$MarcoPolo Marine (5LY.SG)$ Maybank Kim Eng maintain buy and...
Maybank Kim Eng maintain buy and tp of SGD0.09, based on 11.2x FY24E P/E.
MPM's recent share price weakness (-20% since Apr 2024) does not appear to be related to its fundamentals. In fact, the outlook for MPM has improved as chartering rates continue to rise. Its first CTV was delivered to South Korea this week and is already in operation.
They still expect the CSOV for Taiwan to come on stream in Oct'24, with no delays and that and that utilisation across its fleet will remain high. This would make up for the drop in repairs and maintenance revenue from its yard, which is now recovering.
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bullrider_21OP : Marco Polo's resurgence from near-bankrupty just 4-5 years ago is attributed to its vessel chartering business serving the oil & gas industry and, notably, the offshore windfarms in Taiwan.
Charter rates have never been this good in many years due to an industry shortage of vessels (owing to lack of an appetite by banks to finance newbuilds) while demand is rising.
Julie 88 : Can buy?
bullrider_21OP Julie 88: Already risen from 0.056, but I think still can buy.
Julie 88 : What price can enter?
bullrider_21OP Julie 88: Maybe 0.063.
Julie 88 : Okay tks
bullrider_21OP Julie 88: eg.