Recent Insider Transactions • Jun 23
CEO & Executive Director recently bought S$56k worth of stock On the 19th of June, Yun Lee bought around 400k shares on-market at roughly S$0.14 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Yun's only on-market trade for the last 12 months. Price Target Changed • May 18
Price target increased by 12% to S$0.21 Up from S$0.19, the current price target is an average from 4 analysts. New target price is 17% above last closing price of S$0.18. Stock is up 328% over the past year. The company is forecast to post earnings per share of S$0.0092 for next year compared to S$0.016 last year. Announcement • Mar 05
Marco Polo Marine Ltd. has completed a Follow-on Equity Offering in the amount of SGD 21.005558 million. Marco Polo Marine Ltd. has completed a Follow-on Equity Offering in the amount of SGD 21.005558 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 144,865,920
Price\Range: SGD 0.145
Discount Per Security: SGD 0.003016
Transaction Features: Subsequent Direct Listing New Risk • Feb 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. High level of non-cash earnings (42% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Significant insider selling over the past 3 months (S$1.0m sold). Announcement • Feb 25
Marco Polo Marine Ltd. has filed a Follow-on Equity Offering in the amount of SGD 21.005558 million. Marco Polo Marine Ltd. has filed a Follow-on Equity Offering in the amount of SGD 21.005558 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 144,865,920
Price\Range: SGD 0.145
Discount Per Security: SGD 0.003016
Transaction Features: Subsequent Direct Listing Announcement • Feb 14
Marco Polo Marine Ltd. Approves One-Tier Exempt Final Dividend for the Year Ended 30 September 2025 Marco Polo Marine Ltd. at its AGM held on January 23, 2026, approved to declare a one-tier exempt final dividend of SGD 0.0015 per ordinary share for the year ended 30 September 2025. Declared Dividend • Jan 31
Dividend increased to S$0.0015 Dividend of S$0.0015 is 50% higher than last year. Ex-date: 13th February 2026 Payment date: 6th March 2026 Dividend yield will be 1.0%, which is lower than the industry average of 15%. Announcement • Jan 23
Marco Polo Marine Ltd Announces Re-Composition of Board Committees, Effective January 23, 2026 Marco Polo Marine Ltd. announced a re-composition of the board committees, effective January 23, 2026. The composition of the Board is as follows: Mr. Tan Hai Peng Micheal as Independent Non-Executive Chairman, Mr. Sean Lee Yun Feng as Executive Director and Chief Executive Officer, Mr. Leong Kah Wah as Independent Director, Mr. Koh Chun Yuan as Independent Director, Ms. Lie Ly as Non-Executive Director, Mr. Teo Junxiang, Darren as Non-Executive Director, and Mr. Jeffrey Hing Yih Peir as Non-Executive Director. The composition of the Audit Committee is: Mr. Koh Chun Yuan as Chairman, Mr. Tan Hai Peng Micheal as Member, and Mr. Leong Kah Wah as Member. The composition of the Nominating Committee is: Mr. Leong Kah Wah as Chairman, Mr. Sean Lee Yun Feng as Member, and Mr. Koh Chun Yuan as Member. The composition of the Remuneration Committee is: Mr. Koh Chun Yuan as Chairman, Mr. Tan Hai Peng Micheal as Member, and Mr. Teo Junxiang, Darren as Member. Reported Earnings • Jan 10
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: S$0.031 (up from S$0.012 in FY 2024). Revenue: S$245.6m (flat on FY 2024). Net income: S$117.0m (up 170% from FY 2024). Profit margin: 48% (up from 18% in FY 2024). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 109%. Revenue is expected to fall by 2.4% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 57% per year and the company’s share price has also increased by 57% per year. Announcement • Jan 08
Marco Polo Marine Ltd., Annual General Meeting, Jan 23, 2026 Marco Polo Marine Ltd., Annual General Meeting, Jan 23, 2026, at 10:30 Singapore Standard Time. Location: 1 tai seng avenue blk f 02-26/28, tai seng exchange, singapore 536464, Singapore Major Estimate Revision • Dec 09
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from S$172.3m to S$190.5m. EPS estimate unchanged from S$0.0095 at last update. Shipping industry in Singapore expected to see average net income growth of 0.2% next year. Consensus price target up from S$0.13 to S$0.16. Share price rose 6.4% to S$0.15 over the past week. Price Target Changed • Dec 04
