$MarcoPolo Marine (5LY.SG)$ Report from Lim & Tan. MPM is a ...

$MarcoPolo Marine (5LY.SG)$
Report from Lim & Tan.
MPM is a reputable regional integrated marine logistics company, announced that it will build, own and operate a new Commissioning Service Operation Vessel (CSOV) to meet the rising demand for support vessels required to service the booming off shore windfarm industry in Asia. When completed in 1Q2024, the vessel will also be the first CSOV to be designed in Asia. The Group will be funding the construction of the vessel with its existing resources and borrowings from financial institutions.
MPM is capitalized at $138 m and trades at 39x FY 22 PE and 1.1x price to book. While the prospects look very promising for MPM due to the strong prospects of the renewables and off shore wind farm vessel sector, they also note that on a year to date basis, MPM's share price is up a robust 45%, way above the Singapore market's 4-5% gain and its high valuations also likely reflects the strong prospects ahead.
May be fairly valued at this price.