Marco Polo Marine (SGX:5LY) Stock: 170% Profit Jump, 200% Rally – Is There Still Upside After December’s Breakout? (5 December 2025)

Marco Polo Marine Ltd has gone from sleepy small-cap to one of the most watched names on the Singapore Exchange in just a few months. A 170% jump in full‑year profit, a 200% share price surge since mid‑2025 and a flurry of offshore wind and shipbuilding contracts have pulled the stock squarely into the spotlight. ^[1]

As of 5 December 2025, investors are trying to answer one question: after this run, is Marco Polo Marine stock (SGX:5LY / MAPM) still attractive – or already priced for perfection?

Marco Polo Marine share price snapshot (as of 5 December 2025)

Last close: around S$0.139–0.140 per share, after a 1.46% gain on Thursday, 4 December. ^[2]
52‑week range: roughly S$0.033 to S$0.15, highlighting just how violent the rerating has been. ^[3]
Market cap: about S$520 million at S$0.14, up more than 160% year‑on‑year. ^[4]

Trading has turned frenzied since FY2025 results: on 2 December, over 100 million shares changed hands as the price jumped 16.7% to S$0.14 on the day. ^[5]

A fresh article on 5 December from investor portal NextInsight notes that Marco Polo Marine’s share price has climbed from 4.6 cents at the start of 2H2025 to 14 cents, a gain of about +200% in less than half a year. ^[6]

FY2025 earnings: huge headline profit, softer core

Marco Polo Marine’s FY2025 (year ended 30 September 2025) numbers are the starting point for the current enthusiasm – and also for some of the caution.

According to the company’s SGX announcements and local media coverage: ^[7]

Reported net profit attributable to shareholders:
- S$58.5 million, up ~170% from S$21.7 million in FY2024.
Earnings per share (EPS):
- 1.56 cents, versus 0.58 cents in the prior year.
Revenue:
- Around S$122.8 million, essentially flat year‑on‑year (down ~0.6%). ^[8]
Gross profit:
- S$54.2 million, with gross margin improving to about 44.1% from 39.3%. ^[9]

However, a large chunk of that profit growth came from non‑recurring gains, notably: ^[10]

Reversal of impairment on vessels of roughly S$22.4m
Reversal of impairment on a joint‑venture receivable of about S$5.9m
Other gains from asset disposals and FX

Once you strip those out, adjusted FY2025 net profit is closer to S$25.2m, actually down about 4% from S$26.3m in FY2024. ^[11]

On the plus side:

EBITDA rose 17% to about S$50.1m,
Operating cash flow climbed to around S$40.8m,
Cash and cash equivalents stood at roughly S$49–52m, leaving the group in a net cash position even after heavy capex on new vessels and yard upgrades. ^[12]

So the FY2025 story is:

optically spectacular headline profit, but more modest – though still solid – underlying operations.

That distinction matters a lot when you look at forward earnings forecasts.

Order book, new contracts and offshore wind strategy

The rerating isn’t just about a one‑off accounting boost. The company has built a multi‑year pipeline that investors and analysts see as the real driver of value.

Ship chartering order book and vessels

NextInsight’s 5 December deep dive highlights a ship‑chartering order book of about S$100m spread over the next three years, supported by both oil & gas and offshore wind projects. ^[13]

Key chartering drivers:

The first Commissioning Service Operation Vessel (CSOV), MP Wind Archer, deployed into the offshore wind market at attractive day rates. TS2 Tech+1
Three additional crew transfer vessels (CTVs) added during FY2025. ^[14]
Fleet utilisation rising from 68% to 71% year‑on‑year. ^[15]

Record Taiwan research vessel contract

In November 2025, Marco Polo Marine secured its largest‑ever shipbuilding contract:

A NT$4.7 billion (~S$198m) deal from Taiwan’s National Academy of Marine Research to build a sophisticated oceanographic research vessel (ORV) at its Batam yard. TS2 Tech+1

The project:

Substantially boosts the shipyard division’s order book through FY2027–FY2029,
Marks an entry into high‑value, specialised research vessels – a step beyond conventional offshore support tonnage. TS2 Tech

Next‑generation “CSOV Plus” with Salt Ship Design

On 4 December 2025, Norway’s Salt Ship Design announced it will deliver the complete design for Marco Polo Marine’s new “CSOV Plus” – a purpose‑built vessel for both offshore wind and oil & gas. ^[16]

Highlights of the CSOV Plus concept:

Optimised hull and propulsion for high‑performance DP (dynamic positioning) and safe walk‑to‑work in up to 3.0m significant wave heights.
Battery‑hybrid power system with provisions for alternative fuels such as methanol, aligned with future emissions rules.
A 100‑tonne active heave‑compensated crane, generous deck space and motion‑compensated cargo handling systems – all geared toward complex offshore wind and subsea campaigns. ^[17]

Per Marco Polo’s own FY2025 press release, construction is slated to start in 2026 with delivery targeted for 2028; the vessel will be owned and operated by PKR Offshore and is expected to further boost chartering revenue. ^[18]

Fleet expansion, new dry dock and PKR Offshore IPO plan

Across FY2025, filings and broker reports flag several other catalysts: TS2 Tech+2NextInsight+2

Two new AHTS vessels (combined value c.US$34m) to be delivered in 2026, taking the offshore fleet from 19 to 21 vessels.
A fourth dry dock at the Batam yard became operational in August 2025, already landing an inaugural repair contract of around S$5m.
A three‑year master service agreement with Cyan Renewables for repair and maintenance of its offshore wind vessels.
A planned Taiwan IPO of 49%-owned PKR Offshore in 2H 2026, aimed at financing next‑generation offshore wind assets and deepening the group’s presence in North Asia’s wind market.

