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The New MPSE
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GreenSprout
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29-May-2026 12:57
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Lim Ah Cheng (or AC Lim, as he is known in the offshore and marine circles), the former executive chairman of Dyna-Mac Holdings, announced plans in May 2025 to acquire a 16.7% stake in FPOM by buying new shares at 45 cents each.
?AC Lim is also part of Fuji Offset, so there?s a lot of talk to see how to bring this company to the next level,? says MPM CEO Sean Lee. ...His involvement will be more on fabrication he has the leads, the contacts.? Will Fuji Offset (MPSE) become as successful as Dyna-Mac? The Edge Singapore Marco Polo Marine unlocks value with RTO, new business segment on the cards Marco Polo Marine unlocks value with RTO, new business segment on the cards The involvement of AC Lim suggests business expansion for MPM into EPCC of topside modules for offshore assets could be on the cards. On May 15, in addition to announcing a stronger y-o-y set of results for 1HFY2026, Mainboard-listed Marco Polo Marine (MPM) also announced a significant transaction that could shape its future direction. The transaction is a reverse takeover (RTO) of its shipyard business ? comprising Marco Polo Shipyard and MP Marine ? by Catalist-board Fuji Offset Plates Manufacturing (FOPM). For context, FOPM is founded and controlled by the Teo family, who are also substantial shareholders in MPM via Apricot Capital. It is also noteworthy that Lim Ah Cheng (or AC Lim, as he is known in the offshore and marine circles), the former executive chairman of Dyna-Mac Holdings, announced plans in May 2025 to acquire a 16.7% stake in FPOM by buying new shares at 45 cents each. The involvement of Lim, who is credited with turning around the fortunes of Dyna-Mac, suggests business expansion for MPM into engineering, procurement, construction and commissioning of topside modules for offshore assets. Winning deal that unlocks value ?AC Lim is also part of Fuji Offset, so there?s a lot of talk to see how to bring this company to the next level,? says MPM CEO Sean Lee at MPM?s 1HFY2026 results briefing on May 18. ?His involvement will be more on fabrication he has the leads, the contacts.?His involvement will be more on fabrication he has the leads, the contacts.? Since the announcement of the transaction, multiple analysts have said the deal is a win for MPM shareholders, as it unlocks value. The transaction will see MPM divesting its shipyard business to FOPM at 70.1 cents per FOPM share on May 15. The total value of the transaction ranges from $120 to $139 million, depending on whether Marco Polo Shipyard and MP Marine achieve specific adjusted NPAT thresholds to trigger a $19 million earn-out. Upon completion of the deal, MPM is expected to hold a controlling interest of approximately 74.1% to 76.8% in FOPM. FOPM will also seek to change its name to MPSE. In his May 15 report, Jarrick Seet of Maybank Securities is optimistic that the transaction will help propel growth in the shipyard business by providing a separately listed platform for funding. He believes that the valuation represents a substantial premium to the shipyard business?s book value within MPM. Similarly, despite initial earnings dilution from the transaction, CGS International?s Meghana Kande and Lim Siew Khee see strategic upside from capital-market optionality, which could translate into stronger earnings growth for FY2027 to FY2028. ?Over time, this [deal] could position the group to scale its shipyard operations beyond balance sheet constraints, which we view as the primary strategic rationale of the deal,? note Kande and Lim in their May 16 report.?Given the tight bank financing environment for offshore players since the last industry downcycle, we think this deal crystallises the value behind MPM?s assets.? Another positive view of the transaction comes from the May 18 report by Heido Mo and John Cheong from UOB Kay Hian (UOBKH). To them, the deal is a ?transformational value-unlock? as separating the shipyard from the parent eliminates intra-group revenue eliminations, enabling the market to price the shipyard business on its standalone earnings. ?The shipyard currently generates ebit margins of around 18% with a multi-year ORV [offshore research vessel] anchor,? note Mo and Cheong. ?This [deal] also unlocks value that has been obscured within MPM?s conglomerate structure.? Regarding the potential impact of the ORV, Lee notes that the company is gaining significant traction with the Taiwanese government, which could lead to more orders. For 1HFY2026 ended March 31, MPM reported a 40% y-o-y increase in revenue to $74 million with a gross profit margin of 42%, representing a one percentage point improvement y-o-y. Excluding foreign exchange gains/losses and disposal of property, plant and equipment, adjusted NPAT is $13.8 million or 44% higher than the previous corresponding period. Lee is optimistic about his company?s prospects, with the offshore oil and gas industry continuing to project a favourable outlook, with prolonged underinvestment during previous market downturns leading to under-replacement of global ageing fleets. Offshore wind is another sector which will propel the company?s growth, says Lee. ?Offshore wind is only 35% of revenue currently,? he remarks. ?It?s going to be more moving forward and increase to around 50% in terms of revenue contribution for growth.? Earnings per share are expected to increase between FY2027 and FY2030, supported by fleet expansion, projects Maybank?s Seet. Setting a higher target price of 24 cents