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Marco Polo 2QFY14 net profit slumped 68% to $3m, while revenue increased 52% to $32.5m, thanks to increased demand in the Ship Building and Repair Operations segment of the Group. Gross margins fell 15ppt to 27% due to an absence of one-off redelivery fee gained in 2QFY13. Bottomline was also weighed by reduced contributions from a 79.6% decrease in contributions by JVs and associates.
yea, i also dont understand why. Becos no BBs playing it, so how great fundamentals also boh use??
MP sucks!
Great fundamentals, but share price always range-bound.
Booooorrrreeeeeeeeeeng...
Sembcorp Marine's subsidiary PPL Shipyard has signed a turnkey jack-up rig contract worth US$214.3 million with Marco Polo Drilling (I) Pte. Ltd., an indirect wholly-owned subsidiary of Marco Polo Marine Ltd, as well as the grant of an option for two sequential units of similar jack-up rigs to be exercised at MPM's discretion. The transaction contemplated under the contract is subject to approvals from the shareholders of MPM
Price moving up.
Today MPM open at 38.5c, up 7% in a week.
Should reach 40 easy, then 45 to 50c. People start to realise the huge hidden value & growth potential.
slownsteady ( Date: 16-Dec-2013 07:49) Posted:
Friday, Dec 16 closing price is too cheap at 36.0c
Should hit 5-10% gains by end of the year (two weeks from now). |
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MPM has secured a 26-month contract for MP Prelude (with a 10-month extension option), a 13-month contract for MP Premier, and a 100-day contract for newly-acquired MP Prevail. The implied charter rates for these contracts at US$2.03-2.12/bhp/day are higher than previous rates of US$1.50/bhp/day, but within OSK DMG's expectations. House estimate these charters will yield > 45% net margins and > 64% asset ROEs, and provide good earnings visibility. MPM will be growing its AHTS fleet, capitalising on the strong returns available to Indonesian vessels in the cabotage-protected offshore space. Vessel prices have jumped 15% since the start of 2013, following a > 35% charter rate jump over the last 18 months. MPM?s stock trades at 6.0x FY14F P/E and 0.76x P/BV, undervaluing its strong growth potential and high-margin businesses. House believe the weaker tug and barge fleet returns and lower yard utilisation have already been priced in. Maintain BUY with $0.55 TP based on 9x FY14F P/E.
Friday, Dec 16 closing price is too cheap at 36.0c
Should hit 5-10% gains by end of the year (two weeks from now).
MPM posted FY13 PATMI of SGD22.3m, with core PATMI at SGD16.6m.
The big surprise was a 1.4-cent special dividend - a strong hint of management?s optimism on FY14. OSV charter income should surge as charter rates have been reset at c.USD2.00/bhp/day vs USD1.50/bhp/day before. Valuations are undemanding at a 6.2x FY14F P/E, 3.7% yield, and 0.8x P/BV based on 25% core profit growth.
Maintain BUY and SGD0.55 TP.
Charter rate up 30%! Revenue growth coming.
This counter is ready for huge revenue growth. If you pay attention to the details in the FR, on pg 14 you can see how the non-current assets in Indonesia market has grown over 5x within a year.
This is mostly the new fleet of offshore vessels, which has been reflagged to take advantage of the Cabotage laws in Indo. Marco has weathered through the tough part which is to build up the large fleet, with little revenue visibility. Chartering revenue is going to pick up now that this is completed, and there'll be great exposure when the revenue shoots up.
The results just too good for so many consecutive quarters and years. Wonder why still cannot attract more investors to push up the price.
Octavia ( Date: 27-Nov-2013 09:44) Posted:
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Marco Polo Marine: Record Net Profit Of S$25.2 Million Achieved For FY2013 On The Back Of 9th Consecutive Year Of Record Revenue And Gross Profit.
Revenue upped by 4.1% to S$93.5 million in FY2013 from S$89.8 million in FY2012 with gross profit increased by 19.2% to S$34.8 million in FY2013 from S$29.2 million in FY2012. Laudable performance attributed mainly to the Group's ship chartering business, particularly from the offshore operations. EPS enhanced by 4.8% to 6.56 Singapore cents in FY2013 from 6.26 Singapore cents in FY2012 while NAV per share hiked by 15.5% to 47.8 Singapore cents as at 30 September 2013 from 41.4 Singapore cents as at 30 September 2012. Special interim dividend of 1.4 Singapore cents per share being declared... |
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Marco Polo Marine: Record Net Profit Of S$25.2 Million Achieved For FY2013 On The Back Of 9th Consecutive Year Of Record Revenue And Gross Profit.