In short, the business is pivoting from pure oil & gas support into a mixed portfolio of offshore wind, research and high‑spec vessels, backed by a stronger yard platform.

What analysts are saying: targets up to S$0.188

Several brokerage houses have refreshed their views following the FY2025 results and the stock’s sharp move.

CGS International and RHB – 14 cents target

In a 2 December broker note picked up by The Edge Singapore, CGS International (CGSI) and RHB both reiterated their positive calls on Marco Polo Marine with target prices of S$0.14. ^[19]

CGS International
- Rating: “Add”
- TP: S$0.14
- Valuation: 13x FY2027F P/E, a roughly 40% premium to peers due to stronger earnings visibility.
- Forecasts FY2028 net profit of about S$46.8m, implying a 23% CAGR from FY2025 to FY2028, driven by the second CSOV and the S$198m research vessel contract flowing through. ^[20]
RHB Bank Singapore
- Rating: “Buy”
- TP: raised from S$0.122 to S$0.14 using a DCF model.
- Implied valuation: 13x FY2026F P/E, which RHB notes is still below the company’s forecast 20% CAGR in earnings between FY2025 and FY2028. ^[21]

RHB describes Marco Polo Marine’s outlook as “accelerating growth”, citing:

The first CSOV and three new CTVs in chartering,
Higher fleet utilisation (71%),
A ramp‑up in shipyard utilisation (ship repair yard utilisation ~83% vs 74% previously). ^[22]

UOB Kay Hian – most bullish at 18.8 cents

NextInsight’s 5 December article highlights UOB Kay Hian as the most aggressive house: ^[23]

Rating: “Buy” (maintained)
TP: S$0.188, up 36% after the results.
Valuation: 20.5x FY2026F P/E, raised from 16x previously, justified by:
- Strong margin outlook,
- The high‑value ORV contract adding an estimated ~S$50m per year to shipyard revenue,
- Expanding exposure to offshore wind and specialised vessels.

UOB KH forecasts FY2026F net profit of S$34.3m, higher than CGS’s S$31.8m, reflecting a more bullish margin and growth trajectory. ^[24]

Street consensus: “Buy” with mid‑teens upside

Data from MarketScreener’s consensus page (covering four analysts) summarises the sell‑side stance as of 4 December: ^[25]

Mean consensus:BUY
Number of analysts: 4
Last close price: S$0.139
Average 12‑month target price:S$0.1495
High target:S$0.188 (UOB KH)
Low target:S$0.13

Implied upside from S$0.139 to the average target is roughly +7.5%, and +35% to the highest target.

Independent platforms: valuation and growth forecasts

Sell‑side analysts are only part of the picture. Data‑driven platforms paint a slightly more nuanced story.

Simply Wall St: cheap on earnings, but profits set to “normalise”

According to Simply Wall St’s latest dashboard: ^[26]

Trailing P/E: about 8.9x, below the broader Singapore market’s ~15x multiple.
52‑week price change: roughly +153%.
Revenue forecast: around 18–23% per year growth over the next few years.
Earnings forecast:decline of ~8.8% per year on average over the next 3 years, largely because FY2025 profit is inflated by one‑off impairment reversals and FX gains.

Simply Wall St’s fair‑value modelling (as summarised in the TS2.Tech write‑up) suggests the stock still trades at a steep discount to one DCF‑based intrinsic value estimate near S$0.29, though such outputs depend heavily on long‑term assumptions. TS2 Tech+1

The takeaway:

On adjusted earnings, Marco Polo Marine still looks reasonably valued,
But earnings are likely to step down from the FY2025 peak before resuming a more normalised growth path.

Profitability and balance sheet quality

Independent screens also flag robust profitability and a healthy balance sheet: TS2 Tech+2Singapore Business Review+2

ROE sits in the high‑20s (boosted by FY2025’s strong profit).
Short‑term assets exceed short‑term liabilities, and
Cash exceeds total debt, leaving the group in net cash despite heavy capex.

These metrics give the company more flexibility to fund vessels and yard upgrades without leaning too hard on leverage.

Short‑term technical picture: strong uptrend, overbought zone

For traders watching technicals rather than fundamentals, the set‑up is punchy.

