Marco Polo Marine - Maybank Research 2026-02-19: Positive 1QFY26; 2Q-3Q26 Should Be Even Better

• Maintain BUY with Marco Polo Marine's target price of S$0.20, as we believe Marco Polo Marine (SGX:5LY) is entering a rapid growth phase from FY26E to FY30E.

Back to seasonal quarterly uptrend to 3Q26E.

• - Read this at SGinvestors.io -
• We expect 2QFY26E to be better than 1QFY26 and 3QFY26E to be better than 2QFY26E.
• The shipbuilding side will also contribute more significantly in 2HFY26E.

Higher utilisation rates for chartering.

• - Read this at SGinvestors.io -
• We expect utilisation to improve q-o-q through 3QFY26E as 3Q is seasonally the strongest quarter before easing in 4Q and picking up again in 1Q. The company is also in the midst of advancing development of its next-generation commissioning service operation vessel (CSOV) Plus, which will likely provide a boost to profitability in FY28/29E.

Validation by reputable peer veteran.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2026-01-25 Marco Polo Marine - Validation By Industry Veteran.

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