Dao Securities has a positive view on PRM shares following the analyst meeting, maintaining a "Buy" recommendation with a target price of 11.50 baht, based on a 2026E core PER of 11.5 times. It has also raised its dividend forecast, increasing the dividend yield to 7.1% from 5.5%. The PCT business plans to expand its fleet to 41 vessels by end-2026E and 46 vessels in 2Q27E. Meanwhile, OSV improves as the vessel returns to full service after 29 days of maintenance in 2Q26. FSU and COC maintain 100% fleet utilization through end-2026E, with COC planning a dry dock for one vessel for about a month between Nov 2026 and Apr 2027. The 2026E payout ratio is expected to be higher than 2025's 58%, following the announcement of a special dividend of 0.20 baht, in addition to regular interim and annual dividends. Normal profit for 2026E is estimated at 2.2 billion baht (+10% YoY), a new record high, with 1H26 normal profit accounting for 48% of the full year. 3Q26E is expected to remain high YoY and show strong QoQ growth, driven by robust FSU, COC, OSV, and PCT performance.
Prima Marine Public Company LimitedDao Securities maintains Buy with target price 11.50 baht and raises dividend forecast, boosting yield to 7.1%.
