SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.
INITIATE COVERAGE
<h2>Marco Polo Marine (MPM SP)</h2>
<h3>Second Wind Temporarily Disrupted</h3>
<div>
Close to the completion of its corporate restructuring efforts, a successful transition to new revenue sources would be a key turning point for Marco Polo Marine. We like its lean operations and revitalised debt structure, providing promptness and flexibility to navigate the current tough environment. Initiate coverage with BUY and target price of S$0.020.
<div>
<div>
Corporate restructuring almost completed; full focus on operations. Following a S$60m cash injection in Nov 17 and a massive corporate restructuring, Marco Polo Marine (MPM) has proven its resilience and is returning to full-scale operations. Already EBITDA positive, the only drag to the group’s turnaround is its loss-making 34.8%-owned Indonesian ship chartering associate.
Revenue base marked in FY19; further upside dependent on diversification. FY19 marked an improvement in sales quality and appropriately reflects the business environment post the 2014 oil crisis. MPM is striving to diversify from the oil &amp; gas industry into the offshore infrastructure and renewable energy sectors, which include submarine cable installations and services to offshore wind farms in Taiwan. The group has one remaining offshore support vessel under warm lay-up that is immediately available should it clinch a new charter contract.
Charter rates may have signalled a bottom. Since the oil crisis in 2014, Clarksons data suggests that charter rates have rationalised, helped by minimal newbuilds and more vessels on lay ups. Furthermore, rising vessel utilisation from demand in the infrastructure and renewable energy sectors in Southeast Asia has benefitted the remaining players in the offshore support sector. The rate stabilisation since mid-17 has helped lift MPM’s EBITDA back into positive territory in FY19.
Initiate coverage with BUY and target price of S$0.020. Having undergone the worst in 2017, we believe share price for MPM has seen its bottom. On the back of a more rational environment in the offshore support sector, we initiate coverage with a BUY and target price of S$0.020, pegged to a 31% discount to a severely-impaired book value of S$0.029/share. Currently trading at 0.56x its NAV/share, MPM could garner renewed interest should the group be able to diversify its revenue sources or navigate back to a positive bottom line.
</div>
</div>
</div>

Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.
INITIATE COVERAGE
Marco Polo Marine (MPM SP)
Second Wind Temporarily Disrupted

Close to the completion of its corporate restructuring efforts, a successful transition to new revenue sources would be a key turning point for Marco Polo Marine. We like its lean operations and revitalised debt structure, providing promptness and flexibility to navigate the current tough environment. Initiate coverage with BUY and target price of S$0.020.


Corporate restructuring almost completed; full focus on operations. Following a S$60m cash injection in Nov 17 and a massive corporate restructuring, Marco Polo Marine (MPM) has proven its resilience and is returning to full-scale operations. Already EBITDA positive, the only drag to the group’s turnaround is its loss-making 34.8%-owned Indonesian ship chartering associate.
Revenue base marked in FY19; further upside dependent on diversification. FY19 marked an improvement in sales quality and appropriately reflects the business environment post the 2014 oil crisis. MPM is striving to diversify from the oil &amp; gas industry into the offshore infrastructure and renewable energy sectors, which include submarine cable installations and services to offshore wind farms in Taiwan. The group has one remaining offshore support vessel under warm lay-up that is immediately available should it clinch a new charter contract.
Charter rates may have signalled a bottom. Since the oil crisis in 2014, Clarksons data suggests that charter rates have rationalised, helped by minimal newbuilds and more vessels on lay ups. Furthermore, rising vessel utilisation from demand in the infrastructure and renewable energy sectors in Southeast Asia has benefitted the remaining players in the offshore support sector. The rate stabilisation since mid-17 has helped lift MPM’s EBITDA back into positive territory in FY19.
Initiate coverage with BUY and target price of S$0.020. Having undergone the worst in 2017, we believe share price for MPM has seen its bottom. On the back of a more rational environment in the offshore support sector, we initiate coverage with a BUY and target price of S$0.020, pegged to a 31% discount to a severely-impaired book value of S$0.029/share. Currently trading at 0.56x its NAV/share, MPM could garner renewed interest should the group be able to diversify its revenue sources or navigate back to a positive bottom line.




