Marco Polo Marine - RHB Invest 2024-02-19: Chartering Tailwinds Driving Growth; Keep BUY

• We remain positive on Marco Polo Marine (SGX:5LY) as it remains in a sweet spot to deploy and operate its first commissioning service operation vessel (CSOV) by end FY24F, in an environment where such vessels (used to build offshore windfarms) are in short supply.
• - Read this at SGinvestors.io -

1Q24 above expectation

• Marco Polo Marine announced 1Q24 revenue of S$29m (+23% y-o-y) and gross profit of S$12m, which represented gross profit margin of 39.9% (+2.1ppt).
• Revenue was driven by the ship chartering segment, which saw higher utilisation at 70% and better rates, including the increase in re-chartering of third-party vessels due to the buoyant demand for vessels in offshore oil and gas, and windfarms.
• - Read this at SGinvestors.io -

Buoyant outlook.

• Read more at SGinvestors.io.

Alfie Yeo RHB Securities Research | https://www.rhbgroup.com/ 2024-02-19 SGinvestors.io

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