Marco Polo Marine (SGX:5LY) Stock: 170% Profit Jump, 200% Rally and What Comes Next

Updated 10 December 2025

Marco Polo Marine Ltd (ticker: SGX:5LY / MAPM) has transformed from a quiet small-cap into one of Singapore’s most closely watched offshore and marine stocks in the second half of 2025. A spectacular ~170% surge in full-year net profit and a share price that has roughly tripled since mid‑year have put the stock firmly on radar for investors following offshore wind and energy logistics. ^[1]

Below is a deep dive into the latest news, forecasts and analyses on Marco Polo Marine stock as of 10 December 2025, and how the market is trying to price its rapid shift toward offshore wind and specialised vessels.

Marco Polo Marine share price today: near 52‑week highs

Marco Polo Marine trades on the Singapore Exchange under the ticker MAPM / 5LY. Recent data from Investing.com and StockAnalysis show: ^[2]

Recent share price: around S$0.15 per share in early December 2025
52‑week range: roughly S$0.033 – S$0.157
Market capitalisation: about S$560–575 million
Trailing EPS (TTM): about S$0.02
P/E ratio: roughly 9–10x
Dividend yield: around 0.7%

Price action has been intense:

According to NextInsight, the stock climbed from about 4.6 cents at the start of 2H 2025 to 14 cents, a gain of roughly +200%. ^[3]
On 2 December 2025, The Business Times reported that the shares jumped 16.7% in a single session to S$0.14, with more than 100 million units traded, after the company released its FY2025 results and a strong H2 profit surge. ^[4]
Intraday data from Investing.com and historical prices from StockAnalysis confirm continued heavy turnover in early December, with tens of millions of shares changing hands daily and prices hovering around S$0.15, very close to the 52‑week high. ^[5]

In short, Marco Polo Marine has moved from a thinly traded penny stock into a high‑volume momentum name in Singapore’s offshore and marine (O&M) sector.

What the company actually does

Marco Polo Marine is a Singapore‑based integrated marine logistics group with two main businesses: ^[6]

Ship chartering: offshore support vessels (OSVs), anchor handling tug supply (AHTS) vessels, tugboats, barges, crew transfer vessels (CTVs), and the commissioning service operation vessel (CSOV) Wind Archer for offshore wind.
Shipbuilding and repair: via its Batam shipyard, which builds, maintains and converts vessels, and now increasingly focuses on specialised offshore wind and research vessels.

Operations span Singapore, Indonesia, Taiwan, Thailand, Malaysia and the wider Asia‑Pacific region, with a growing emphasis on offshore wind logistics.

FY2025 earnings: huge headline profit, modest underlying growth

For the financial year ended 30 September 2025 (FY2025), Marco Polo Marine reported numbers that lit the fuse under the share price: ^[7]

Revenue:
- S$122.8 million, slightly down from S$123.5 million in FY2024
Gross profit:
- About S$54.2 million, up ~12% year‑on‑year
- Gross margin: improved to roughly 44%, up almost 5 percentage points
Reported net profit (attributable to shareholders):
- S$58.5 million, up about 170% from S$21.7 million
Adjusted net profit (core):
- Around S$25.2 million, slightly below the prior year’s ~S$26.3 million

What explains the gap between the headline and “core” numbers?

One‑off gains and reversals

The stunning net profit figure was boosted by large non‑recurring gains, primarily: ^[8]

A reversal of impairment on certain vessels of around S$22.4 million
A reversal of impairment on an amount due from a joint venture of about S$5.9 million

After stripping out these and other non‑core items, the underlying earnings were broadly flat compared with FY2024. That distinction has become a central theme in subsequent analysis.

Balance sheet and cash flow

Reuters and company disclosures highlight: ^[9]

Total assets: ~S$349 million
Total liabilities: ~S$110 million, of which debt ~S$48 million
Operating cash flow: about S$40.8 million
Investing cash flow: roughly –S$56.5 million, reflecting heavy capex on fleet and yard
Net asset value per share: up from 5.4 cents to 7.0 cents
Final dividend: increased 50%, from 0.10 cent to 0.15 cent per share

Overall, FY2025 shows a healthier margin profile and stronger balance sheet, but with a large part of the profit jump tied to accounting reversals rather than ongoing operations.