Non-SGX Report: Marco Polo Marine (MPM SP): Second Wind Temporarily Disrupted

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
The iEdge SG MOE Index is a free-float, market capitalisation-weighted index that measures the performance of listed maritime and offshore (MOE) companies in Singapore. The Index comprises 12 constituents, with a combined market cap of about S$30 billion. 
	 </li>
	<li>
In the YTD, the five, best-performing Index constituents were: Yangzijiang Shipbuilding (+14.4%), Marco Polo Marine (+5.3%), Sembcorp Marine (+5.2%), COSCO Shipping (+4.5%), and Keppel Corp (+3.7%). They have averaged a total return of +6.6% over the period. 
	 </li>
	<li>The five Index constituents that posted the strongest price rebound from their 52W lows were: Yangzijiang Shipbuilding (70.2%), Vallianz (26.7%), Mermaid Maritime (12.5%), COSCO Shipping (9.7%), and Sembcorp Marine (8.7%). They have averaged a 25.6% rebound from their respective 12M troughs, in line with the YTD rebound in oil prices.</li>
</ul>
 

The iEdge SG MOE Index is a free-float, market capitalisation-weighted index that measures the performance of listed maritime and offshore (MOE) companies in Singapore. Constituents in the Index include shipyard operators, shipping companies as well as those providing port and offshore services. The Index comprises 12 constituents with a combined market capitalisation of about S$30 billion.

The components with the five biggest weights – Yangzijiang Shipbuilding (15.21%), Sembcorp Marine (11.04%), Hutchison Port Holdings Trust (10.73%), Keppel Corp (10.59%), and COSCO Shipping International (10.55%) – account for more than half the Index’s weighting.

Singapore’s offshore and marine industry has been battered by a slump in oil prices over the past few years, cutbacks in exploration and production (E&amp;P) spending, weak charter rates and delayed projects. This has forced a number of players to cut costs and restructure debt.

However, since the start of 2019, WTI crude has gained nearly 30%, and is set for its strongest advance since 2009. The Organization of Petroleum Exporting Countries (OPEC) and its partners – known as OPEC+ – have reduced output, while US sanctions on Iran and Venezuela have tightened supplies. Over the weekend, OPEC+ met in Azerbaijan to monitor their crude supply reduction pact, and said they would exceed commitments in the coming months. On Sunday, Saudi Arabia signalled that producers may need to extend their 1.2 million barrels per day of supply curbs past June into the second half of the year.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-03/WTI%20CRUDE_0.PNG" alt="WTI crude">
 </figure>
 <div class="content-caption">WTI crude</div>
In the 2019 year-to-date, the five, best-performing Index constituents were: Yangzijiang Shipbuilding (+14.4%), Marco Polo Marine (+5.3%), Sembcorp Marine (+5.2%), COSCO Shipping International (+4.5%), and Keppel Corp (+3.7%). They averaged a total return of +6.6% in the YTD, bringing their one-year and three-year total returns to -22.5% and -4.4%.