Revenue upped by 4.1% to S$93.5 million in FY2013 from S$89.8 million in FY2012 with gross profit increased by 19.2% to S$34.8 million in FY2013 from S$29.2 million in FY2012. Laudable performance attributed mainly to the Group's ship chartering business, particularly from the offshore operations. EPS enhanced by 4.8% to 6.56 Singapore cents in FY2013 from 6.26 Singapore cents in FY2012 while NAV per share hiked by 15.5% to 47.8 Singapore cents as at 30 September 2013 from 41.4 Singapore cents as at 30 September 2012. Special interim dividend of 1.4 Singapore cents per share being declared...
awakening?
Generally a well-run firm with a young CEO. Price is soft because of macro uncertainties in Indonesia. Given time, I think this firm will perform. My personal target price is above 50c.
Haiz...bro..still a long wait for me. Bought at 0.44...dun think it will reach that point any sooner :(
johnng ( Date: 11-Sep-2013 11:23) Posted:
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marco polo picking up with marine stocks...!! |
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marco polo picking up with marine stocks...!!
Marco Polo Marine reported that its net profit halved in the fiscal third quarter to S$4.3 million from S$8.9 million, even as its revenue doubled.
Revenue grew to S$28.6 million from S$14.4 million on the back of higher demand for its ship chartering operations, the company said on Monday.
Finance costs increased about five-fold to S$1.6 million in the quarter, brought about mainly by a subsidiary's interest expense in connection with its vessel loans, said the company.
In the nine months to June 30, net profit gained 4 per cent to S$18.1 million. Revenue fell 7 per cent to S$65.1 million.
...recent low $0.365 (13 June)......strong support @ $0.370 ... strong resistant @ $0.400.......$0.380 look attractive ....
Finally picked up some mp today at 38...a long wait after reading ak71 posting on assi blog...he is a very successful investor and he purchase in
[email protected] keen.to join us??
By Low Pei Han
Thu, 6 Jun 2013, 09:22:20 SGT
After BBR’s listing on the Indonesia Stock Exchange early this year, Marco Polo Marine (MPM) has been increasingly branding itself as an entity for investors to gain exposure to Indonesia’s growing offshore sector. Demand for larger sized AHTS vessels in Indonesia is expected to increase, benefitting owners such as MPM. Meanwhile, the ship repair business has seen a slow-down, which management thinks is seasonal. The ship chartering business, on the other hand, provides a steady base load of earnings. The long-term future of MPM looks bright, but time would be needed for significant earnings growth and a re-rating of the stock. We last rated MPM a HOLD with a fair value estimate of S$0.51. Due to a re-allocation of internal resources, we are ceasing coverage on this counter.
Banking on offshore Indonesia
After BBR’s listing on the Indonesia Stock Exchange early this year, Marco Polo Marine (MPM) has been increasingly branding itself as an entity for investors to gain exposure to Indonesia’s growing offshore sector. Indonesia currently has only a handful of AHTS vessels that are of at least 8,000 BHP, but there are expectation of more tenders of oil plots in certain parts of offshore Indonesia such as Sulawesi where the waters are rougher and where the demand for such larger vessels is likely to be higher.
Slow down in ship yard business, but hopes for new orders
In the last quarter, there was no shipbuilding revenue as revenue from BBR could not be recognized (eliminated from accounting consolidation) since BBR became a subsidiary. There was also no third-party work, which has been the case for some time. However, management expressed the possibility of securing external OSV orders in the coming quarter. Ship repair also saw a slow-down, which management thinks is seasonal.
Ship chartering provides a base load
Management is still upbeat on the outlook for the ship chartering business its entire fleet of offshore support vessels continues to see high utilisation rates. Looking ahead, the offshore division is expected to be one of the major drivers of growth going forward, as the group plans to increase its OSV fleet over time, either by its internal building operations or via purchases from external parties.
Ceasing coverage
The long-term future of MPM looks bright, but time would likely be needed for significant earnings growth and a re-rating of the stock. We last rated MPM a HOLD with a fair value estimate of S$0.51. Due to a re-allocation of internal resources, we are ceasing coverage on this counter.
...Last Done: $0.395...
...last done: $0.400 ... back to Jan price.... recent hi: $0.44, 0.45.... kiv...
