PRM Marine Analysts Raise 2026E Earnings Forecast to 1.6 Billion Baht on FSU and PCT Growth

Key summary

DAO (Thailand) Securities maintains a 'Buy' rating on PRM (Prima Marine Public Company Limited), citing an estimated normal profit of 1.6 billion baht for the nine months of 2026, representing 76% of the full-year forecast. The firm expects Q4/2026E profits to grow year-over-year driven by FSU and PCT businesses, though quarterly-on-quarter growth may slow due to rising SG&A. For 2027E, normal profit is projected to continue growing year-over-year as FSU remains strong and new vessel acquisitions support the PCT segment. The target price is set at 11.50 baht based on a 2027E core PER of 11.0x. Key catalysts include forward charters reducing business volatility, ongoing new vessel deliveries, and an expected interim dividend payment following the Q3/26 earnings announcement, with normal profit for that quarter estimated at approximately 564 million baht.