Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/asl-marine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17092:1" rel="noopener">ASL Marine (ASL SP)</a> is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.</li>
<li>Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.</li>
<li>We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.</li>
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ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services: shipbuilding, ship repair and conversion, and ship chartering.
Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.
We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.


ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asl-marine-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17092:1" rel="noopener">ASL Marine (ASL SP)</a> is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering. </li>
<li>Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.</li>
<li>We initiate coverage on ASL Marine with a BUY rating and a SOTP-based TP of S$0.42/share. </li>
</ul>



ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering. 
Its integrated model lets it build, repair and operate its own tonnage. Its Batam graving dock is one of the few yards in the region able to dry-dock Capesize tonnage.
We initiate coverage on ASL Marine with a BUY rating and a SOTP-based TP of S$0.42/share. 


ASL Marine Initiation - A Deleveraging-Led Earnings Inflection

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Upgrade Marco Polo Marine to BUY with a 25% higher target price of S$0.060.</li><li>Marco Polo Marine has improved its financials on higher fleet charter and utilisation rates, as well as contributions from its Taiwan-based JV and Indonesian subsidiary acquired in FY22.</li><li>The pickup in oil &amp; gas activity, from exploration and production to decommissioning of rigs, is presenting opportunities to offshore support vessels (OSV) market players with oil prices remaining high.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Upgrade Marco Polo Marine to BUY with a 25% higher target price of S$0.060.Marco Polo Marine has improved its financials on higher fleet charter and utilisation rates, as well as contributions from its Taiwan-based JV and Indonesian subsidiary acquired in FY22.The pickup in oil &amp; gas activity, from exploration and production to decommissioning of rigs, is presenting opportunities to offshore support vessels (OSV) market players with oil prices remaining high.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marco Polo Marine - Encouraging Times Ahead; Upgrade To BUY

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We remain positive on Marco Polo Marine (SGX:5LY), even though Marco Polo Marine's share price has surged by &gt;20% from S$0.043 since our last update.</li><li>Marco Polo Marine remains attractive at 0.6x PEG. Reiterate BUY and S$0.06 target price, 27% upside.</li><li>Vessel demand remains robust, as regional O&amp;G exploration is increasing while North Asian nations build up their offshore windfarms to meet green or renewable energy environmental targets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We remain positive on Marco Polo Marine (SGX:5LY), even though Marco Polo Marine's share price has surged by &gt;20% from S$0.043 since our last update.Marco Polo Marine remains attractive at 0.6x PEG. Reiterate BUY and S$0.06 target price, 27% upside.Vessel demand remains robust, as regional O&amp;G exploration is increasing while North Asian nations build up their offshore windfarms to meet green or renewable energy environmental targets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marco Polo Marine - On Track For Growth; Reiterate BUY

Singapore

Marco Polo Marine is an integrated marine logistics group providing ship chartering, shipyard operations, and offshore wind services. The company charters offshore support vessels, tugboats, and barges, and offers shipbuilding, maintenance, repair, and conversion services. Headquartered in Singapore, it was founded in 1991.

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Marco Polo Marine (MPM SP)

ASL Marine - FY26 Earnings Update - Chartering to Drive the Upside, Repair to Anchor Quality

We slightly lower our TP of ASL to S$0.38/share (vs. S$0.42 at initiation), implying around 31% upside to the current share price of S$0.29/share.

Evolve Capital Advisory Pte Ltd

ASL Marine Initiation - A Deleveraging-Led Earnings Inflection

ASL Marine (ASL SP) is an SGX mainboard-listed specializing in marine services group shipbuilding, ship repair and conversion, and ship chartering.

Evolve Capital Advisory Pte Ltd

Marco Polo Marine - Encouraging Times Ahead; Upgrade To BUY

Marco Polo Marine has improved its financials on higher fleet charter and utilisation rates, as well as contributions from its Taiwan-based JV and...

UOB Kay Hian

Marco Polo Marine - On Track For Growth; Reiterate BUY

We remain positive on Marco Polo Marine (SGX:5LY), even though Marco Polo Marine's share price has surged by >20% from S$0.043 since our last update.

RHB Invest

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