Growth pipeline: offshore wind, new vessels and a landmark Taiwan research ship

Investors are not just reacting to FY2025 earnings; they are also pricing in a rapidly expanding project and vessel pipeline, especially in offshore wind.

1. Offshore wind CSOVs and CTVs

Marco Polo’s first commissioning service operations vessel (CSOV), Wind Archer, started generating revenue in mid‑April 2025. An Offshore Wind report notes that in the first nine months of the fiscal year, the ship chartering segment generated about S$54.2 million of revenue, with Wind Archer and three newly purchased CTVs contributing roughly S$11 million. ^[10]

A second, more advanced CSOV – “CSOV Plus” – is on the way:

Designed by Norway’s Salt Ship Design and to be built in Marco Polo’s Batam yard
Construction slated to begin in Q2 2026 with delivery in Q2 2028
Battery‑hybrid propulsion, alternative‑fuel‑ready engines (e.g. methanol), 100‑tonne active heave‑compensated crane, and an enhanced walk‑to‑work system capable of operating in wave heights up to ~3 metres ^[11]

The new CSOV is intended to support the entire lifecycle of offshore wind projects, from construction and cabling to ongoing maintenance, while remaining deployable in oil & gas subsea work.

2. AHTS “vessel duo” for O&G and wind

In September 2025, Marco Polo announced the acquisition of two new AHTS vessels with a combined value of around US$34 million, adding to its offshore fleet: ^[12]

Fleet size increases from 19 to 21 vessels once both ships join in 2026
The units feature DP2 and Fire‑Fighting Class 1 capabilities
They are intended primarily for Southeast Asian oil & gas, but can also be deployed in Northeast Asian offshore wind campaigns

This fleet upgrade is part of a clear strategy: serve both the traditional offshore energy market and the growing renewables segment with high‑spec tonnage.

3. Record Taiwan research vessel contract

In November 2025, Marco Polo Marine’s Batam shipyard secured its largest ever contract: an oceanographic research vessel for Taiwan’s National Academy of Marine Research (NAMR). ^[13]

Key details:

Contract value: about US$152 million, or roughly S$198 million
Vessel: 4,000‑GT high‑spec research ship with advanced green technologies
Timeline: delivery in about four years, financed from internal cash flows
Strategic impact: marks a significant move into marine research and “blue economy” vessels, complementing the Group’s offshore wind fleet

4. Master Service Agreement with Cyan Renewables

A separate August 2025 deal saw Marco Polo Shipyard sign a three‑year Master Service Agreement with Cyan Renewables, a Singapore‑based offshore wind vessel owner. Under the pact, Marco Polo will provide repair, maintenance and conversion services for Cyan’s fleet of offshore wind vessels. ^[14]

This contract leverages the yard’s expanded dry dock capacity and deepens its positioning as a specialist yard for offshore wind tonnage.

5. Planned Taiwan listing of PKR Offshore

Marco Polo Marine’s Taiwan‑based subsidiary PKR Offshore plans a Taiwan stock exchange listing, with an application targeted for Q3 2026. Proceeds will be used to expand PKR’s offshore wind fleet, particularly CSOVs, to serve Taiwan, South Korea and Japan. ^[15]

This potential IPO is seen as both a capital‑raising avenue and a way to crystallise value from the offshore wind platform.

6. Order book visibility

Baird Maritime and NextInsight highlight that Marco Polo’s ship chartering order book stood at about S$100 million as of mid‑2025, providing multi‑year revenue visibility across both oil & gas and offshore wind projects. ^[16]

Combined with the Taiwan research vessel and CSOV projects, this underpins a strong growth narrative into FY2026–2028.

Broker research: from 7‑cent calls to 20‑cent targets

The rally in Marco Polo Marine stock has tracked an increasingly bullish broker backdrop.