The table details the 12 constituents of the iEdge SG MOE Index, sorted by YTD total return.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Total Return YTD (%)
			</td>
			<td>
			Total Return 1Y (%)
			</td>
			<td>
			Total Return 3Y (%)
			</td>
			<td>
			P/E (x)
			</td>
			<td>
			P/B (x)
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			14.4
			</td>
			<td>
			14.7
			</td>
			<td>
			59.9
			</td>
			<td>
			7.4
			</td>
			<td>
			1.0
			</td>
		</tr>
<tr>
<td>
			MARCO POLO MARINE
			</td>
			<td>
			5LY
			</td>
			<td>
			5.3
			</td>
			<td>
			-52.4
			</td>
			<td>
			-89.6
			</td>
			<td>
			0.4
			</td>
			<td>
			0.6
			</td>
		</tr>
<tr>
<td>
			SEMBCORP MARINE
			</td>
			<td>
			S51
			</td>
			<td>
			5.2
			</td>
			<td>
			-22.9
			</td>
			<td>
			0.3
			</td>
			<td>
			NA
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			COSCO SHIPPING INTL
			</td>
			<td>
			F83
			</td>
			<td>
			4.5
			</td>
			<td>
			-33.7
			</td>
			<td>
			-9.2
			</td>
			<td>
			59.5
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP 
			</td>
			<td>
			BN4
			</td>
			<td>
			3.7
			</td>
			<td>
			-18.2
			</td>
			<td>
			16.7
			</td>
			<td>
			12.1
			</td>
			<td>
			1.0
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HOLDINGS TRUST
			</td>
			<td>
			NS8U
			</td>
			<td>
			1.6
			</td>
			<td>
			-20.8
			</td>
			<td>
			-40.6
			</td>
			<td>
			NA
			</td>
			<td>
			0.6
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			-0.8
			</td>
			<td>
			-17.1
			</td>
			<td>
			-9.8
			</td>
			<td>
			15.2
			</td>
			<td>
			0.7
			</td>
		</tr>
<tr>
<td>
			MERMAID MARITIME
			</td>
			<td>
			DU4
			</td>
			<td>
			-1.1
			</td>
			<td>
			-44.5
			</td>
			<td>
			-16.5
			</td>
			<td>
			NA
			</td>
			<td>
			0.3
			</td>
		</tr>
<tr>
<td>
			EZION HOLDINGS
			</td>
			<td>
			5ME
			</td>
			<td>
			-6.5
			</td>
			<td>
			-78.2
			</td>
			<td>
			-92.1
			</td>
			<td>
			NA
			</td>
			<td>
			-0.4
			</td>
		</tr>
<tr>
<td>
			AUSGROUP LTD
			</td>
			<td>
			5GJ
			</td>
			<td>
			-12.5
			</td>
			<td>
			-46.7
			</td>
			<td>
			-76.0
			</td>
			<td>
			6.1
			</td>
			<td>
			0.9
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			MR7
			</td>
			<td>
			-21.3
			</td>
			<td>
			-43.9
			</td>
			<td>
			88.5
			</td>
			<td>
			10.7
			</td>
			<td>
			1.5
			</td>
		</tr>
<tr>
<td>
			VALLIANZ HOLDING
			</td>
			<td>
			WPC
			</td>
			<td>
			-36.0
			</td>
			<td>
			-50.8
			</td>
			<td>
			-86.2
			</td>
			<td>
			7.5
			</td>
			<td>
			0.3
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 15 March 2019)

The five Index constituents that posted the strongest price recovery from their 52-week lows were: Yangzijiang Shipbuilding (70.2%), Vallianz Holdings (26.7%), Mermaid Maritime (12.5%), COSCO Shipping (9.7%), and Sembcorp Marine (8.7%). These five stocks have averaged a 25.6% rebound from their respective 12-month troughs.

