- We believe Marco Polo Marine (SGX:5LY)’s outlook is bright and maintain BUY our S$0.088 target price at just 8.5x FY24E P/E.
- Marco Polo Marine said its subsidiary, PKR Offshore, secured financing from Bank Sinopac for its first commissioning service operation vessel (CSOV) MP WindArcher – due to be operational by Oct 2024. This is the first financing secured by Marco Polo Marine for a new vessel since its restructuring and demonstrates access to bank financing which frees up cash flow and enables faster expansion.
- - Read this at SGinvestors.io -
Financing signals faster expansion potential
- - Read this at SGinvestors.io -
- Our channel checks lead us to expect financing of up to 70-80% of the vessel at an interest rate below 4% per annum. We expect Marco Polo Marine to secure longer-term contracts for other vessels types like special operation vessels (SOV) and another CSOV.
CTV framework – huge potential
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