Earlier in 2025: Maybank and RHB re‑rate the stock

In mid‑2025, Maybank raised its target price to S$0.07, describing the stock as “significantly undervalued”. ^[17]
By October 2025, RHB and Maybank Kim Eng had upgraded their targets to 10 cents and 11 cents respectively, according to NextInsight, reflecting growing confidence in the offshore wind strategy and earnings trajectory. ^[18]

Post‑results: fresh upgrades and higher earnings forecasts

Following the FY2025 results and the H2 profit surge, The Business Times reports that RHB increased its target price again, from S$0.122 to S$0.14, while maintaining a “buy” rating. The broker also raised its FY2026 and FY2027 earnings forecasts by 15% and 13%, citing better‑than‑expected margins and growth driven by a new dry dock and four new vessels (including the CSOV). ^[19]

CGS, UOB Kay Hian and sector calls

A December 5 article on NextInsight summarises more bullish moves: ^[20]

CGS International (CGSI):
- Rating: “Add”, upgraded earlier with target S$0.14, and later raising its target to S$0.20 in a report citing a “better yard outlook”.
UOB Kay Hian (UOBKH):
- Rating: “Buy”, with a target price around 18.8 cents and Marco Polo singled out as a top pick in the offshore & marine sector in a wider “overweight” industry call.

These houses highlight:

Strong execution in FY2025, with core profit beating expectations
Margin uplift driven by higher‑value chartering work and tighter cost control
Growth from Dry Dock 4, new vessels and offshore wind exposure in FY2026 and beyond

Consensus targets and ratings

Aggregated data on Investing.com shows: ^[21]

4 analysts currently covering Marco Polo Marine
Consensus rating:“Strong Buy” (4 Buy, 0 Hold, 0 Sell)
Average 12‑month target price: about S$0.164–0.165
Target range: roughly S$0.13 – S$0.20

With the share price already near S$0.15, the average upside implied by consensus is modest (single‑digit percentage), although the most bullish targets still suggest significant further room if the growth narrative plays out.

Independent analysis: quality of earnings under the microscope

Not every analyst is cheering from the sidelines. Several independent research platforms have produced more nuanced takes.

Strong EPS growth and financial health…

A Simply Wall St article on Futu and Yahoo Finance notes that Marco Polo has delivered compound EPS growth of around 37% per year over the last three years, alongside a substantial improvement in EBIT margins (from roughly 19% to mid‑30s). ^[22]

The same platform’s “Asian Penny Stocks to Watch in December 2025” list gives Marco Polo a 5‑star financial health rating, highlighting: ^[23]

Net income rising to ~S$58.5 million, supported by impairment reversals
Short‑term assets exceeding total liabilities
Cash exceeding total debt
Interest coverage described as strong

This analysis expects revenue to grow at around 23% per year over the next three years, even though headline earnings are forecast to decline.

…but concerns about profit quality and free cash flow

Another Simply Wall St piece, “Profits May Be Overstating Its True Earnings Potential,” points to a high accrual ratio for the year to September 2025 and emphasises that Marco Polo reported negative free cash flow of about S$30 million, despite the S$58.5 million of statutory profit. The article argues that large “unusual items” – the impairment reversals – mean that statutory profit probably overstates the company’s sustainable earnings power. ^[24]

A separate analysis on the same platform notes that while earnings have grown rapidly, consensus forecasts see EPS declining by roughly 11% per year over the next three years, in contrast with the broader Singapore market, which is expected to grow earnings. ^[25]

Valuation: cheap on earnings, rich on sales

The Meyka analysis on December 3 highlights a mix of signals: ^[26]

P/E ratio: about 7x at S$0.14 (vs higher averages for many Singapore stocks)
Price‑to‑sales: about 4.6x, considerably above sector norms
Price‑to‑book: roughly 2.7x
ROE: around 11%
Debt‑to‑equity: a moderate 0.18

Meyka’s takeaway: the stock screens inexpensive relative to earnings but expensive relative to revenue and book value, suggesting the market is already pricing in a fair amount of future growth.

