- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Heidi Mo UOB Kay Hian Research | John Cheong UOB Kay Hian | https://research.uobkayhian.com/ 2023-12-07
Read also UOB's most recent report:
2024-04-11 Marco Polo Marine - Virtual Call Takeaways ~ Thriving On Upswing In Offshore Industry.
Previous report by UOB:
2024-03-22 Marco Polo Marine - Tailwinds From Favourable Charter Rates & Maiden Expansion Into Korea.
Price targets by 3 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 Dividends & Corporate Actions,
Marco Polo Marine News Articles
