Stock Name: Marco Polo
Company Name: MARCO POLO MARINE LTD.
AmFraser Research in an Apr 24 research report says: "MPM just entered into a JV with Marine Tankers Holdings Pte Ltd (MTH) to own and operate two double-hulled bunkering vessels in Singapore waters. "The vessels will be delivered in July 2012, meaning that income contribution should begin soon. While the hard numbers are currently unavailable, we like the big-picture dynamics—growing demand, shrinking supply. "MPM is very attractively priced at 6.2x forward P/E, and its forward P/B of 0.9x is unjustified given that we are expecting a 25% ROE this year. Its shipyard just opened its third and largest drydock, now currently contributing to the bottom line, and its offshore division is also growing rapidly. Fair value of 53 cents. MAINTAIN BUY."
Company Name: MARCO POLO MARINE LTD.
| Research House: AmFraser | Price Call: BUY | Target Price: 0.53 |
AmFraser Research in an Apr 24 research report says: "MPM just entered into a JV with Marine Tankers Holdings Pte Ltd (MTH) to own and operate two double-hulled bunkering vessels in Singapore waters. "The vessels will be delivered in July 2012, meaning that income contribution should begin soon. While the hard numbers are currently unavailable, we like the big-picture dynamics—growing demand, shrinking supply. "MPM is very attractively priced at 6.2x forward P/E, and its forward P/B of 0.9x is unjustified given that we are expecting a 25% ROE this year. Its shipyard just opened its third and largest drydock, now currently contributing to the bottom line, and its offshore division is also growing rapidly. Fair value of 53 cents. MAINTAIN BUY."
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