Stock Name: Marco Polo
Company Name: MARCO POLO MARINE LTD.
AmFraser Research in a Feb 15 research report says: "Revenue up 21% q-o-q (+27% y-o-y) to $24.6 million. The shipyard revenue jumped 58% y-o-y to $18.8 million, with newbuilding for associate PT BBR now being partly recognized. Shipping revenue fell 23% to $5.8 million as the bulk of the tugs & barges fleet was reflagged Indonesian and sold to the associate.
"Gross profit down 18% q-o-q (+15% y-o-y). The current net gearing of 30%, in our opinion, is low for a small fast-growing company. PATMI of $4.4 million up 24% q-o-q (+9% y-o-y) due to the strong core operations in the shipyard and chartering divisions.
With numbers all in line, our fair value remains unchanged at 53 cents. MPM is trading at a forward P/E of 6.0x, where we find 8-12x to be more regular for this industry. Its P/B of 0.99x is 1.3 standard deviations below its mean of 1.76x. MAINTAIN BUY."
Company Name: MARCO POLO MARINE LTD.
| Research House: AmFraser | Price Call: BUY | Target Price: 0.53 |
AmFraser Research in a Feb 15 research report says: "Revenue up 21% q-o-q (+27% y-o-y) to $24.6 million. The shipyard revenue jumped 58% y-o-y to $18.8 million, with newbuilding for associate PT BBR now being partly recognized. Shipping revenue fell 23% to $5.8 million as the bulk of the tugs & barges fleet was reflagged Indonesian and sold to the associate.
"Gross profit down 18% q-o-q (+15% y-o-y). The current net gearing of 30%, in our opinion, is low for a small fast-growing company. PATMI of $4.4 million up 24% q-o-q (+9% y-o-y) due to the strong core operations in the shipyard and chartering divisions.
With numbers all in line, our fair value remains unchanged at 53 cents. MPM is trading at a forward P/E of 6.0x, where we find 8-12x to be more regular for this industry. Its P/B of 0.99x is 1.3 standard deviations below its mean of 1.76x. MAINTAIN BUY."
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