The table details the 12 constituents of the iEdge SG MOE Index, sorted by percentage price gain from 52-week lows.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Index Weight (%)
			</td>
			<td>
			Market Cap (S$M)
			</td>
			<td>
			Last Price (S$)
			</td>
			<td>
			52W Low Price (S$)
			</td>
			<td>
			52W Low Date
			</td>
			<td>
			% Chg vs 52W Low
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			15.21
			</td>
			<td>
			5,721
			</td>
			<td>
			1.43
			</td>
			<td>
			0.84
			</td>
			<td>
			07/18/2018
			</td>
			<td>
			70.2
			</td>
		</tr>
<tr>
<td>
			VALLIANZ HOLDINGS
			</td>
			<td>
			WPC
			</td>
			<td>
			2.88
			</td>
			<td>
			109
			</td>
			<td>
			0.19
			</td>
			<td>
			0.15
			</td>
			<td>
			10/29/2018
			</td>
			<td>
			26.7
			</td>
		</tr>
<tr>
<td>
			MERMAID MARITIME
			</td>
			<td>
			DU4
			</td>
			<td>
			6.75
			</td>
			<td>
			120
			</td>
			<td>
			0.09
			</td>
			<td>
			0.08
			</td>
			<td>
			03/11/2019
			</td>
			<td>
			12.5
			</td>
		</tr>
<tr>
<td>
			COSCO SHIPPING INTL
			</td>
			<td>
			F83
			</td>
			<td>
			10.55
			</td>
			<td>
			773
			</td>
			<td>
			0.34
			</td>
			<td>
			0.31
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			9.7
			</td>
		</tr>
<tr>
<td>
			SEMBCORP MARINE
			</td>
			<td>
			S51
			</td>
			<td>
			11.04
			</td>
			<td>
			3,363
			</td>
			<td>
			1.62
			</td>
			<td>
			1.49
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			8.7
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP 
			</td>
			<td>
			BN4
			</td>
			<td>
			10.59
			</td>
			<td>
			11,074
			</td>
			<td>
			6.13
			</td>
			<td>
			5.67
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			8.1
			</td>
		</tr>
<tr>
<td>
			HUTCHISON PORT HOLDINGS TRUST
			</td>
			<td>
			NS8U
			</td>
			<td>
			10.73
			</td>
			<td>
			2,835
			</td>
			<td>
			0.32
			</td>
			<td>
			0.30
			</td>
			<td>
			03/01/2019
			</td>
			<td>
			6.7
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			10.52
			</td>
			<td>
			4,550
			</td>
			<td>
			2.52
			</td>
			<td>
			2.43
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			3.7
			</td>
		</tr>
<tr>
<td>
			EZION HOLDINGS
			</td>
			<td>
			5ME
			</td>
			<td>
			6.57
			</td>
			<td>
			160
			</td>
			<td>
			0.04
			</td>
			<td>
			0.04
			</td>
			<td>
			11/22/2018
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			MR7
			</td>
			<td>
			4.66
			</td>
			<td>
			124
			</td>
			<td>
			0.31
			</td>
			<td>
			0.31
			</td>
			<td>
			03/12/2019
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			AUSGROUP LTD
			</td>
			<td>
			5GJ
			</td>
			<td>
			5.22
			</td>
			<td>
			88
			</td>
			<td>
			0.03
			</td>
			<td>
			0.03
			</td>
			<td>
			03/08/2019
			</td>
			<td>
			0.0
			</td>
		</tr>
<tr>
<td>
			MARCO POLO MARINE
			</td>
			<td>
			5LY
			</td>
			<td>
			5.29
			</td>
			<td>
			70
			</td>
			<td>
			0.02
			</td>
			<td>
			0.02
			</td>
			<td>
			12/26/2018
			</td>
			<td>
			0.0
			</td>
		</tr>
</tbody></table>
Source: Bloomberg &amp; StockFacts (data as of 15 March 2019)
</body></html>





The iEdge SG MOE Index is a free-float, market capitalisation-weighted index that measures the performance of listed maritime and offshore (MOE) companies in Singapore. The Index comprises 12 constituents, with a combined market cap of about S$30 billion. 
	 
	
In the YTD, the five, best-performing Index constituents were: Yangzijiang Shipbuilding (+14.4%), Marco Polo Marine (+5.3%), Sembcorp Marine (+5.2%), COSCO Shipping (+4.5%), and Keppel Corp (+3.7%). They have averaged a total return of +6.6% over the period. 
	 
	The five Index constituents that posted the strongest price rebound from their 52W lows were: Yangzijiang Shipbuilding (70.2%), Vallianz (26.7%), Mermaid Maritime (12.5%), COSCO Shipping (9.7%), and Sembcorp Marine (8.7%). They have averaged a 25.6% rebound from their respective 12M troughs, in line with the YTD rebound in oil prices.

