Marco Polo Marine - UOB Kay Hian 2025-08-20: The Worst Is Over; CSOV Debut To Drive A Stronger FY26

• Marco Polo Marine’s 3QFY25 gross profit of S$14m (-4% y-o-y) brought 9MFY25 to 73% of our full-year forecast, in line with expectations. Looking ahead, its new vessels and dry dock are set to drive FY26 growth.

3QFY25 in line with expectations.

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• Gross profit came in at S$14m (-4% y-o-y), although gross margin improved to 44% (3QFY24: 42%) on a more favourable revenue mix with fewer low-margin recharters. This brought Marco Polo Marine's 9MFY25 revenue and gross profit to form 70% and 73% of our full-year forecasts respectively, in line with expectations.

Ship chartering: CSOV debut offsets soft rechartering.

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• OSV demand from both oil & gas and renewables remained stable, with charter rates trending slightly higher.

Shipyard: Lower shipbuilding, but repair activity strengthens.

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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/.

Previous report by UOB:
2025-05-13 Marco Polo Marine - 1HFY25 Earnings In Line; Poised For Growth In Offshore Wind Sector.

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 Dividend Payout Dates & Corporate Actions,
Marco Polo Marine News