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MarcoPolo Marine
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Marco Polo - IPO
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JurongW
Elite |
03-Jun-2026 00:26
Yells: "Earnings give weight, Chart give wings" |
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Marco polo is close to the next support at 16.5. If it breaks, then not a good sign.
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stlimst
Master |
02-Jun-2026 22:46
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Looks like you have unlimited funds to keep accumulating. This one has been dipping for a few days.
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HuatAh7898
Elite |
02-Jun-2026 20:29
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continue accumulate and buy on the dips Dydd
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GreenSprout
Member |
02-Jun-2026 09:16
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It is better to buy Marco Polo or Fuji Offset?
Buy both? Or, wait for Fuji Offset to drop before buying? |
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Nippon72
Veteran |
02-Jun-2026 07:45
Yells: "Dude, is ALWAYS Time in the market than Timing the market! " |
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5LY is a slow brew stock, won?t give us the adrenaline rush like Dow or Nasdaq. Looking to average up over next 2-3 years slowly.
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HuatAh7898
Elite |
02-Jun-2026 06:07
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continue accumulate on dips dydd |
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JurongW
Elite |
31-May-2026 18:00
Yells: "Earnings give weight, Chart give wings" |
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HuatAh7898
Elite |
31-May-2026 17:45
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buy accumulate on the dips Dydd |
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Joelton
Supreme |
30-May-2026 13:43
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Marco Polo Marine unlocks value with RTO, new business segment on the cards On May 15, in addition to announcing a stronger y-o-y set of results for 1HFY2026, Mainboard-listed Marco Polo Marine (MPM) also announced a significant transaction that could shape its future direction. The transaction is a reverse takeover (RTO) of its shipyard business &mdash comprising Marco Polo Shipyard and MP Marine &mdash by Catalist-board Fuji Offset Plates Manufacturing (FOPM). For context, FOPM is founded and controlled by the Teo family, who are also substantial shareholders in MPM via Apricot Capital. It is also noteworthy that Lim Ah Cheng (or AC Lim, as he is known in the offshore and marine circles), the former executive chairman of Dyna-Mac Holdings, announced plans in May 2025 to acquire a 16.7% stake in FPOM by buying new shares at 45 cents each. The involvement of Lim, who is credited with turning around the fortunes of Dyna-Mac, suggests business expansion for MPM into engineering, procurement, construction and commissioning of topside modules for offshore assets. Winning deal that unlocks value &ldquo AC Lim is also part of Fuji Offset, so there&rsquo s a lot of talk to see how to bring this company to the next level,&rdquo says MPM CEO Sean Lee at MPM&rsquo s 1HFY2026 results briefing on May 18. &ldquo His involvement will be more on fabrication he has the leads, the contacts.&rdquo Since the announcement of the transaction, multiple analysts have said the deal is a win for MPM shareholders, as it unlocks value. The transaction will see MPM divesting its shipyard business to FOPM at 70.1 cents per FOPM share on May 15. The total value of the transaction ranges from $120 to $139 million, depending on whether Marco Polo Shipyard and MP Marine achieve specific adjusted NPAT thresholds to trigger a $19 million earn-out. Upon completion of the deal, MPM is expected to hold a controlling interest of approximately 74.1% to 76.8% in FOPM. FOPM will also seek to change its name to MPSE. In his May 15 report, Jarrick Seet of Maybank Securities is optimistic that the transaction will help propel growth in the shipyard business by providing a separately listed platform for funding. He believes that the valuation represents a substantial premium to the shipyard business&rsquo s book value within MPM. Similarly, despite initial earnings dilution from the transaction, CGS International&rsquo s Meghana Kande and Lim Siew Khee see strategic upside from capital-market optionality, which could translate into stronger earnings growth for FY2027 to FY2028. &ldquo Over time, this [deal] could position the group to scale its shipyard operations beyond balance sheet constraints, which we view as the primary strategic rationale of the deal,&rdquo note Kande and Lim in their May 16 report.&rdquo Given the tight bank financing environment for offshore players since the last industry downcycle, we think this deal crystallises the value behind MPM&rsquo s assets.