Marco Polo Marine - UOB Kay Hian 2024-08-29: 3QFY24 Temporary Setback From CSOV Delay; Await Recovery In FY25

• We expect a soft 4QFY24 for Marco Polo Marine as ship repair volumes have yet to recover. Its CSOV delivery has also been delayed by four months and is expected to contribute from 2QFY25 together with its new dry dock.

Results below expectations.

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• 3QFY24 gross profit margin rose 3.1ppt y-o-y to 41.8%, on higher average charter rates despite lower utilisation rates of its offshore support vessels (OSVs).

Shipyard revenue falls; expect recovery from FY25.

• The 5% y-o-y decline in revenue stemmed from lower shipyard revenue, as ship repair volumes and third-party shipbuilding activities fell with only two out of its three docks available for use. The third dock was occupied for its commissioning service operation vessel (CSOV) construction, the remaining of which will be shifted to and completed on the slipway from end-Aug 24.
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Ship chartering remains robust as charter rates still high.

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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