Price target increased by 13% to S$0.15 Up from S$0.13, the current price target is an average from 4 analysts. New target price is 7.6% above last closing price of S$0.14. Stock is up 153% over the past year. The company is forecast to post earnings per share of S$0.009 for next year compared to S$0.016 last year. Reported Earnings • Nov 30
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: S$0.016 (up from S$0.006 in FY 2024). Revenue: S$122.8m (flat on FY 2024). Net income: S$58.5m (up 170% from FY 2024). Profit margin: 48% (up from 18% in FY 2024). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 109%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 1.2% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 04
Price target increased by 9.6% to S$0.10 Up from S$0.091, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of S$0.10. Stock is up 89% over the past year. The company is forecast to post earnings per share of S$0.0075 for next year compared to S$0.0058 last year. Board Change • Nov 04
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Non-Executive Independent Director Chun Yuan Koh was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 04
Marco Polo Marine Ltd. Announces Striking Off of Dormant Joint Venture Company The Board of Directors of Marco Polo Marine Ltd. announced that M Renewables Co., Ltd, a 49%-owned dormant indirect joint venture of the Company, has been struck off from the Companies Register of the Cayman Islands pursuant to the Companies Act of the Cayman Islands on 30 July 2025. The striking-off of the above company is not expected to have any material impact on the earnings per share and net tangible assets per share of the Group for the financial year ending 30 September 2025. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Non-Executive Independent Director Chun Yuan Koh was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • May 15
Price target decreased by 10% to S$0.067 Down from S$0.074, the current price target is an average from 4 analysts. New target price is 55% above last closing price of S$0.043. Stock is down 39% over the past year. The company is forecast to post earnings per share of S$0.0077 for next year compared to S$0.0058 last year. New Risk • May 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$131.4m (US$97.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (S$131.4m market cap, or US$97.5m). Recent Insider Transactions • Feb 12
CEO & Executive Director recently bought S$54k worth of stock On the 11th of February, Yun Lee bought around 1m shares on-market at roughly S$0.054 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Yun's only on-market trade for the last 12 months. Declared Dividend • Jan 25
Dividend of S$0.001 announced Dividend of S$0.001 is the same as last year. Ex-date: 14th February 2025 Payment date: 7th March 2025 Dividend yield will be 1.9%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: S$0.006 (in line with FY 2023). Revenue: S$123.5m (down 2.8% from FY 2023). Net income: S$21.7m (down 3.9% from FY 2023). Profit margin: 18% (in line with FY 2023). Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 2.5% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 02
Marco Polo Marine Ltd., Annual General Meeting, Jan 17, 2025 Marco Polo Marine Ltd., Annual General Meeting, Jan 17, 2025, at 10:30 Singapore Standard Time. Location: 1 tai seng avenue, blk f 02-26/28, tai seng exchange, singapore 536464, Singapore Announcement • Dec 31
Marco Polo Marine Ltd. Announces Redesignation of Lie Ly from Executive Director to Non-Executive Non-Independent Director Marco Polo Marine Ltd. announced that Following the resignation of Ms. Lie Ly, Age 50, as an Executive Director of Marco Polo Marine Ltd. on 31 December 2024, the Nominating Committee (NC) of the Company, having reviewed Ms. Lie Ly's educational background, professional qualifications and working experience, is of the view that Ms. Lie Ly's experience in finance and knowledge of the Group's business would enable her to continue to contribute significantly to the group and as such the NC has recommended to the Board that Ms. Lie Ly remain on the Board of Directors of the Company and be redesignated from her existing position as Executive Director