$MarcoPolo Marine (5LY.SG)$ UOB KH maintain buy on MPM with ...

UOB KH maintain buy on MPM with target price lowered to S$0.061 from S$0.086 on lower earnings and valuation peg.

MPM's 3QFY24 performance was below their expectations, posting lower revenue and marginal growth in gross profit. The impact of lower ship repair volumes was partially offset by higher yoy ship chartering revenue. They expect a soft 4QFY24 as ship repair volumes have yet to recover.

Its CSOV delivery has also been delayed by four months and is expected to contribute from 2QFY25 together with its new dry dock.