RHB’s Jarick Seet has initiated coverage of Marco Polo Marine with a “buy” call and 4.1 cents target price, an upside of around a third from current levels. 

“We believe that Marco Polo Marine’s diversification into servicing the renewable energy sector will bear fruit in the next 1-2 years. In the meantime, the oil & gas sector remains the major source of income for the group. As such, we expect to see an earnings rebound, and the group to record a turnaround back to strong profitability in the next 2-3 years,” writes Seet in his June 16 note.

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