 

The iEdge SG MOE Index is a free-float, market capitalisation-weighted index that measures the performance of listed maritime and offshore (MOE) companies in Singapore. Constituents in the Index include shipyard operators, shipping companies as well as those providing port and offshore services. The Index comprises 12 constituents with a combined market capitalisation of about S$30 billion.

The components with the five biggest weights – Yangzijiang Shipbuilding (15.21%), Sembcorp Marine (11.04%), Hutchison Port Holdings Trust (10.73%), Keppel Corp (10.59%), and COSCO Shipping International (10.55%) – account for more than half the Index’s weighting.

Singapore’s offshore and marine industry has been battered by a slump in oil prices over the past few years, cutbacks in exploration and production (E&amp;P) spending, weak charter rates and delayed projects. This has forced a number of players to cut costs and restructure debt.

However, since the start of 2019, WTI crude has gained nearly 30%, and is set for its strongest advance since 2009. The Organization of Petroleum Exporting Countries (OPEC) and its partners – known as OPEC+ – have reduced output, while US sanctions on Iran and Venezuela have tightened supplies. Over the weekend, OPEC+ met in Azerbaijan to monitor their crude supply reduction pact, and said they would exceed commitments in the coming months. On Sunday, Saudi Arabia signalled that producers may need to extend their 1.2 million barrels per day of supply curbs past June into the second half of the year.

      
    
    WTI crude
In the 2019 year-to-date, the five, best-performing Index constituents were: Yangzijiang Shipbuilding (+14.4%), Marco Polo Marine (+5.3%), Sembcorp Marine (+5.2%), COSCO Shipping International (+4.5%), and Keppel Corp (+3.7%). They averaged a total return of +6.6% in the YTD, bringing their one-year and three-year total returns to -22.5% and -4.4%.

The table details the 12 constituents of the iEdge SG MOE Index, sorted by YTD total return.




			Name
			
			
			SGX Code
			
			
			Total Return YTD (%)
			
			
			Total Return 1Y (%)
			
			
			Total Return 3Y (%)
			
			
			P/E (x)
			
			
			P/B (x)
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			14.4
			
			
			14.7
			
			
			59.9
			
			
			7.4
			
			
			1.0
			
		


			MARCO POLO MARINE
			
			
			5LY
			
			
			5.3
			
			
			-52.4
			
			
			-89.6
			
			
			0.4
			
			
			0.6
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			5.2
			
			
			-22.9
			
			
			0.3
			
			
			NA
			
			
			1.5
			
		


			COSCO SHIPPING INTL
			
			
			F83
			
			
			4.5
			
			
			-33.7
			
			
			-9.2
			
			
			59.5
			
			
			1.5
			
		


			KEPPEL CORP 
			
			
			BN4
			
			
			3.7
			
			
			-18.2
			
			
			16.7
			
			
			12.1
			
			
			1.0
			
		


			HUTCHISON PORT HOLDINGS TRUST
			
			
			NS8U
			
			
			1.6
			
			
			-20.8
			
			
			-40.6
			
			
			NA
			
			
			0.6
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			-0.8
			
			
			-17.1
			
			
			-9.8
			
			
			15.2
			
			
			0.7
			
		


			MERMAID MARITIME
			
			
			DU4
			
			
			-1.1
			
			
			-44.5
			
			
			-16.5
			
			
			NA
			
			
			0.3
			
		


			EZION HOLDINGS
			
			
			5ME
			
			
			-6.5
			
			
			-78.2
			
			
			-92.1
			
			
			NA
			
			
			-0.4
			
		


			AUSGROUP LTD
			
			
			5GJ
			
			
			-12.5
			
			
			-46.7
			
			
			-76.0
			
			
			6.1
			
			
			0.9
			
		


			NORDIC GROUP
			
			
			MR7
			
			
			-21.3
			
			
			-43.9
			
			
			88.5
			
			
			10.7
			
			
			1.5
			
		