to Non-Executive Non-Independent Director. Having carefully considered the recommendation of the NC, the Board concurred and approved Ms. Lie Ly's redesignation to Non-Executive Non-Independent Director of the Company. Working Experience: The Executive Director and Chief Financial Officer of Marco Polo Marine Ltd. until her resignation on 31 December 2024. She was responsible for all finance, accounting, treasury and strategic development of the Group. Other DirectorShips Past: MPST MARINE PTE LTD. - MARCO POLO DRILLING PTE. LTD. - MARCO POLO DRILLING (I) PTE. LTD. - MARCO POLO OFFSHORE (VI) PTE. LTD. Other DirectorShips Present: MARCO POLO SHIPYARD PTE. LTD. - MP MARINE PTE. LTD. - MP SHIPPING PTE. LTD. - MP VENTURES PTE. LTD. - MARCO POLO WIND PRIVATE LIMITED - MARCO POLO OFFSHORE (II) PTE. LTD. - MP OFFSHORE PTE. LTD. - MARCO POLO OFFSHORE (III) PTE. LTD. - PT. PELAYARAN NASIONAL BINA BUANA RAYA TBK - BBR SHIPPING PTE. LTD. - PT. SINAR BINTANG MAKMUR - MARCO POLO OFFSHORE (VII) PTE. LTD. - HEATEC JIETONG HOLDINGS LTD. - MP WINDCRAFT PTE. LTD. Ms. Lie Ly was an Executive Director of Marco Polo Marine Ltd. before she resigned and she is also an Independent Director of Heatec Jietong Holdings Ltd. Ms Lie Ly graduated with a Bachelor of Commerce Degree from Murdoch University in Western Australia and also holding a Masters of Accounting Degree from Curtin University in Western Australia. Ms Lie Ly is a qualified Chartered Public Accountant (CPA) Australia. Reported Earnings • Nov 29
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: S$0.006 (in line with FY 2023). Revenue: S$123.5m (down 2.8% from FY 2023). Net income: S$21.7m (down 3.9% from FY 2023). Profit margin: 18% (in line with FY 2023). Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 2.8% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 28
Marco Polo Marine Ltd. Proposes One-Tier Exempt Final Dividend for the Year Ended 30 September 2024 Marco Polo Marine Ltd. proposed a one-tier exempt final dividend of SGD 0.001 per ordinary share for the year ended 30 September 2024 (30 September 2023: SGD 0.001 per ordinary share). Price Target Changed • Aug 29
Price target decreased by 14% to S$0.074 Down from S$0.086, the current price target is an average from 3 analysts. New target price is 51% above last closing price of S$0.049. The company is forecast to post earnings per share of S$0.0077 for next year compared to S$0.0061 last year. Major Estimate Revision • Aug 29
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from S$144.9m to S$134.1m. EPS estimate also fell from S$0.0087 per share to S$0.0077 per share. Net income forecast to shrink 9.8% next year vs 38% growth forecast for Shipping industry in Singapore . Consensus price target down from S$0.077 to S$0.074. Share price fell 9.3% to S$0.049 over the past week. Announcement • Jun 21
Marco Polo Marine Ltd. Appoints Koh Chun Yuan as Director Marco Polo Marine Ltd. announced the appointment of Koh Chun Yuan as director. Role And Responsibilities: Non-Executive Director; Job Title: Independent Director; Working Experience: Mr. Koh Chun Yuan is currently a Director of KS Partners Engineering Enterprise and KS Partners Engineering Pte Ltd, both of which engage in the provision of scaffolding solutions. Mr. Koh was the Chief Financial Controller for Super Group Ltd. (‘Super Group’), a company previously listed on the Singapore Exchange from 2004 to 2017 and he carried on as the Finance Director after Super Group was renamed JDE RTL SCC Pte Ltd, post delisting from 2017 to 2020. He then moved to AEM Holdings Ltd. as the Group Financial Controller until September 2022. Other DirectorShips Past: Directorships: - Jacobs Douwe Egberts HLD INV SG Pte Ltd. - Jacobs Douwe Egberts RTL OWL SG Pte Ltd. - Beecomb Foods Industries Pte Ltd. - Jacobs Douwe Egberts HLD SCM SG Pte Ltd. - Jacobs Douwe Egberts HLD SCP SG Pte Ltd. - Jacobs Douwe Egberts HLD SGI SG Pte Ltd. - Super Investment Holdings Pte Ltd. - Jacobs Douwe Egberts RTL SCC SG Pte Ltd. - Jacobs Douwe Egberts PRO OBS SG Pte Ltd. Other DirectorShips Present: Directorships: - Fuji Offset Plates Manufacturing Ltd. - KS Partners Engineering Enterprise - KS Partners Engineering Pte Ltd. Director Experience Details: Mr. Koh is currently an Independent Director and the Chairman of the Remuneration Committee