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Marco Polo Marine heads toward a greener path: RHB

Chloe Lim
Chloe Lim3/25/2022 03:00 PM GMT+08  • 3 min read
Marco Polo Marine heads toward a greener path: RHB
RHB Group Research has kept a “buy” rating on Marco Polo Marine (MPM) with the same target price of 4 cents
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RHB Group Research analyst Jarick Seet has kept his “buy” rating on Marco Polo Marine (MPM) with the same target price of 4 cents, in light of the company’s increased proclivity towards expanding and diversifying towards a greener initiative.

According to Seet, MPM has been actively looking into renewable energy projects– a step beyond the oil and gas industry. As of 1QFY2022 ended September 2022, 20% of MPM’s utilised vessels are working on offshore windfarm projects in Taiwan.

“We believe that MPM will expand its operations in Taiwan, and will likely look to double its chartering fleet in this space by end 2QFY2022 – then have at least 50% of its fleet servicing the renewable energy sector by 2QFY2023,” says the analyst.

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