per share for the counter, up from 20 cents, Seet values the company at 24 times the forecast FY2026 P/E, maintaining his ?buy? rating. Maintaining their ?add? call, Kande and Lim raise their FY2027?FY2028 forecasted net profit on more back-ended newbuild recognition and stronger repairs. Correspondingly, they increase their target price to 21 cents from 20 cents on a higher 19 times FY2027 forecast P/E, which represents a 50% premium to 12 times that of peers. Mo and Cheong note MPM?s stronger balance sheet with net cash quintupling h-o-h to $46.9 million, which enabled MPM to start construction of an advanced commissioning service operation vessel (CSOV+). Increasing their target price from 19 cents to 23 cents, they maintain their ?buy? rating with a valuation of 25 times FY2026 P/E, which is one standard deviation above the mean.They add that the potential listing of Taiwanese subsidiary PKRO and the completion of the RTO may bring about ?higher intrinsic value?. |
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GreenSprout
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19-May-2026 12:17
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Current Catalyst
1) Lim Ah Cheng, former executive chairman of Dyna-Mac Holdings, is a shareholder 2) " 'substantial' portion of the yard' s revenue" will be visible Will the share price take out 98.5c? |
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GreenSprout
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19-May-2026 11:21
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Marco Polo Marine to spin off shipyards via $139 mil RTO deal with Fuji Offset Plates Manufacturing
Marco Polo Marine plans to spin off its shipyard business via an RTO of Fuji Offset Plates Manufacturing in a deal worth up to $139 million. The Teo family, who controls Apricot Capital, is a significant shareholder of Marco Polo Marine. The family founded and controls FOPM as well. Last May, Lim Ah Cheng, former executive chairman of Dyna-Mac Holdings, announced plans to take a 16.7% stake in FPOM by buying new shares at 45 cents each. The Teo family remains controlling shareholders. Under Lim, Dyna-Mac, which builds parts for rigs, turned around and for a brief couple of years, was a hot small cap stock riding on the recovery of the offshore and marine sector, before it was acquired by Korea' s Hanwha. Under terms of the deal, FPOM will issue new shares at 70.1 cents per share, giving Marco Polo Marine a controlling stake of 74.1%. Currently, besides its Indonesia-based yards, Marco Polo Marine runs a growing chartering business with a focus on the Taiwan offshore market. The company is already aiming for a separate listing of its Taiwan-based business. Marco Polo Marine explains that by creating a separately listed entity for its yards, it can set up a " transparent platform" for future growth. The company points out that a " substantial" portion of the yard' s revenue is from intragroup projects&mdash such as its fleet renewal and expansion into offshore wind support, which is eliminated upon consolidation. " Post-transaction, all revenue will be fully reportable, providing investors with clear visibility into the shipyard' s earnings capacity and its strategic role in the offshore wind sector," the company says. " Furthermore, the spin-off will establish an independent capital-raising platform for the shipyard business, enabling it to fund future growth and expansion based on its own market capitalisation without diluting Marco Polo Marine' s shareholders," the company adds. Sean Lee, executive director and CEO of Marco Polo Marine, calls this deal, which is subjected to shareholders' approval at an EGM to be called, " a pivotal milestone" for the company. " With the ongoing expansion of our offshore wind operations and our active fleet renewal programme, the shipyard is well positioned for robust, sustained growth," he says. |
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ysh2006
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15-May-2026 13:01
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Any suggestion the would be share price of new company ? |
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GreenSprout
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15-May-2026 12:24
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* Reverse takeover agreed for Catalist-listed Fuji Offset Plates Manufacturing to acquire Marco Polo Marine shipyard units Marco Polo Shipyard and MP Marine for up to SGD 139 million.
* Price set at SGD 120 million upfront, with earn-out of up to SGD 19 million tied to adjusted NPAT targets for fiscal years ending Sep. 30, 2026 and 2027. * Consideration to be paid entirely in new Fuji shares priced at SGD 0.7 each Marco Polo Marine expected to hold about 74.1% of enlarged share capital, rising to about 76.8% if maximum deferred shares are issued. * Target companies may declare up to SGD 10 million of dividends to Marco Polo Marine before completion. * Fuji plans to rename to MPSE upon completion, creating separately listed platform for shipyard operations including Batam-based PT Marcopolo Shipyard. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Marco Polo Marine Ltd. published the original content used to generate this news brief via Singapore Exchange Limited (SGX) (Ref. ID: ADTO1U28PK75MB8M) on May 14, 2026, and is solely responsible for the information contained therein. |
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GreenSprout
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15-May-2026 10:31
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A new beginning .... |
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