of Fuji Offset Plates Manufacturing Ltd, a company listed on the Catalist Board. Professional Qualifications: Mr. Koh graduated with a Bachelor of Accountancy (2nd Class Honors) degree from the Nanyang Technological University. He is also a member of the Institute of Singapore Chartered Accountants. Reason for director to not undergo training; Mr. Koh is currently an Independent Director of Fuji Offset Plates Manufacturing Ltd, a company listed on the Catalist Board. He is in the midst of attending the relevant modules under the Listed Entity Directors Programme organised by the Singapore Institute of Directors to fulfil the Mandatory Training Requirements under the Listing Rules. Appointment date is on June 21, 2024. Price Target Changed • Mar 21
Price target increased by 13% to S$0.077 Up from S$0.068, the current price target is an average from 3 analysts. New target price is 24% above last closing price of S$0.062. Stock is up 41% over the past year. The company is forecast to post earnings per share of S$0.0087 for next year compared to S$0.0061 last year. Announcement • Feb 01
Marco Polo Marine Ltd. Approves One-Tier Exempt Final Dividend for the Year Ended 30 September 2023, Payable on 8 March 2023 Marco Polo Marine Ltd. at its AGM held on January 30, 2024 approved one-tier exempt final dividend of SGD 0.001 per ordinary share for the year ended 30 September 2023. The Share Transfer Books and Register of Members of Marco Polo Marine Ltd. will be closed at 5.00 p.m. on 19 February 2024 for the purpose of determining Shareholders' entitlements to the Final Dividend. Duly completed and stamped transfers received by the Company's Share Registrar, B.A.C.S. Private Limited, at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896 up to 5.00 p.m. on 19 February 2024 will be registered to determine Shareholders' entitlements to the Final Dividend. Shareholders (being depositors) whose securities accounts with The Central Depository (Pte) Limited are credited with ordinary shares in the capital of the Company as at 5.00 p.m. on 19 February 2024 will be entitled to such Final Dividend. The Final Dividend will be payable on 8 March 2023. Reported Earnings • Jan 17
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: S$0.006 (in line with FY 2022). Revenue: S$127.1m (up 48% from FY 2022). Net income: S$22.6m (up 5.8% from FY 2022). Profit margin: 18% (down from 25% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) also surpassed analyst estimates by 75%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 3.2% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Announcement • Jan 02
Marco Polo Marine Ltd. Announces Appointment of Chia Lee Cheng as Joint Company Secretary Marco Polo Marine Ltd. announces appointment of Chia Lee Cheng as Joint Company Secretary . The appointment is non-executive. Working experience: 1998 - Current | ACT Management Services Pte. Ltd. | Executive Director. Professional qualifications: Member of the Chartered Secretaries Institute of Singapore. Effective date is January 2,2024. Major Estimate Revision • Dec 07
Consensus revenue estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from S$127.9m to S$141.0m. EPS estimate unchanged from S$0.0085 at last update. Shipping industry in Singapore expected to see average net income growth of 5.8% next year. Consensus price target up from S$0.06 to S$0.068. Share price rose 2.0% to S$0.05 over the past week. Announcement • Nov 29
Marco Polo Marine Announces A Final Dividend Further solidifying this year's success, Marco Polo Marine announced a final dividend of SGD 0.001 per share. Reported Earnings • Nov 27
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: S$0.007 (up from S$0.006 in FY 2022). Revenue: S$127.1m (up 48% from FY 2022). Net income: S$22.6m (up 5.8% from FY 2022). Profit margin: 18% (down from 25% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) also surpassed analyst estimates by 75%. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 2.9% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jun 13
Consensus revenue estimates increase by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from S$98.2m to S$114.2m. EPS estimate unchanged from S$0.004 at last update. Shipping industry in Singapore expected to see average net income decline 36% next year. Consensus price target up from S$0.054 to S$0.06. Share price rose 9.8% to S$0.056 over the past week. Recent Insider Transactions • May 31
