- We believe Marco Polo Marine (SGX:5LY) is deeply undervalued. Using peer Atlantic Navigation’s recent vessel sales as a gauge of value, we estimate Marco Polo Marine’s fleet alone to be worth ~S$195m, close to its market cap, with net cash and this is excluding its yard.
Vessels alone worth S$195m, similar to market cap
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Repair volumes to resume by 1QFY25
- There were fewer 3rd-party repair works in 3QFY24 as one of its dry docks was occupied by its CSOV, construction of which has been delayed. This also caused a shortage of staff to work on 3rd-party repairs. As a result, this is likely to affect 2HFY24 profit.
- But we expect these issues to be resolved by end-FY24E in Sep’24, and in FY25E it should see a full ramp up of ship-repair volumes, especially with expansion of its 4th dry dock, which could see revenue rise 25% (with revenue recognition from 2HFY25E onwards).
CTV fleet – a new segment of growth
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Jarick Seet Maybank Research | https://www.maybank-ke.com.sg/ 2024-09-16
Previous report by Maybank:
2024-08-26 Marco Polo Marine - A Minor Bump.
Price targets by 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
