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paul1688
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15-May-2013 17:16
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From OSK DMG Marco Polo Marine: Better Charter Rates In Store (BUY, SGD0.43, and TP: SGD0.61) MPM’s 2QFY13 results were slightly weaker than expected as poor weather dampened the tug & barge operations while volumes at the drydocks declined. We see much stronger core performance in FY14F as its expanding fleet of Indonesian offshore support vessels (OSVs) will enjoy a 30% revision when their charters expire. Surprisingly low drydock volume, protracted monsoon period in 2Q. While the drydocks still posted a 75% utilization rate, the actual repair work per vessel was uncharacteristically lower than average. This resulted in the company’s quarterly revenue coming in at a mere SGD4.8m versus SGD8m-SGD9m typically. The unusually long monsoon season also negatively affected its tug & barge operations. Trimming FY13F core earnings by 13% adjusting historical numbers for comparability. We are paring down our FY13F core earnings estimate by 13% as we had been a tad too optimistic on subsidiary PT Bina Buana Raya’s (BBR)’s current-year contributions. Notwithstanding this cut, we still see BBR growing at 40%-60% pa. for the next three years. We are also adjusting MPM’s historical numbers as it no longer recognizes revenue on vessels built for and sold to BBR, preventing an apple-to-apple comparison. The adjustments still overstate its FY12 earnings as its breakdown for third-party revenue is unavailable. 30% charter revisions in 1QFY14F. The charter rates for BBR’s OSVs should see a 30% increase to match Indonesia’s levels when their charters expire in 4QFY13. Also, MPM expects the four AHTS vessels it is due to deliver to BBR in FY14F enjoy Indonesia’s strong rates and contribute to the 29% core earnings jump in FY14F. Strong core earnings growth, low valuations. In view of the robust operating environment in Indonesia, we are forecasting a 20%/29% core earnings growth for FY13F/14F. We like MPM for its: i) exposure to cabotage-protected Indonesia, ii) high margin businesses, iii) strong earnings growth, and iv) low 7.1x/5.5x FY13F/14F EPS and 0.88x/0.77x FY13F/14F BV on 15% ROE. Our SGD0.61 TP is based on a 9x blended FY13F/FY14F EPS. |
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guoyanyunyan
Supreme |
13-May-2013 09:56
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Marco Polo Marine: Waiting for offshore division to grow By Low Pei Han Fri, 10 May 2013, 16:43:59 SGT Marco Polo Marine (MPM) reported a 31% YoY fall in revenue to S$21.3m but a 121% rise in net profit to S$9.3m in 2QFY13, such that 1HFY13 net profit accounted for 58% of our full year estimate. Excluding an exceptional gain of S$5.7m, core net profit was about S$3.7m, slightly below our expectations. There was a slowdown in ship repair, and there were no external newbuild orders. However, management expressed the possibility of securing external OSV orders in the coming quarter. Meanwhile, the group is still upbeat on the OSV segment. YTD, MPM’s stock price is up about 11% vs the STI’s 8% gain. We tweak our estimates to account for the lower-than-expected performance by the ship repair division, and as such our fair value estimate drops from S$0.56 to S$0.51. As there is now a less than 30% upside potential for the stock (market cap less than S$150m), we downgrade MPM to HOLD. Soft 2QFY13 results |
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serialain
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13-May-2013 09:28
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Looks like you guys are right, there is a lack of buying interest in this stock. Fundamentals are good, and OCBC has a buy call for $0.56. Lets hope more coverage means more interest! | ||||
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shareflux
Senior |
10-May-2013 22:29
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The stock didn't move today cos the good news is negated by the bad news. The bad news is the ship building and repair got no business last quarter. According to management the slowdown is seasonal and there is a possibility of an OSV order in the next quarter.
The good news is the ship chartering service grew more than 200% on a YOY basis. This will be the driver of the company with 2 new OSV adding to the existing 3 by end of this year. And there will be 4 more new OSV by end of 2014. MPM has been holding well in the O&M industry despite the bad patch in the 1QY13. |
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james87
Master |
10-May-2013 10:59
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Lets see whether the stock price will propel of die down after a few days. MPM seriously have to attract more buying interest for a boost in stock price.
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lzt197208
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09-May-2013 21:54
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Marco Polo Marine’s net profit soared by nearly 80.0% to S$15.4 million while its recurring profit grew by 8.4% to S$11.1 million for the first half financial year ended 31 March 2013
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james87
Master |
09-May-2013 11:59
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Hopefully loh. From past experience MPM always never benefit in terms of stock price even with positive earnings. Hoping the new subsidiary BBR would contribute to the Q2 results and translate to better stock price.
