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FSL Trust - starting to see value in it
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guanleesoh
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04-Jun-2011 21:00
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Wondering will the stock goes below 0.37... Wave from US and Euro is coming... Any suggestions? |
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grandmaster89
Veteran |
28-May-2011 00:42
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Loan refinancing in 2012 is the key issue now. Management says it is going well so let's see. If they are good, they will try to get LTV-free long term amortizing loans (similar to PST). Don't see how DPU can go up any time soon. The Management should use the US$50 mil cash hoard to repay corporate loans thereby increasing the VTL ratio and reducing interest expense (hence boosting the DPU). Sold my units last year at a loss hiaz. |
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kingster
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27-May-2011 15:19
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Copied from another forum... ------------------------------------------------------------------------------------------ I don't understand... 15.6% still expecting dividend to increase some more??? http://www.kimengresearch.com/KimEng/servlet/PDFDownloadViaEmail?rid=17073& uid=fauzim1& ky=fCIvspJ9goryL1khNOiTJIBjfA0= First Ship Lease Trust (FLST SP, $0.375, NOT RATED) – Seen as a yield play, FSLT’s share price is currently near its 52‐ week low. While the forward dividend yield appears highly attractive at 15%, it may have already factored in the constraints in raising dividend payouts and lack of a visible growth pipeline. Barring another credit crisis, FSLT should be able to at least maintain stable annual dividend distribution. Up‐ to‐ date in 60 seconds Background: First Ship Lease Trust (FSLT) is essentially a financing company to ship charterers. It acquires and leases back the same ship to the charterer on a long‐ term bareboat charter basis. FSLT is one of the three shipping trusts listed on the Singapore Exchange and has a diversified portfolio of 23 vessels. Key features of shipping trust: Regarded as a yield play by investors, a shipping trust pays dividend distributions from operating cash flows. Individual and institutional investors (both local and foreign) do not pay Singapore tax on distributions. Unlike a REIT, a shipping trust is not subject to any gearing limit. It is also required to maintain a minimum payout to qualify for tax exemption. Diversified portfolio with predictable cash flows. FSLT’s fleet of vessels consists of product tankers, containerships, chemical tankers, crude oil tankers and dry bulk carriers. It is a relatively young fleet with an average age of 5.9 years and average lease term to expiry of 6.9 years. With bareboat charters, FSLT neither operates the vessels nor bear the operating expenses hence it protects itself from the volatile bunker costs. Lease rentals are payable regardless of vessel employment status during the lease term. Growth prospects dimmed. Despite the recovery in industry demand and credit market conditions, FSLT’s share price remains depressed. This may be due in part to the loss of long‐ term charter contracts for two of its product tankers. The market could also be wary of the fact that FSLT lacks a visible acquisition pipeline. Unlike Rickmers Maritime and Pacific Shipping Trust, whose sponsors are major shipping companies, FSLT’s sponsor is a financial institution. Its ability to raise its payout may also be affected by restrictive loan covenants with lenders of amortising loans. These factors are reflected in the relatively high consensus forward dividend yield of 15.6%. |
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oceangull
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07-May-2011 10:59
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What happend to this stock? it has depreciated for more than 20% of its value (as compared with price 2 months ago). It defeats the purpose of having high dividend. It is gives me a feeling that it is using our money to pay us back, there is no value add to investors |
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serious
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06-Apr-2011 19:48
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Copied from CNA forum: The bloody management looked loss and desperate They admitted they are not experienced enough when they enter into agreeement with the 2 ship that the leasee defaulted, it was signed " without recourse" , so now LL. The CEO said we learned a lesson and paid for it. Now they want to go into new biz segment which they are totally new and with no resources which they have to start from scratch. i.e. Floating production storage & offloading, Floating oil rigs, inter-modal cranes , Freight containers ( inter-model ) Really nonsence to many unitholders. Many unitholders asked what is the point for the trust to grow , now double from IPO but shareholder value down by 70% from IPO price ? One even suggest to buy back its share if the share is being trade at big discount to NAV, mangement gave excuse thta it is now workable, this unitholder siad not workable becos the management fee will shrink when the company buy back own share, is it ? The management just acted blured on this statement. |
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commando
Veteran |
19-Feb-2011 21:57
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yah....buying more to keep....vested | ||
