Marco Polo Marine

Re: Marco Polo Marine

Postby kennynah » Tue Mar 30, 2010 1:30 am

none converted into gambling ships?
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Re: Marco Polo Marine

Postby millionairemind » Wed May 12, 2010 8:09 am

Published May 12, 2010

Marco Polo Q2 net more than doubles

Gain from disposal of vessels helped profit rise to $7.44m


By VINCENT WEE

INTEGRATED shipping company Marco Polo Marine saw second-quarter net profit more than double to $7.44 million from $3.2 million a year ago, helped by the gain from disposal of vessels as part of a sale-and-leaseback arrangement.

The three months ended March 31 saw a two per cent year-on-year rise in turnover to $15.5 million but gross profit dipped 3 per cent because of lower margins.

The gain from the disposal of vessels resulted in a rise in 'other operating income' to $2.1 million from $416,000.

For the first half-year ended March 31, net profit nearly trebled to $12.2 million from $4.47 million in H1FY09 as turnover rose 14 per cent to $27.5 million. The rise in earnings was also mainly due to $6.0 million in 'other operating income', of which $5.7 million came from gain on disposal of vessels as part of the sale-and-leaseback programme.

Earnings per share increased from 1.56 cents to 4.00 cents.

The increase in revenue was mainly from ship chartering operations, but this was offset partially by lower ship building and repair revenue from shipyard operations.

Ship chartering revenue rose 57.3 per cent to $17.3 million from $11.0 million in H1FY09 primarily as a result of increased operating fleet size from 45 vessels as at the end of the previous corresponding period to 58 vessels as at March 31, 2010.

Marco Polo attributed the 22.1 per cent fall in shipyard revenue to $10.2 million from $13.1 million in H1FY09 mainly to lower ship building revenue which more than offset an increase of about $3.6 million in ship repair revenue following the full operation of both the dry docks from the beginning of the current financial year.

First-half group gross profit of $8.2 million saw Marco Polo achieving a gross profit margin of 29.9 per cent in H1FY10 as compared to a gross profit of $8.1 million and a gross profit margin of about 33.6 per cent in H1FY09.

Marco Polo does not report segmental earnings breakdowns and does not give revenue on a quarterly basis.

To reduce disruptions to chartering operations, the sale-and-leaseback programme is being conducted in stages throughout the current financial year, Marco Polo said.

'Although this programme will have some short-term disruption to our chartering operations during the de-flagging and re-flagging exercise, the longer term benefits will be the growing marine logistic demand in Indonesia for our Indonesian flagged vessels and the fleet expansion we can undertake with our lightened balance sheet,' said CEO Sean Lee.

Compared to the previous financial year, higher chartering revenue from a growing fleet of vessels, new revenue contribution from ship repair and the completion and deliveries of more sophisticated AHTS vessels will diversify revenue base as well as add to profit growth in the current financial year, it said, adding that performance is expected to improve this year over FY09.

Marco Polo shares closed one cent higher at 44.5 cents yesterday.
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Re: Marco Polo Marine

Postby winston » Fri Sep 24, 2010 5:55 pm

Not vested. From Kim Eng:-

The stock currently trades at about 7.6x FY Sep10 and 6.9x FY Sep11 PER, which looks
undemanding against its three‐year CAGR of 34%.

We initiate coverage with a BUY rating and target price of $0.62, pegged at 9x FY Sep11 PER, a slight discount to other marine and offshore players under our coverage.

http://www.remisiers.org/cms_images/SSU240910KE.pdf
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Re: Marco Polo Marine

Postby winston » Wed Oct 06, 2010 8:09 pm

Not vested. From DMG:-

Share placement.

Marco Polo Marine (MPM) has announced that it will be undertaking a share placement exercise involving 51m shares, of which 35m will be new shares and 16m will be vendor
shares.

The placement price is fixed at S$0.43, representing 8.74% discount to the volume
weighted average price of S$0.4712. The net proceeds raised from new share placement will amount to ~S$14.5m and will dilute EPS by ~10.3%.

On the other hand, we are revising our FY11F-FY12F core PATMI upwards to S$17.4m-S$23.7m respectively (prev S$16.1m-S$19.6m) as we expect operational tugs and barges fleet size to hit 130-150 in FY11F-FY12F respectively (prev 112-122).

Accordingly, our TP is lowered to S$0.505 based on peers’ average 0.45x FY11
PEG and assumed growth rate of 22%. Given the share price has run up of late, we are
downgrading MPM to NEUTRAL.

http://www.remisiers.org/cms_images/06_ ... atters.pdf
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Re: Marco Polo Marine

Postby winston » Wed Feb 09, 2011 6:47 pm

Not vested

Marco Polo Marine's Q1 profits down 17% to $4m By JOYCE HOOI

Marco Polo Marine recorded a 17 per cent dip in net profit to $4.01 million for the first quarter of FY2011, from from $4.81 million a year earlier.

Revenue for the same period, however, rose 61 per cent from $12.01 million to $19.4 million

http://www.businesstimes.com.sg/sub/lat ... 98,00.html?
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Re: Marco Polo Marine

Postby winston » Wed May 11, 2011 8:32 am

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MARCO POLO MARINE - Singapore-listed marine logistic firm Marco Polo Marine said on Tuesday its second quarter net profit fell 27 percent to S$5.4 million from a year ago, partly due to higher expenses.


Source: Reuters
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Re: Marco Polo Marine

Postby winston » Mon Jun 06, 2011 10:05 am

Not vested

VALUATION

We value the company by a SOTP valuation of its operating segments, namely the traditional tugs and barges Singapore chartering fleet, shipbuilding, repairs/conversions, the offshore division, and BBR (PT Bina Buana Raya, an associated company).

We apply the respective industry average PE’s to the estimated net profits of each of these segments, and calculate our fair value based on blended FY11/FY12 earnings to achieve a 12-month target.

We derive a fair value of $0.505, implying a forward blended P/E of 8.66 and P/B of 1.28, both still under MPM’s 5-year historical averages. BUY.


Source: AMFraser
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Re: Marco Polo Marine

Postby winston » Fri Sep 23, 2011 8:14 am

not vested

Singapore's Marco Polo Marine said on Thursday it had secured a contract worth around S$10.5 million ($8 million) to build five units of barges.


Source: Reuters
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Re: Marco Polo Marine

Postby behappyalways » Wed Nov 18, 2015 10:19 am

Marco Polo Marine to terminate rig building contract with SembMarine's PPL
http://sgx.i3investor.com/servlets/fdnews/55782.jsp
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Re: Marco Polo Marine

Postby behappyalways » Wed Sep 14, 2016 3:49 pm

Marco Polo Marine mulls over delaying payment on bonds in Singapore
http://sbr.com.sg/shipping-marine/news/ ... -singapore
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