MarcoPolo Marine    Last:0.043   -

Marco Polo - IPO

This counter is ready for huge revenue growth. If you pay attention to the details in the FR, on pg 14 you can see how the non-current assets in Indonesia market has grown over 5x within a year.

This is mostly the new fleet of offshore vessels, which has been reflagged to take advantage of the Cabotage laws in Indo. Marco has weathered through the tough part which is to build up the large fleet, with little revenue visibility. Chartering revenue is going to pick up now that this is completed, and there'll be great exposure when the revenue shoots up.

 

The results just too good for so many consecutive quarters and years. Wonder why still cannot attract more investors to push up the price. 

Octavia      ( Date: 27-Nov-2013 09:44) Posted: Marco Polo Marine: Record Net Profit Of S$25.2 Million Achieved For FY2013 On The Back Of 9th Consecutive Year Of Record Revenue And Gross Profit. Revenue upped by 4.1% to S$93.5 million in FY2013 from S$89.8 million in FY2012 with gross profit increased by 19.2% to S$34.8 million in FY2013 from S$29.2 million in FY2012. Laudable performance attributed mainly to the Group's ship chartering business, particularly from the offshore operations. EPS enhanced by 4.8% to 6.56 Singapore cents in FY2013 from 6.26 Singapore cents in FY2012 while NAV per share hiked by 15.5% to 47.8 Singapore cents as at 30 September 2013 from 41.4 Singapore cents as at 30 September 2012. Special interim dividend of 1.4 Singapore cents per share being declared...

 

Marco Polo Marine: Record Net Profit Of S$25.2 Million Achieved For FY2013 On The Back Of 9th Consecutive Year Of Record Revenue And Gross Profit.

Revenue upped by 4.1% to S$93.5 million in FY2013 from S$89.8 million in FY2012 with gross profit increased by 19.2% to S$34.8 million in FY2013 from S$29.2 million in FY2012. Laudable performance attributed mainly to the Group's ship chartering business, particularly from the offshore operations. EPS enhanced by 4.8% to 6.56 Singapore cents in FY2013 from 6.26 Singapore cents in FY2012 while NAV per share hiked by 15.5% to 47.8 Singapore cents as at 30 September 2013 from 41.4 Singapore cents as at 30 September 2012. Special interim dividend of 1.4 Singapore cents per share being declared...

 

awakening? 

 

Generally a well-run firm with a young CEO. Price is soft because of macro uncertainties in Indonesia. Given time, I think this firm will perform. My personal target price is above 50c.

 

Haiz...bro..still a long wait for me. Bought at 0.44...dun think it will reach that point any sooner :( 

johnng      ( Date: 11-Sep-2013 11:23) Posted: marco polo picking up with marine stocks...!!

 

marco polo picking up with marine stocks...!!

 

 

...recent low $0.365 (13 June)...

...strong support @ $0.370 ... strong resistant @ $0.400....

...$0.380 look attractive .... 

 

Finally picked up some mp today at 38...a long wait after reading ak71 posting on assi blog...he is a very successful investor and he purchase in june.@37.5....anyone keen.to join us??

 

By Low Pei Han 
Thu, 6 Jun 2013, 09:22:20 SGT

After BBR’s listing on the Indonesia Stock Exchange early this year, Marco Polo Marine (MPM) has been increasingly branding itself as an entity for investors to gain exposure to Indonesia’s growing offshore sector. Demand for larger sized AHTS vessels in Indonesia is expected to increase, benefitting owners such as MPM. Meanwhile, the ship repair business has seen a slow-down, which management thinks is seasonal. The ship chartering business, on the other hand, provides a steady base load of earnings. The long-term future of MPM looks bright, but time would be needed for significant earnings growth and a re-rating of the stock. We last rated MPM a HOLD with a fair value estimate of S$0.51. Due to a re-allocation of internal resources, we are ceasing coverage on this counter.

Banking on offshore Indonesia
After BBR’s listing on the Indonesia Stock Exchange early this year, Marco Polo Marine (MPM) has been increasingly branding itself as an entity for investors to gain exposure to Indonesia’s growing offshore sector. Indonesia currently has only a handful of AHTS vessels that are of at least 8,000 BHP, but there are expectation of more tenders of oil plots in certain parts of offshore Indonesia such as Sulawesi where the waters are rougher and where the demand for such larger vessels is likely to be higher.

Slow down in ship yard business, but hopes for new orders
In the last quarter, there was no shipbuilding revenue as revenue from BBR could not be recognized (eliminated from accounting consolidation) since BBR became a subsidiary. There was also no third-party work, which has been the case for some time. However, management expressed the possibility of securing external OSV orders in the coming quarter. Ship repair also saw a slow-down, which management thinks is seasonal. 