Technical analytics site StockInvest.us (updated 4 December): ^[27]

Rates 5LY.SI as a “Buy candidate” after a 202% gain since mid‑June 2025.
Notes the stock is in the upper part of a wide, strong rising trend.
Projects – based purely on trend and volatility statistics – that the price could reach between S$0.190 and S$0.239 over the next three months with a stated 90% probability band.
Flags that RSI(14) is overbought (~82) and that volume fell on the latest up‑day, a classic divergence that often precedes a consolidation or pullback.
Identifies near‑term support at S$0.137 and resistance around S$0.140–0.142, and suggests the risk/reward intraday looks better closer to support than at resistance.

In simpler terms: the trend is up, but the stock is hot and volatile, and a shake‑out would not be surprising even in a bullish scenario.

Fresh news-flow on 4–5 December 2025

If you’re reading this specifically for developments dated 5 December 2025 or just before, the key items are:

NextInsight (5 Dec): Detailed breakdown of the +200% share price move, broker targets (CGS S$0.14, UOB KH S$0.188), order book of ~S$100m and scenario analysis of different margin assumptions through FY2028. ^[28]
The Edge Singapore – Broker’s Digest (5 Dec): Recaps CGS and RHB’s S$0.14 targets, emphasising stronger chartering performance, utilisation gains and still‑solid margins even as they normalise. ^[29]
Salt Ship Design (4 Dec): Official confirmation that Salt will design the next‑generation CSOV Plus for Marco Polo Marine, with a battery‑hybrid, methanol‑ready propulsion concept and enhanced walk‑to‑work capabilities. ^[30]
StockInvest technical update (4 Dec): Raises its short‑term trading expectations and reiterates a buy‑leaning stance while warning about overbought conditions. ^[31]

These sit on top of the earlier Business Times, Singapore Business Review, The Edge, and TS2.Tech coverage around the FY2025 results and Taiwan research vessel contract. ^[32]

Latest Marco Polo Marine stock coverage (Dec 2025)

Marco Polo Marine (SGX:5LY) Stock Soars After 170% Profit Jump – Latest Share Price, Earnings and 2026 Outlook

Key risks investors should watch

Across broker notes and data platforms, several recurring risks show up: ^[44]

Quality and sustainability of earnings
- A significant portion of FY2025 profit came from non‑cash impairment reversals and other exceptional items unlikely to recur.
- Core profit actually dipped slightly; consensus models therefore assume some earnings “give‑back” as results normalise.
Cyclicality in offshore and shipyard markets
- Charter rates, utilisation and yard workloads remain cyclical and tied to both energy prices and offshore wind project timing.
- Large, complex projects like the S$198m ORV and CSOV Plus carry execution risks on timing, budgets and technical performance.
Offshore wind and geographic concentration
- The growth story leans heavily on North Asian offshore wind, particularly Taiwan.
- Policy changes, permitting delays or project cancellations in these markets could hit utilisation and day rates.
FX and funding risk
- FY2025 benefited from net FX gains; future currency swings may cut the other way.
- While the group is currently in net cash, ongoing capex for vessels and yard upgrades could change its leverage profile if debt rises.
Small‑cap liquidity and volatility
- With a sub‑S$1 share price and relatively concentrated free float, Marco Polo Marine trades like a typical small‑cap:
  - sharp moves on news,
  - occasional air‑pockets in liquidity,
  - and susceptibility to sentiment swings. TS2 Tech+1

So… is Marco Polo Marine stock still a buy after a 200% run?

Putting all the pieces together as of 5 December 2025:

Bullish arguments

The company is levered to structural themes – offshore wind, specialised research vessels and higher‑spec offshore support tonnage. TS2 Tech+1
It has a multi‑year order book, including the landmark S$198m Taiwan ORV and the upcoming CSOV Plus. TS2 Tech+1
Analysts across four brokerages are unanimously positive, with a consensus BUY rating and target prices above the current market level. ^[45]
The balance sheet is in net cash, and profitability metrics like ROE are strong, giving the group a buffer to weather cycles. ^[46]

More cautious arguments

FY2025’s headline profit is not a “new normal” – recurring earnings are closer to S$25m than S$58m, and several consensus models actually forecast declining EPS over the next few years as one‑offs roll off. ^[47]
Margins are expected to normalise lower as the CSOV moves from an initial high day rate to a longer‑term charter, and as more lower‑margin shipbuilding work kicks in. ^[48]
The stock is technically overbought, has already delivered triple‑digit returns, and short‑term indicators point to elevated risk of pullbacks even if the long‑term story remains intact. ^[49]

For long‑term investors, the decision now hinges less on whether Marco Polo Marine is “cheap on trailing earnings” (it is) and more on whether you:

Buy into the offshore wind and specialised vessel growth thesis,
Believe management can execute on large, complex contracts without eroding margins, and
Are comfortable with small‑cap volatility after a 200% move.

For traders, the current set‑up is a classic high‑momentum, high‑risk pattern: strong trend, tight consensus of bullish research, and a chart that has already gone nearly vertical. That combination can continue rewarding risk‑takers – but it can also amplify downside if sentiment turns.

Either way, as of 5 December 2025, Marco Polo Marine has clearly graduated from obscure penny stock to closely watched offshore‑wind small‑cap, and 2026 will be the real test of whether its contract wins and new vessels translate into sustainable, cash‑backed growth rather than just one spectacular year on paper