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xxgjsxx
Member |
28-Jan-2011 13:31
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Poor profit due to the 2 vessels during the 4th quarter result, overall, it shouldn't be that bad. Price is at it low now! Very soon this coming year it will rise back to 50+cents range ! |
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keepinvest
Senior |
30-Jul-2010 09:11
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It stays above 40 cents after XD, not bad. Hope it can hold around this level until the next quarter. | ||
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sureesh40
Senior |
29-Jul-2010 11:06
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Thanks, very informative and usefull information. seems that some analyst have suspended coverage on FSL, such as OCBC securities. | ||
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investor
Senior |
28-Jul-2010 21:53
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For shipping trust, the accounting profit does not matter, even though they show a loss, YET their cash flow is approximately US$17.3 million, which is similar to last qtr's cash flow. THat is why, they are able to pay out US$8m back to the bank, as well as pay out US$5m or more in dividends, still leaving some extra cash in hand for a rainy day. THis extra cash may eventually end up in the form of dividends, once they feel that it is appropriate to do so. (Some of the reits are also doing that, reserving cash which they pay out during the last qtr.). ALso, current spot rate for the 2 ships is approx US$13,000 or so a day, compared with the previous charter rate of US$20,000, so their revenue will be impacted - that is why they will probably not be able to pay the US 1.5 cents they paid in Q1. BUT having gone thru the worst, they are able to pay US 0.95 cents in the current qtr, we should be able to assess that the next qtr's dividend cannot be far from these levels. THe CEO mentioned that they are in no hurry to charter the ships on long term at the present moment, as they see the US$13,000 rate as being at the bottom of the cycle, and it will probably be higher from here Just some facts for info. Not a call to buy/sell. |
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sureesh40
Senior |
28-Jul-2010 15:52
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Will the loss be a recurring loss because of the return of the 2 vessels, or will the loss be reduced when they put the 2 vessels into the spot market, will doing this at least break even
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pharoah88
Supreme |
28-Jul-2010 15:48
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pharoah88
Supreme |
27-Jul-2010 16:27
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First Ship Lease Trust posted net loss of US$6.1m in 2Q10 compared to net profit of US$2.3m in 2Q09. In this Recovery Year 2010, it is losing 2.65 times of the worse year 2009. Not a good omen . . . . May not be able to sustain its DPU in the NEXT QUARTER, 3Q10. It is now in the similiar situation like what Singapore Shipping Corp was over the last three years . . . . its share price may just TANG, if 3Q10 income does not turn POSITIVE . . . . |
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pharoah88
Supreme |
27-Jul-2010 16:20
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keepinvest Thank You Very Much
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keepinvest
Senior |
27-Jul-2010 15:17
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The following site answers your question precisely.The information is always up to date and sometimes updated instantly after SGX announcement. I'm quite thankful that there is someone who's willing to spend time compiling data for busy investors like us who have no time to follow news and figures. http://reitdata.com/ Based on the information, this counter gives the highest yield at the current price (not my buying price  ). |
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pharoah88
Supreme |
27-Jul-2010 14:51
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Which other stocks give a 10% or more Dividend Yield ? ? ? ? Which stock gives the Highest Dividend Yield in 2010 so far ? ? ? ? |
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yoril_xq
Member |
27-Jul-2010 14:06
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I will accumulate this counter one month after XD. | ||
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keepinvest
Senior |
27-Jul-2010 09:03
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I hope 42 cents is the floor. I think the current price is suppressed by high risk factor which will take a while to clear. It's surely one that has the potential to return to $1, but people just think that it's not going to happen soon. |
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sureesh40
Senior |
27-Jul-2010 08:47
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But I wonder is $0.42 cents the floor price. It was $1.50 at launch right, what a big drop in price. Hope that in the future when the world economy is booming this share can be priced above $1 and hoping dividend yield can grow by then to double digits. | ||
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keepinvest
Senior |
26-Jul-2010 17:30
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Wow, it survived to stay unchanged at 42 cents. The next test will be the XD, hope it can maintain above 40 cents to limit my paper loss. | ||
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