POLB had a tremendous 2022 despite the difficult market backdrop and the start to 2023 has shown further progress,with the stock up 32% YTD.. The management team delivered on the promises of the IPO, building up the portfolio in a capital light manner and gaining significant non-dilutive funding through the award of a grant to a consortium led by POLB. We maintain our BUY recommendation and increase our P/T to 21p (from 20p).
