Yeo notes that plans to increase Taiwan subsidiary PKR Offshore’s (PKRO) fleet are in progress. Currently, PKRO owns and MPM’s sole commissioning service operation vessel (CSOV), MP Wind Archer, which has been deployed since April 2025 in Taiwan. MPM is currently constructing at its Batam shipyard a CSOV+ scheduled for delivery in the second quarter of 2028 to PKRO.
MPM has also planned for a third CSOV to be added to its fleet. Together, the CSOVs will complement MPM’s deployment of crew transfer vessels (CTVs) across Taiwan and the region.
RHB expects MPM’s growth in FY2026 to be supported by a full 12-month contribution from both its newly deployed vessels. The new fourth dry dock, which turned operational in August last year, should also support revenue growth as MPM will be able to take on more ship repair jobs. RHB says that its estimates are unchanged, as the new agreement with Siemens Gamasa was factored into its previously anticipated revenue and earnings growth estimates.
Based on forecasted P/E of 17 times and 2% yield, RHB values MPM at 21 cents.
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As at around 9.50 am on July 17, MPM is trading at 12.7 cents, down 0.2 cents or 1.6%.