Ship chartering provides a base load
Management is still upbeat on the outlook for the ship chartering business its entire fleet of offshore support vessels continues to see high utilisation rates. Looking ahead, the offshore division is expected to be one of the major drivers of growth going forward, as the group plans to increase its OSV fleet over time, either by its internal building operations or via purchases from external parties.

Ceasing coverage
The long-term future of MPM looks bright, but time would likely be needed for significant earnings growth and a re-rating of the stock. We last rated MPM a HOLD with a fair value estimate of S$0.51. Due to a re-allocation of internal resources, we are  ceasing coverage  on this counter. 

...Last Done: $0.395...

 

...last done: $0.400 ... back to Jan price.... recent hi: $0.44, 0.45.... kiv...

 

Thanks for update. Taking it with a pinch of salt. 

paul1688      ( Date: 15-May-2013 17:16) Posted: From OSK DMG Marco Polo Marine: Better Charter Rates In Store (BUY, SGD0.43, and TP: SGD0.61) MPM’s 2QFY13 results were slightly weaker than expected as poor weather dampened the tug & barge operations while volumes at the drydocks declined. We see much stronger core performance in FY14F as its expanding fleet of Indonesian offshore support vessels (OSVs) will enjoy a 30% revision when their charters expire. Surprisingly low drydock volume, protracted monsoon period in 2Q. While the drydocks still posted a 75% utilization rate, the actual repair work per vessel was uncharacteristically lower than average. This resulted in the company’s quarterly revenue coming in at a mere SGD4.8m versus SGD8m-SGD9m typically. The unusually long monsoon season also negatively affected its tug & barge operations. Trimming FY13F core earnings by 13% adjusting historical numbers for comparability. We are paring down our FY13F core earnings estimate by 13% as we had been a tad too optimistic on subsidiary PT Bina Buana Raya’s (BBR)’s current-year contributions. Notwithstanding this cut, we still see BBR growing at 40%-60% pa. for the next three years. We are also adjusting MPM’s historical numbers as it no longer recognizes revenue on vessels built for and sold to BBR, preventing an apple-to-apple comparison. The adjustments still overstate its FY12 earnings as its breakdown for third-party revenue is unavailable. 30% charter revisions in 1QFY14F. The charter rates for BBR’s OSVs should see a 30% increase to match Indonesia’s levels when their charters expire in 4QFY13. Also, MPM expects the four AHTS vessels it is due to deliver to BBR in FY14F enjoy Indonesia’s strong rates and contribute to the 29% core earnings jump in FY14F. Strong core earnings growth, low valuations. In view of the robust operating environment in Indonesia, we are forecasting a 20%/29% core earnings growth for FY13F/14F. We like MPM for its: i) exposure to cabotage-protected Indonesia, ii) high margin businesses, iii) strong earnings growth, and iv) low 7.1x/5.5x FY13F/14F EPS and 0.88x/0.77x FY13F/14F BV on 15% ROE. Our SGD0.61 TP is based on a 9x blended FY13F/FY14F EPS.

 

From OSK DMG

Marco Polo Marine: Better Charter Rates In Store (BUY, SGD0.43, and TP: SGD0.61)

MPM’s 2QFY13 results were slightly weaker than expected as poor weather dampened the tug & barge operations while volumes at the drydocks declined. We see much stronger core performance in FY14F as its expanding fleet of Indonesian offshore support vessels (OSVs) will enjoy a 30% revision when their charters expire.

Surprisingly low drydock volume, protracted monsoon period in 2Q. While the drydocks still posted a 75% utilization rate, the actual repair work per vessel was uncharacteristically lower than average. This resulted in the company’s quarterly revenue coming in at a mere SGD4.8m versus SGD8m-SGD9m typically. The unusually long monsoon season also negatively affected its tug & barge operations.

Trimming FY13F core earnings by 13% adjusting historical numbers for comparability. We are paring down our FY13F core earnings estimate by 13% as we had been a tad too optimistic on subsidiary PT Bina Buana Raya’s (BBR)’s current-year contributions. Notwithstanding this cut, we still see BBR growing at 40%-60% pa. for the next three years. We are also adjusting MPM’s historical numbers as it no longer recognizes revenue on vessels built for and sold to BBR, preventing an apple-to-apple comparison. The adjustments still overstate its FY12 earnings as its breakdown for third-party revenue is unavailable.

30% charter revisions in 1QFY14F. The charter rates for BBR’s OSVs should see a 30% increase to match Indonesia’s levels when their charters expire in 4QFY13. Also, MPM expects the four AHTS vessels it is due to deliver to BBR in FY14F enjoy Indonesia’s strong rates and contribute to the 29% core earnings jump in FY14F.