			VALLIANZ HOLDING
			
			
			WPC
			
			
			-36.0
			
			
			-50.8
			
			
			-86.2
			
			
			7.5
			
			
			0.3
			
		

Source: Bloomberg &amp; StockFacts (data as of 15 March 2019)

The five Index constituents that posted the strongest price recovery from their 52-week lows were: Yangzijiang Shipbuilding (70.2%), Vallianz Holdings (26.7%), Mermaid Maritime (12.5%), COSCO Shipping (9.7%), and Sembcorp Marine (8.7%). These five stocks have averaged a 25.6% rebound from their respective 12-month troughs.

The table details the 12 constituents of the iEdge SG MOE Index, sorted by percentage price gain from 52-week lows.




			Name
			
			
			SGX Code
			
			
			Index Weight (%)
			
			
			Market Cap (S$M)
			
			
			Last Price (S$)
			
			
			52W Low Price (S$)
			
			
			52W Low Date
			
			
			% Chg vs 52W Low
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			15.21
			
			
			5,721
			
			
			1.43
			
			
			0.84
			
			
			07/18/2018
			
			
			70.2
			
		


			VALLIANZ HOLDINGS
			
			
			WPC
			
			
			2.88
			
			
			109
			
			
			0.19
			
			
			0.15
			
			
			10/29/2018
			
			
			26.7
			
		


			MERMAID MARITIME
			
			
			DU4
			
			
			6.75
			
			
			120
			
			
			0.09
			
			
			0.08
			
			
			03/11/2019
			
			
			12.5
			
		


			COSCO SHIPPING INTL
			
			
			F83
			
			
			10.55
			
			
			773
			
			
			0.34
			
			
			0.31
			
			
			12/26/2018
			
			
			9.7
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			11.04
			
			
			3,363
			
			
			1.62
			
			
			1.49
			
			
			12/26/2018
			
			
			8.7
			
		


			KEPPEL CORP 
			
			
			BN4
			
			
			10.59
			
			
			11,074
			
			
			6.13
			
			
			5.67
			
			
			12/26/2018
			
			
			8.1
			
		


			HUTCHISON PORT HOLDINGS TRUST
			
			
			NS8U
			
			
			10.73
			
			
			2,835
			
			
			0.32
			
			
			0.30
			
			
			03/01/2019
			
			
			6.7
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			10.52
			
			
			4,550
			
			
			2.52
			
			
			2.43
			
			
			12/26/2018
			
			
			3.7
			
		


			EZION HOLDINGS
			
			
			5ME
			
			
			6.57
			
			
			160
			
			
			0.04
			
			
			0.04
			
			
			11/22/2018
			
			
			0.0
			
		


			NORDIC GROUP
			
			
			MR7
			
			
			4.66
			
			
			124
			
			
			0.31
			
			
			0.31
			
			
			03/12/2019
			
			
			0.0
			
		


			AUSGROUP LTD
			
			
			5GJ
			
			
			5.22
			
			
			88
			
			
			0.03
			
			
			0.03
			
			
			03/08/2019
			
			
			0.0
			
		


			MARCO POLO MARINE
			
			
			5LY
			
			
			5.29
			
			
			70
			
			
			0.02
			
			
			0.02
			
			
			12/26/2018
			
			
			0.0
			
		

Source: Bloomberg &amp; StockFacts (data as of 15 March 2019)



Five Best Performers of SGX MOE Index Average 7% YTD Gain

Singapore

Marco Polo Marine Limited is an integrated shipping company. The Company provides services that include ship chartering, ship building and repair, and brokering services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Marco Polo Marine (MPM SP)

Non-SGX Report: Marco Polo Marine (MPM SP): Second Wind Temporarily Disrupted

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

Five Best Performers of SGX MOE Index Average 7% YTD Gain

The iEdge SG MOE Index is a free-float, market capitalisation-weighted index that measures the performance of listed maritime and offshore...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)