&rdquo Another positive view of the transaction comes from the May 18 report by Heido Mo and John Cheong from UOB Kay Hian (UOBKH). To them, the deal is a &ldquo transformational value-unlock&rdquo as separating the shipyard from the parent eliminates intra-group revenue eliminations, enabling the market to price the shipyard business on its standalone earnings. &ldquo The shipyard currently generates ebit margins of around 18% with a multi-year ORV [offshore research vessel] anchor,&rdquo note Mo and Cheong. &ldquo This [deal] also unlocks value that has been obscured within MPM&rsquo s conglomerate structure.&rdquo Regarding the potential impact of the ORV, Lee notes that the company is gaining significant traction with the Taiwanese government, which could lead to more orders. Strong margins back-stop business For 1HFY2026 ended March 31, MPM reported a 40% y-o-y increase in revenue to $74 million with a gross profit margin of 42%, representing a one percentage point improvement y-o-y. Excluding foreign exchange gains/losses and disposal of property, plant and equipment, adjusted NPAT is $13.8 million or 44% higher than the previous corresponding period. Lee is optimistic about his company&rsquo s prospects, with the offshore oil and gas industry continuing to project a favourable outlook, with prolonged underinvestment during previous market downturns leading to under-replacement of global ageing fleets. Offshore wind is another sector which will propel the company&rsquo s growth, says Lee. &ldquo Offshore wind is only 35% of revenue currently,&rdquo he remarks. &ldquo It&rsquo s going to be more moving forward and increase to around 50% in terms of revenue contribution for growth.&rdquo Earnings per share are expected to increase between FY2027 and FY2030, supported by fleet expansion, projects Maybank&rsquo s Seet. Setting a higher target price of 24 cents per share for the counter, up from 20 cents, Seet values the company at 24 times the forecast FY2026 P/E, maintaining his &ldquo buy&rdquo rating. Maintaining their &ldquo add&rdquo call, Kande and Lim raise their FY2027&ndash FY2028 forecasted net profit on more back-ended newbuild recognition and stronger repairs. Correspondingly, they increase their target price to 21 cents from 20 cents on a higher 19 times FY2027 forecast P/E, which represents a 50% premium to 12 times that of peers. Mo and Cheong note MPM&rsquo s stronger balance sheet with net cash quintupling h-o-h to $46.9 million, which enabled MPM to start construction of an advanced commissioning service operation vessel (CSOV+). Increasing their target price from 19 cents to 23 cents, they maintain their &ldquo buy&rdquo rating with a valuation of 25 times FY2026 P/E, which is one standard deviation above the mean.They add that the potential listing of Taiwanese subsidiary PKRO and the completion of the RTO may bring about &ldquo higher intrinsic value&rdquo . Shares in Marco Polo Marine closed at 18 cents on May 26, down 0.1 cent of 0.6%. |
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ozone2002
Supreme |
29-May-2026 12:04
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RHB Research Marco Polo Marine (MPM SP) (KeepBUY with higher SGD0.21 TP from SGD0.18) - More Positive On Shipyard Monetisation We continue to be positive on Marco Polo Marine due to its accelerating growth outlook and injection of its shipyard business to Fuji Offset (FUJI SP, NR). 1HFY26 (Sep) revenue and earnings have shown healthy organic growth. We project 22% FY25-28F earnings CAGR backed by higher fleet size and shipyard capacity. MPM trades at a PEG of < 1 at c.15x FY27F P/E. |
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Tracer63
Elite |
26-May-2026 11:24
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Buy 180 - 181. Addval Tech may rotate out to Marco later
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chiachiawee
Elite |
26-May-2026 11:01
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Sell this one buy addvalue better. Both at 18c range but addvalue rocket launching faster. | ||||
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PQTPQK
Supreme |
25-May-2026 19:12
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Hope will break the 0.20 tomorrow...
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Winall88
Member |
25-May-2026 17:33
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The best is yet to be.. stay tune | ||||
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PQTPQK
Supreme |
25-May-2026 16:58
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wow 0.18 now..
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PQTPQK
Supreme |
25-May-2026 11:09
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hope will test 0.20 again soon .... | ||||
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PQTPQK
Supreme |
22-May-2026 14:11
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seem strong today ..
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chinoo2k
Member |
21-May-2026 15:15
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Flushing is completing soon. Get ready for the cheong... |
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PQTPQK
Supreme |
21-May-2026 13:32
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should break up 0.20 ... soon ...?
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Stocky901
Supreme |
19-May-2026 12:11
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Force selling for those chased all the way to above 190 ?🧐 | ||||
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