Insider recently bought S$75k worth of stock On the 29th of May, Jun Xiang Teo bought around 2m shares on-market at roughly S$0.05 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought S$294k more in shares than they have sold in the last 12 months. Price Target Changed • May 29
Price target increased by 16% to S$0.054 Up from S$0.046, the current price target is provided by 1 analyst. New target price is 5.9% above last closing price of S$0.051. Stock is up 76% over the past year. The company is forecast to post earnings per share of S$0.004 for next year compared to S$0.006 last year. Reported Earnings • May 13
First half 2023 earnings released: EPS: S$0.002 (vs S$0.003 in 1H 2022) First half 2023 results: EPS: S$0.002 (down from S$0.003 in 1H 2022). Revenue: S$55.9m (up 102% from 1H 2022). Net income: S$4.25m (down 61% from 1H 2022). Profit margin: 7.6% (down from 39% in 1H 2022). Revenue is expected to fall by 5.1% p.a. on average during the next 3 years compared to a 14% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 30
Price target increased by 16% to S$0.054 Up from S$0.046, the current price target is an average from 2 analysts. New target price is 26% above last closing price of S$0.043. Stock is up 43% over the past year. The company is forecast to post earnings per share of S$0.004 for next year compared to S$0.006 last year. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Kah Wah Leong was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 10
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: S$0.006 (up from S$0.004 in FY 2021). Revenue: S$86.1m (up 87% from FY 2021). Net income: S$21.3m (up 44% from FY 2021). Profit margin: 25% (down from 32% in FY 2021). Revenue exceeded analyst estimates by 33%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 17% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jan 09
Marco Polo Marine Ltd., Annual General Meeting, Jan 31, 2023 Marco Polo Marine Ltd., Annual General Meeting, Jan 31, 2023, at 10:30 Singapore Standard Time. Agenda: To receive and adopt the Audited Financial Statements for the financial year ended 30 September 2022 together with the Directors' Statement and the Independent Auditor's Report thereon; to approve the payment of a Director's Fee of SGD 9,945 for the period from 12 May 2022 to 30 September 2022; to approve the payment of Directors' Fees of SGD 215,000 for the financial year ending 30 September 2023(2022: SGD 172,500); to re-appoint Mazars LLP as Independent Auditor and to authorise the Directors to fix their remuneration; to consider board changes; and to consider other matters. Major Estimate Revision • Dec 08
Consensus EPS estimates have been upgraded The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from S$75.7m to S$81.0m. EPS estimate increased from S$0 per share to S$0 per share. Shipping industry in Singapore expected to see average net income decline 27% next year. Consensus price target up from S$0.046 to S$0.049. Share price rose 2.3% to S$0.044 over the past week. Reported Earnings • Nov 25
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: S$0.006 (up from S$0.004 in FY 2021). Revenue: S$86.1m (up 87% from FY 2021). Net income: S$21.3m (up 44% from FY 2021). Profit margin: 25% (down from 32% in FY 2021). Revenue exceeded analyst estimates by 33%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is expected to fall by 1.3% p.a. on average during the next 2 years compared to a 16% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to S$0.046 Up from S$0.042, the current price target is an average from 2 analysts. New target price is 5.7% above last closing price of S$0.044. Stock is up 47% over the past year. The company is forecast to post earnings per share of S$0.002 for next year compared to S$0.0042 last year. Announcement • Oct 19
Marco Polo Marine Ltd. Announces Demise of Director of Shipyard Operations, Simon Karuntu Marco Polo Marine Ltd. announced demise of Director of Shipyard Operations, Simon Karuntu. Mr. Karuntu passed away on 15 October 2022. Mr. Karuntu is responsible for overseeing the overall operations and general administrative functions of shipyard operations. Major Estimate Revision • Aug 31
