Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-OCBC upgrades Marco Polo to buy; target S$0.53

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STOCKS NEWS SINGAPORE-OCBC upgrades Marco Polo to buy; target S$0.53 Aug 7th 2012, 01:55 Mon Aug 6, 2012 9:55pm EDT OCBC Investment Research upgraded Singapore's Marco Polo Marine Ltd to 'buy' from 'hold' and raised its target price to S$0.53 from S$0.43 after the marine logistics company reported better-than-expected results for its third quarter. Marco Polo shares rose as much as 4.5 percent to S$0.35 on Tuesday, the highest in nearly three months. The stock has gained 6 percent so far this year versus the 16 percent gain in the FT ST Small Cap Index. The company saw higher gross margin of 32.0 percent in the nine months of its 2012 fiscal year versus 25.2 percent a year earlier, mainly as it generated bigger ship repair and outfitting revenues at higher yields, OCBC noted. Marco Polo had seen an increase in enquiries for ship repair, outfitting and conversion services, OCBC said, adding that the company expects charter rates for offshore vessels as well as tugs and barges to remain stable. OCBC said after changing to a new functional currency, Marco's Indonesian associate BBR reversed its earlier losses arising from the movements in the U.S. dollar against the Indonesian rupiah. (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com)

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