contract (~S\$130m) in FY26F.
- The company is expanding its offshore wind presence beyond Taiwan, targeting long-term, higher dayrate charters for its CSOV Plus vessel, possibly in Korea.
- Key catalysts include larger-than-expected newbuild orders, confirmation of CSOV Plus charters, and the potential IPO of its Taiwanese subsidiary.
- Marco Polo Marine is making progress on ESG, with hybrid energy systems for vessels and green ship recycling, but faces challenges in managing emissions as its fleet and yard activity grow.
- The broker maintains an “Add” rating with a target price of S\$0.20, citing strong earnings growth and upside from new contracts and higher utilisation.
- Risks include delays in revenue recognition and lower-than-expected utilisation rates.
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