Strong core earnings growth, low valuations. In view of the robust operating environment in Indonesia, we are forecasting a 20%/29% core earnings growth for FY13F/14F. We like MPM for its: i) exposure to cabotage-protected Indonesia, ii) high margin businesses, iii) strong earnings growth, and iv) low 7.1x/5.5x FY13F/14F EPS and 0.88x/0.77x FY13F/14F BV on 15% ROE. Our SGD0.61 TP is based on a 9x blended FY13F/FY14F EPS.

 

Marco Polo Marine: Waiting for offshore division to grow

_{By Low Pei Han
Fri, 10 May 2013, 16:43:59 SGT}

Marco Polo Marine (MPM) reported a 31% YoY fall in revenue to S$21.3m but a 121% rise in net profit to S$9.3m in 2QFY13, such that 1HFY13 net profit accounted for 58% of our full year estimate. Excluding an exceptional gain of S$5.7m, core net profit was about S$3.7m, slightly below our expectations. There was a slowdown in ship repair, and there were no external newbuild orders. However, management expressed the possibility of securing external OSV orders in the coming quarter. Meanwhile, the group is still upbeat on the OSV segment. YTD, MPM’s stock price is up about 11% vs the STI’s 8% gain. We tweak our estimates to account for the lower-than-expected performance by the ship repair division, and as such our fair value estimate drops from S$0.56 to S$0.51. As there is now a less than 30% upside potential for the stock (market cap less than S$150m), we downgrade MPM to HOLD.

Soft 2QFY13 results
Marco Polo Marine (MPM) reported a 31% YoY fall in revenue to S$21.3m but a 121% rise in net profit to S$9.3m in 2QFY13, such that 1HFY13 net profit accounted for 58% of our full year estimate. Excluding an exceptional gain of S$5.7m, core net profit was about S$3.7m, slightly below our expectations. The lower revenue was mainly due to lower contributions from the shipbuilding and repair segment at S$4.8m (-51% QoQ, -82% YoY). Ship chartering revenue (S$16.5m) grew 200% QoQ and 237% YoY, mainly because of BBR, which is now consolidated in MPM’s financials. Gross margin was 42% in 2QFY13, compared to 27% in 2QFY12 and 39% in 1QFY13.

Slow down in ship repair
There was no shipbuilding revenue in the last quarter as revenue from BBR could not be recognized (eliminated from accounting consolidation) since BBR became a subsidiary. There was also no third-party work. However, management expressed the possibility of securing external OSV orders in the coming quarter. Ship repair also saw a slow-down, which management thinks is seasonal.

Supported by ship chartering operations
The group is still upbeat on the outlook for the ship chartering business currently its entire fleet of offshore vessels is on charter. As mentioned in our earlier reports, we expect the offshore division to be one of the major drivers of growth going forward. Management plans to grow the number of OSVs under BBR from three now to five by the end of this year, and add four more in 2014.

Downgrade to HOLD
YTD, MPM’s stock price is up about 11% vs the STI’s 8% gain. We tweak our estimates to account for the lower-than-expected performance by the ship repair division, and as such our fair value estimate drops from S$0.56 to S$0.51. As there is now a less than 30% upside potential for the stock (market cap less than S$150m), we downgrade MPM to HOLD.

 

Looks like you guys are right, there is a lack of buying interest in this stock. Fundamentals are good, and OCBC has a buy call for $0.56. Lets hope more coverage means more interest!

 

The stock didn't move today cos the good news is negated by the bad news. The bad news is the ship building and repair got no business last quarter. According to management the slowdown is seasonal and there is a possibility of an OSV order in the next quarter.
The good news is the ship chartering service grew more than 200% on a YOY basis. This will be the driver of the company with 2 new OSV adding to the existing 3 by end of this year. And there will be 4 more new OSV by end of 2014. MPM has been holding well in the O&M industry despite the bad patch in the 1QY13.

 

Lets see whether the stock price will propel of die down after a few days. MPM seriously have to attract more buying interest for a boost in stock price. 

lzt197208      ( Date: 09-May-2013 21:54) Posted: Marco Polo Marine’s net profit soared by nearly 80.0% to  S$15.4 million while its recurring profit grew by 8.4% to S$11.1  million for the first half financial year ended 31 March 2013

 

 

Hopefully loh. From past experience MPM always never benefit in terms of stock price even with positive earnings. Hoping the new  subsidiary BBR would contribute to the Q2 results and translate to better stock price. 

serialain      ( Date: 09-May-2013 11:45) Posted: Q2 results should be releasing after market closes today or very soon. Hope for a good report as a catalyst for this stock!