Technical picture: strong‑buy momentum, overbought signals

From a technical standpoint, Marco Polo Marine is showing classic momentum‑stock behaviour:

TradingView’s technical summary currently rates the stock as a “strong buy” across daily, weekly and monthly timeframes, based on moving averages and oscillators. ^[27]
Investing.com likewise shows a “Strong Buy” aggregate technical signal, with all major timeframes flashing bullish. ^[28]
Meyka cites an RSI above 80 (around 85.6 at S$0.14), a strong ADX, and positive MACD, signalling overbought but powerful upward momentum. ^[29]

This combination usually points to ongoing interest from momentum traders, but it also suggests the stock is more vulnerable to sharp pullbacks if sentiment turns or if news disappoints.

Key risks and questions for investors

Despite the upbeat narrative, several risks and open questions stand out in the current coverage:

Quality and sustainability of earnings
- A large portion of FY2025 profit came from non‑cash impairment reversals and other unusual items. Core earnings were essentially flat year‑on‑year. ^[30]
- If such items do not repeat, future profit growth must come from actual margin and volume expansion, not accounting changes.
Capex and cash flow strain
- Heavy investment in new vessels and the Taiwan research ship is already visible in negative investing cash flow and higher total assets. ^[31]
- While the balance sheet appears sound, sustained expansion will require disciplined capital allocation and strong project execution.
Cyclical exposure to offshore markets
- The company’s fortunes are tightly tied to offshore oil & gas and offshore wind cycles, including charter rates, utilisation and project sanctioning in Asia.
- Delays or cancellations in offshore wind build‑out, particularly in Taiwan, Korea and Japan, could affect vessel demand. ^[32]
Execution risk on specialised vessels
- The 4,000‑GT research vessel for Taiwan and the CSOV Plus are complex, high‑spec projects. Execution issues or cost overruns could erode margins and damage reputation. ^[33]
Valuation after a 200% rally
- Even with a single‑digit P/E, the stock now trades at lofty multiples of sales and book value compared with many regional peers. ^[34]
- Consensus forecasts from Simply Wall St and some broker models expect earnings to dip as one‑off gains roll off, even as revenue grows. ^[35]

These factors explain why a number of independent analyses pair positive long‑term narratives with caution about near‑term upside from current prices.

Outlook: is Marco Polo Marine stock still a buy after the surge?

Putting the latest news and analysis together:

Bullish drivers
- A S$100m+ chartering order book and record S$198m research vessel contract provide multi‑year revenue visibility. ^[36]
- The company is deeply embedded in Asia’s offshore wind build‑out, via CSOVs, CTVs, PKR Offshore and the Cyan Renewables partnership. ^[37]
- FY2025 results show strong underlying gross margins and a strengthened balance sheet. ^[38]
- Multiple brokers (RHB, CGS, UOBKH, Maybank) and consensus data classify the stock as a Buy / Strong Buy with upside to targets ranging from S$0.13 to S$0.20. ^[39]
Bearish / cautious counterpoints
- FY2025’s 170% profit surge is not fully repeatable, as it includes large one‑off items. ^[40]
- Various models now predict earnings contraction over the next three years, even as revenue grows, implying that margins may normalise. ^[41]
- The stock is overbought on technical indicators and has already delivered a ~200% move, which limits margin for error. ^[42]

For investors, the core question is whether Marco Polo Marine can:

Convert its offshore wind and specialised vessel pipeline into sustained, high‑quality earnings, and
Do so at a pace that justifies today’s valuation after such a dramatic re‑rating.

As always, this article is informational only and not financial advice. Anyone considering Marco Polo Marine stock should weigh the balance of growth opportunities and execution risks, stress‑test their own assumptions about future charter rates and capex, and consider how comfortable they are owning a cyclical, project‑driven small‑cap that has already had a very strong run.

The next critical milestones to watch include:

Execution progress on the Taiwan research vessel and CSOV Plus
Any updates on the PKR Offshore Taiwan listing
Charter rate trends and utilisation for Wind Archer, the AHTS duo and other vessels
Further broker revisions to earnings and target prices as FY2026 guidance emerges