Marco Polo’s expansion into the booming offshore wind farm sector has also helped the company to establish its presence in Taiwan, greatly contributing to its improved financial performance with about 40% of 5 of its 13 offshore support vessels (OSVs) chartered out for the market, the analysts add.
Analysts at UOB Kay Hian have downgraded Marco Polo Marine to “hold” with a higher target price of 4.8 cents from 3.8 cents previously on improving charter rates, better utilisation rate and expanded shipyard capacity.
In its Dec 7 report, the analysts note that Marco Polo’s business has stayed resilient amid the uncertain macro environment. In its 2HFY22 ended September, Marco Polo reported a 196% y-o-y jump in core ebitda to $18.1 million, mainly driven by the rise in revenue in the ship chartering operations segment in the same period.
