Although this company is heading for SESDAQ, at least the prospectus provides financial performance for the first half of 2007. Revenue for 2006 is $15.9m and net profit is $5.4m. (Net margin is 34%). Revenue for 1H 07 is 200% better than 1H 06 and the first half revenue has exceeded the entire 2006 revenue. Net profit for 1H07 is also 264% better than 1H06, showing an improvement in net margin. Assuming 1H07 is a strong indication for 2007, the net profit for 2007 will likely hit between $12.2 to $15.2m. Based on the post-IPO share cap of 267.75m shares, the EPS for 2007 will likely be between 4.5 cents to 5.7 cents. Assume a PER of 10x, the fair value will be 45 cents to 57 cents and that represents a significant upside of > 60% from the IPO price.

Marco Polo is primarily in the ship chartering and shipyard business. The company currently has 23 vessels for its ship chartering business. The shipyard business is located in Batam, Indonesia and it has 11 vessels under construction. The shipyard is in the process of expanding and is expected to be one of the larger shipyard in Batam when the expansion is completed.

Public - 3.8m shares at $0.28

Placement - 49.75m shares