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serialain
Member |
09-May-2013 11:45
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Q2 results should be releasing after market closes today or very soon. Hope for a good report as a catalyst for this stock! | ||||
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shareflux
Senior |
10-Apr-2013 23:51
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The cabotage law has been enforced since 1 January 2013. Just wonder how much effect it has on the bottom line of Marco Polo Marine? Anyone has information on MPM subsidiary BBR? 1QY13 earning?
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ah.wei
Member |
31-Mar-2013 18:06
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just waiting i bgt few lots and still waiting for the right time... maybe is after result release the can see some uptrend as they will really benefits from the subsidiary BBR under cabotage law. |
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shareflux
Senior |
31-Mar-2013 14:32
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MPM Chairman had indeed been buying consistently and his latest buy is on 14/3, 500 lots at 43cts. The stock may not have big movement but it had quietly formed a higher low last week. if this week break above 44cts, uptrend will continue. MPM economic moat is its indonesian flagged support vessels that are serving the lucrative Indon oil industry. Since 1 Jan 2013, Indon govt had only allowed under its cabotage law, Indon flagged SV to operate in its water. MPM through its subsidiary BBR is in a sweet spot. Other than the above securities firms like Phillips, OCBC are major shareholders in MPM. Their holdings and other major shareholders can be see in the latest MPM annual report. |
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nummus
Member |
28-Feb-2013 00:36
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Strange that nobody mentioned this... Mr. Lee Wan Tang, Chairman of Marco Polo Marine, purchased 1,000,000 shares at a price of 42c per share on 19 February 2013. And he has been doing that consistently for the past year, upping his interest in the company by ~ 9,000 lots. See more at: http://thefinance.sg/2013/02/20/marco-polo-marine-insider-buying-continues/ Persistent insider buying = good news for share holders :) Am vested with a few lots. |
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tjon44
Member |
25-Feb-2013 16:48
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0.50 when????? No volume for very long time liao. |
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james87
Master |
25-Feb-2013 16:01
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Come 50 cents.... | ||||
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james87
Master |
23-Feb-2013 12:13
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Thanks for the info.
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Octavia
Supreme |
23-Feb-2013 11:44
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Marco Polo Marine: Generating Growth Through Offshore Oil & Gas Exposure And Publicly-Listed Indonesian Subsidiary
Read more:http://www.sharesinv.com/articles/2013/02/22/marco-polo-marine-generating-growth-through-offshore-oil-gas-exposure-and-publicly-listed-indonesian-subsidiary/
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james87
Master |
17-Jan-2013 16:20
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haiz...I think ultimately people now go for short term punting instead of looking at FA. This counter is going back to where it is ...no interested buyers = no price jump | ||||
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ah.wei
Member |
12-Jan-2013 22:19
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http://sgx.i3investor.com/servlets/ptres/3650.jsp Technical capabilities top in class. MPM's shipyard has delivered AHTS vessels with sustained bollard pulls averaging 15% in excess of the norm. Impressively, it recently outfitted a DP-3 vessel - a milestone usually reserved for established large yards. For a small company, this level of technical competence is remarkable. We like small companies with superior capabilities - these tend to appreciate strongly over the long term. |
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steadylar
Veteran |
12-Jan-2013 00:35
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James, to me ASL Marine is also undervalued like Marco Polo. At today's ASL closing price 72ct, PE 9.4X, NAV 88cts,.......looks good, got potential to rise further. Target price: OCBC: 82ct / DBS: 90c, citing more room to grow / CIMB: 85c. (All 3 TPs were issued recently: Nov, Dec and Jan 2013.) Think u shd hold ASL, no point switching to ezra or swiber. Shipping stocks seem to be in the limelight this year, all the best to u! |
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steadylar
Veteran |
11-Jan-2013 13:17
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Laggards in shipping, offshore marine/gas seem to be in focus since Nov, but personally i'm weary of swiber and ezra, bcos do u know they hv very high net gearing? 135% and 110% respectively! (according to UOBKH report this month). ASL with 52.9% gearing looks tame compared to the 2 above. Howevr, you may decide to switch boat, from an underperforming stk to one that is rallying now. How we play depends on each individual's strategy, conviction and risk appetite.
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