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from S$52.3m to S$64.9m. EPS estimate unchanged from S$0.002 at last update. Shipping industry in Singapore expected to see average net income decline 23% next year. Consensus price target up from S$0.042 to S$0.046. Share price rose 19% to S$0.043 over the past week. Price Target Changed • Aug 30
Price target increased to S$0.046 Up from S$0.039, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of S$0.045. Stock is up 73% over the past year. The company is forecast to post earnings per share of S$0.002 for next year compared to S$0.0042 last year. Recent Insider Transactions • Jul 15
Executive Chairman recently bought S$88k worth of stock On the 14th of July, Wan Tang Lee bought around 3m shares on-market at roughly S$0.029 per share. This was the largest purchase by an insider in the last 3 months. Wan Tang has been a buyer over the last 12 months, purchasing a net total of S$175k worth in shares. Price Target Changed • Jun 17
Price target increased to S$0.042 Up from S$0.038, the current price target is an average from 2 analysts. New target price is 43% above last closing price of S$0.029. Stock is down 3.3% over the past year. The company is forecast to post earnings per share of S$0.002 for next year compared to S$0.0042 last year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. CFO & Executive Director Liely Lee was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 02
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: S$0.004 (up from S$0.003 loss in FY 2020). Revenue: S$46.1m (up 50% from FY 2020). Net income: S$14.8m (up S$24.0m from FY 2020). Profit margin: 32% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 320%. Earnings per share (EPS) surpassed analyst estimates by 320%. Over the next year, revenue is forecast to grow 13%, compared to a 9.8% growth forecast for the industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 142 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Dec 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from S$54.7m to S$52.3m. EPS estimate rose from S$0.001 to S$0.002. Net income forecast to shrink 67% next year vs 17% growth forecast for Shipping industry in Singapore . Consensus price target up from S$0.038 to S$0.039. Share price rose 7.4% to S$0.029 over the past week. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. CFO & Executive Director Liely Lee was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jul 02
Executive Chairman recently bought S$140k worth of stock On the 1st of July, Wan Tang Lee bought around 6m shares on-market at roughly S$0.025 per share. This was the largest purchase by an insider in the last 3 months. This was Wan Tang's only on-market trade for the last 12 months. Reported Earnings • Jan 08
Full year 2020 earnings released: S$0.003 loss per share The company reported a soft full year result with increased losses and weaker control over expenses, although revenues were improved. Full year 2020 results: Revenue: S$30.8m (up 2.2% from FY 2019). Net loss: S$9.22m (loss widened 138% from FY 2019). Analyst Estimate Surprise Post Earnings • Jan 08
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 160%. Over the next year, revenue is forecast to grow 17%, compared to a 9.9% growth forecast for the Shipping industry in Singapore. Announcement • Jan 07
Marco Polo Marine Ltd., Annual General Meeting, Jan 29, 2021 Marco Polo Marine Ltd., Annual General Meeting, Jan 29, 2021, at 10:30 China Standard Time. Agenda: To receive and adopt the Audited Financial Statements for the financial year ended 30 September 2020 together with the Directors' Statement and the Independent Auditor's Report thereon; to approve the payment of Directors' Fees of SGD 172,500 for the financial year ending 30 September 2021. (2020: S$182,000); to re-elect Mr Lee Kiam Hwee Kelvin, a director retiring pursuant to Regulation 103 of the Constitution of the Company.; to approve Mr Lee Kiam Hwee Kelvin's continued appointment as an Independent Director by Members.; and to transact other matters. Analyst Estimate Surprise Post Earnings • Nov 28
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 160%. Over the next year, revenue is forecast to grow 17%, compared to a 8.8% growth forecast for the Shipping industry in Singapore. 
