- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
Ship chartering remains robust as charter rates still high.
- 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/ 2024-08-29
Read also UOB's most recent report:
2024-12-06 Marco Polo Marine - FY24 Earnings Beat; Bright Prospects Ahead.
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
