Stock Name: Marco Polo
Company Name: MARCO POLO MARINE LTD.
Maybank-Kim Eng Researc in a Mar 9 research report says: "We raise our FY Sep12F-14F estimates for Marco Polo Marine (MPM) by 10-13% to factor in new contributions from the group’s recently completed third dry dock.
"Despite being a seasonally weak period, 1QFY Sep12 has turned in earnings that achieved 21% of our revised full-year forecasts. MPM successfully clinched a ship outfitting contract worth $22.5 million in January. We forecast an 18% increase in FY Sep12 EPS given that about 80% of its orderbook will be recognized during this financial year.
"With the completion last year of its acquisition of a 49% stake in associate company PT Pelayaran Nasional Bina Buana Raya (BBR) and the accompanying reflagging exercise, management’s next goal is to make BBR financially selfsustaining through a listing on the Jakarta Stock Exchange. Target price raised to 48 cents, still based on 8x FY Sep12F PER. UPGRADE TO BUY."
Company Name: MARCO POLO MARINE LTD.
| Research House: Kim Eng | Price Call: BUY | Target Price: 0.48 |
Maybank-Kim Eng Researc in a Mar 9 research report says: "We raise our FY Sep12F-14F estimates for Marco Polo Marine (MPM) by 10-13% to factor in new contributions from the group’s recently completed third dry dock.
"Despite being a seasonally weak period, 1QFY Sep12 has turned in earnings that achieved 21% of our revised full-year forecasts. MPM successfully clinched a ship outfitting contract worth $22.5 million in January. We forecast an 18% increase in FY Sep12 EPS given that about 80% of its orderbook will be recognized during this financial year.
"With the completion last year of its acquisition of a 49% stake in associate company PT Pelayaran Nasional Bina Buana Raya (BBR) and the accompanying reflagging exercise, management’s next goal is to make BBR financially selfsustaining through a listing on the Jakarta Stock Exchange. Target price raised to 48 cents, still based on 8x FY Sep12F PER. UPGRADE TO BUY."
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