MarcoPolo Marine    Last:0.043    -0.001

Marco Polo - IPO

Strong Growing Integrated Marine Logistic Operations

Boosted 9M FY2010 Net Profit By 98% to $16.3 Million

¨ 9M FY2010 revenue rose 24% to $49.5 million with broad based growth

¨

    profit of $10.1 millionNet profit of $16.3 million in 9M FY2010 exceeded FY2009 full year net

 

when there isnt any news for this counter.. the price went up..  but got good news it down.. hahaha crazy man..??       2 Aug news from SGX "MARCO POLO MARINE SECURES CONTRACTS TO BUILD FOUR UNITS OF BARGES TOTALLING ABOUT S$8.9 MILLION FOR AN INDONESIA ENTITY."

 

anyone have any insight on this stock? Only got this report on it. Seems to be slowly moving up but very slowly...

Lower FY10F EPS by 10% on extended reflagging downtime. Following our recent update with management, we cut our FY10F net profit forecast by 10% due to extended reflagging downtime. We understand that vessels cannot be deployed during the reflagging process, and with the whole process taking 3-4 months, this will impact utilisation rate. However, we view this as a short term setback and remain bullish on the stock. MPM is an exciting play on the enforcement of the Indonesian cabotage ruling. Key re-rating catalysts are: (1) strong news flow on contract wins and expansion into oil and gas chartering; (2) positive earnings momentum from expanded fleet of vessels; (3) improving balance sheet and gearing position. Maintain BUY with target price of S$0.69.

More sale-and-leaseback (S&L) to facilitate reflagging process. MPM entered into another S&L arrangement for eight vessels on 29 Mar 2010 for a total value of S$8.8m. The S&L is necessary to facilitate its reflagging process. Based on our estimates, the S&L will lower its net gearing from 0.45x to 0.34x but raise its annual charter-in cost by S$1.5m. The enforcement of the cabotage ruling has opened up a window of opportunity for MPM to establish itself as a leading transhipment player in Indonesia. We believe there is more S&L in the pipeline to accelerate the reflagging process. MPM currently operates 83 tugs and barges; 24 under S&L, 24 under the JV with Glencore International, and the balance 35 directly owned by MPM.

New contract wins reaffirmed our positive view on MPM. YTD, MPM secured two new transhipment contracts for an Indonesian coal owner valued at US$10m (17 months) and US$20m (4 years). We estimate revenue from both contracts to hit S$17m pa. The contract wins reaffirmed our view that MPM are well positioned to gain from the cabotage ruling and strong transhipment demand.

Maintain TP at S$0.69, implying 12x FY10 P/E vs. 8x for small/mid-cap ship charterers. We believe the premium is justified by management’s ability to deliver growth. MPM enjoyed 58% EPS CAGR over FY04-09, and we believe earnings momentum will continue with 48% EPS CAGR over FY10-11F on bigger fleet of vessels, and backed by more transhipment contracts. Key risk to our forecast is inability to reflag vessels and maintain high utilisation rate.

 

Ship Charting and Building Business.

A small company.

Financial looks good. Stable revenue and profits.

What I dislike is that they never gives dividend.

Price is cheap.

Good to own, but not to trade.

E-war      ( Date: 27-May-2010 13:00) Posted: Some analysts like it. Any comments?

 

i like it personally and the results so far has been gd. and it is now trading at near 1 yr ago price i think... worth a shoot?

 

Some analysts like it. Any comments?

 

the sold down vol has been quite low so far compared to when it was above 40cts... should be about time to accumulate?

 

ammo in at 0.44

 

Yalah thot this counter is good why no movement??

 

any investor out there got any comment at this counter?

 

 

By ANGELA TAN

 

SINGAPORE - Marco Polo Marine Ltd's subsidiary, Marco Polo Shipping Co Pte Ltd, has entered into several agreements to sell eight more Singapore-flagged tugs and barges on a sale-and-leaseback arrangement with a related party for about $8.8 million (US$6.3 million) in cash.

 

Following the sale, the vessels will be leased back to MP Shipping as Indonesian-flagged vessels.

The company said the move allows it to lower its gearing and improve cash flow.

It said the arrangement also allows the group to operate Indonesian-flagged vessels freely in Indonesian waters. The group can support customers' logistic requirements in Indonesia and seek business opportunities there as well as enjoy operational cost benefits accorded to such vessels which ply Indonesian waters.

 

Stay above 200 ma and 20 ma liao... lai liao !!

 

This one is a gem but I had sold it too earlier. Understood that some veterans had joined to build up this company. Hope that I will have a chance to buy back.

 

24Nov09 Marco Polo Marine Ltd on Tuesday reported a 94 per cent year-on-year jump in its fourth quarter
net profit for to S$1.83 million.Revenue, however, slipped 9 per cent to S$14.64 million as a result of
lower ship building revenue despite higher revenues generated from ship chartering and ship repair operations

 

cumming......

 

patience.....dumping ending soon, marco polo will be sailing north to uncharted territories unless support broken which is unlikely

 

wow....dumping at 37cts ?!?!? even though placement at 37.5cts !??!?! make ANY sense har ? :D

 

err...seems to be near it's placement price of 37.5cts...worth accumulating?? :P

 

cheong down a little only mah..Accumulating maybe?

 

wah! other stocks cheong up...this burger cheong DOWN ??!?!? :P interesting...last report as follow seems not too bad leh...wondering WHY? :P

 

http://www.remisiers.org/research//Marco%20Polo%20Marine%20init%20report%200.51%20CIMB.pdf