Marco Polo Marine - UOB Kay Hian 2024-05-28: 1HFY24 Earnings In Line, Charting A Path To Growth

Marco Polo Marine - 1HFY24 Earnings In Line, Charting A Path To Growth

Published:
Marco Polo Marine (SGX:5LY) | SGinvestors.ioMarco Polo Marine (SGX:5LY)
  • Marco Polo Marine registered 10% y-o-y and 31% y-o-y growth in 1HFY24 revenue and core PATMI respectively, both making up roughly 40% of our full-year estimates. This is in line with our expectations, given the monsoon season.
  • - Read this at SGinvestors.io -
  • Marco Polo Marine continues to benefit from strong demand from the Taiwan offshore wind and O&G markets.

1HFY24 results in line with expectations.

  • Marco Polo Marine (SGX:5LY) reported 1HFY24 revenue of S$62m (+10% y-o-y) and 1HFY24 core PATMI of S$11.1m (+30.6% y-o-y), both making up around 40% of our forecasts. This is in line with expectations as 1H typically registers a weaker performance due to the monsoon season.
  • - Read this at SGinvestors.io -

Ship chartering continues to drive growth, soaring 34.3% y-o-y to S$32.9m in 1HFY24.

  • The segment was boosted by higher average charter rates for its OSV fleet, fuelled by increased demand for OSVs from both the offshore O&G and renewables sectors.
  • Its third-party OSVs were also rechartered at higher rates for short-term offshore projects. This was offset by the dip in average vessel utilisation rate, from 66% in 1HFY23 to 60% in 1HFY24.

Despite revenue dip, shipyard segment expected to stabilise.

  • 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/ 2024-05-28



Previous report by UOB:
2024-04-11 Marco Polo Marine - Virtual Call Takeaways ~ Thriving On Upswing In Offshore Industry.

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





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