Marco Polo Marine - UOB Kay Hian 2023-12-07: Strong FY23 Earnings Beat With Dividend Surprise & Positive Outlook

• Marco Polo Marine reported FY23 core earnings of S$25m (+83% y-o-y), a strong beat of more than 50% of our estimate due to favourable OSV charter rates. Marco Polo Marine also announced a dividend of 0.1 cents/share, its first since 2012.
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• We raised FY24 earnings forecast by 55%. Maintain BUY on Marco Polo Marine with a 10% higher target price of S$0.066.

Strong earnings beat on favourable charter rate & high utilisation rate; dividend came as a positive surprise.

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• On the other hand, Marco Polo Marine declared a dividend of 0.1 cents/share, supported by its strong net cash position, which increased by 21% y-o-y to S$61m (around 30% of market cap). This came as a positive as we did not expect any dividend and this is the first dividend payment since 2012. See Marco Polo Marine's dividend dates.

Robust revenue growth of both ship chartering and shipyard segments.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-12-02 Marco Polo Marine - FY25 Strong Finish; Positive Outlook For FY26.

Previous report by UOB:
2025-11-17 Marco Polo Marine - Game-changing Shipbuilding Contract Marks A New Growth Chapter; Raise Target Price By 57%.

Price targets by 2 other brokers at Marco Polo Marine Target Prices.

Listing of research reports at Marco Polo Marine Analyst Reports.

Relevant links:
Marco Polo Marine Share Price History,
Marco Polo Marine Announcements,
Marco Polo Marine Dividend Payout Dates & Corporate Actions,
Marco Polo Marine News