- We visited Marco Polo Marine’s newly constructed US$60m CSOV (commissioning service operation vessel) and came away impressed with the vessel which can accommodate up to 110pax. This ship will sail to Taiwan at end-Feb and start operations for Vestas in the first week of March.
Lower third party chartering + CSOV costs to hit 1HFY25
- - Read this at SGinvestors.io -
- As the CSOV will only commence operations in the first week of March and might potentially have some issues or downtime, the full contribution will only come from 3QFY25E onwards but upfront costs for the crew, sea-trials etc. will come in 2QFY25E. As a result, we expect profitability to be muted for 1HFY25E despite being aided by contributions from its CTVs (crew transfer vessels) but profitability should only grow significantly in 2HFY25E.
Maintenance & repairs picking up steadily
- - Read this at SGinvestors.io -
Maintain BUY with a lower target price of S$0.07
- 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.maybanktrade.com.sg/ 2025-02-19
Previous report by Maybank:
2024-12-03 Marco Polo Marine - Exciting Times 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
