In his Feb 19 report, Seet anticipates MPM to perform even better in the second and third quarters of FY2026. Despite increasing its fleet size, he notes that utilisation improved y-o-y from 71% to 76% in 1QFY2026, leading to revenue growth and stronger y-o-y gross profit margin of 14% from 10.6%. In addition, Seet also expects fleet utilisation will be even high q-o-q through 3Q before easing in 4Q before rising again in 1Q. Longer-term wise, he expects MPM’s next-gen commissioning service operation vessel, or CSOV Plus, to boost profitability around FY2028/2029.
Maybank Securities and RHB Bank Singapore remain confident in Marco Polo Marine (MPM) after it reported revenue grew 27% y-o-y to $32.8 million for 1QFY2026 ended Dec 31, 2025.
Believing MPM is entering a “rapid” growth phase from FY2026 to FY2030, Maybank analyst Jarick Seet is maintaining his “buy” rating at an unchanged target price of 20 cents, representing a 32% upside to the counter’s Feb 16 closing share price of 15.1 cents.
