FSL Trust
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FSL Trust - starting to see value in it
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Handsome Yields.
ya... as mentioned in its report, it is giving out stable returns... so a yield of around 14% is quite attractive for me... vested too!
As projected! US$1.5 cent DPU same for next quarter. vested
notice the high amt of selling from substantial holders announced... yet can still slowly climb. obviously someone is accumulating from them. let's see how it will perform. i believe, once the selling is over, the push is going to come from the buyer! Vested!
For these 2 yr, div will be at least 1.5 ct. Agreed alot of debt to repay but most of the REITs are also in debt...ext suntec more than 700mil.etc
Vested.
20% div, haha. looks good on the leasing part as plan for renewal of the lease will be from 2015-2017 period. Company has money to pay for the short term loan but seems like borrowed quite a lot to be due in 2012(200mil) 2014( 250mil). Unless they may have plans to acquire more assets to built up cash flow before 2011-2012 if not when interest rate increase, it may hurt the company i think.
Looking at short term chart, acc may be starting from sep 09. should be breaking out soon as most shipping counters are holding strong. Div may attract ppl to start buying in this counter. If price still remain stagnant then i think maybe a little risky. vested a little today for speculation purposes. i will not hold this counter anywhere near 2011. cut loss set at $0.56
Yap....US1.5cents. No re-finance problem till 2011. vested
Anyway the div. is 1.5 US cents per unit, as guidance i suppose.
kingster ( Date: 07-Jan-2010 11:26) Posted:
| anyone noticed the high vol accumulation during the past week and this week? someone is dumping big but got someone else buying bigger! interesting... anyway gd div coming! |
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anyone noticed the high vol accumulation during the past week and this week? someone is dumping big but got someone else buying bigger! interesting... anyway gd div coming!
FSL Trust
3 months ended Sep 2009
Net Profit (S$M)
Current 11.26 Previous 21.58 % Change -47.8
FSL Trust: Guides for 1.5 US cents 4Q DPU
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By Meenal Kumar
Fri, 23 Oct 2009, 16:19:28 SGT
FSL Trust posted a 11.5% YoY and a 3.1% QoQ increase in net cash generated from operations to US$17.6m. DPU of 1.5 US cents was down 50.8% YoY and 38.8% QoQ because of the lower payout policy as well as the first effects of dilution from the recent placement. Over the past few months, FSLT has 1) reduced distributable payout; 2) secured loan-to-market value covenant waivers on its credit facility; and 3) raised net proceeds of US$28.3m in fresh equity. These actions, in our view, have stitched up some of the last remaining gaps in the balance sheet. 4Q DPU guidance of 1.5 US cents was higher than we expected, as we believe FSLT may fill any shortfall using surplus cash retained in previous quarters. Now that the immediate balance sheet overhang has been addressed, we believe our FY10F yield estimate of 14% is fairly defensible. Maintain BUY with S$0.72 fair value.
Results in line. FSL Trust (FSLT) posted US$24.6m in revenue, up 4% YoY but marginally down 0.9% QoQ. Net cash generated from operations of US$17.6m rose 11.5% YoY and 3.1% QoQ. DPU, however, fell 50.8% YoY and 38.8% QoQ to 1.5 US cents. This was primarily because of the lower payout policy as well as the first effects of dilution stemming from the recent placement. Cash retained for the quarter has been used to prepay loans. Note that 1.27 US cents of the DPU amount has already been declared for the pre-placement units in September. All units will enjoy the outstanding 0.23 US cents amount.
Stitching up the balance sheet. FSLT has had a busy 3Q09. First, it secured loan-to-value covenant waivers from creditors that lower the required market-value-to-loan coverage from 145% to 100% for a two year period. In return, FSLT shifts away from a bullet repayment structure and begins repaying US$8m in loans per quarter. Its cost of debt is also higher. Second, FSLT raised US$28.3m (net) through a placement of new units. The proceeds are earmarked towards acquisitions. These steps coupled with the already enforced lower payout policy coalesce into a strategy of “defensive to be offensive”, marking an important turning point in FSLT’s business model. Moreover, the planned asset buys will give the manager a chance to demonstrate the 1) quality of counterparty; 2) asset yield; and 3) lease structure available to FSLT.
Guidance surprises for 4Q DPU. FSLT has guided for a 4Q DPU of 1.5 US cents or flat QoQ. This is almost 5% higher than our estimate of 1.43 US cents, which was driven by the time lag between the dilution from the placement and the utilization of the proceeds. While we believe this time lag still exists, FSLT’s guidance suggests it has enough surplus cash that was retained in previous quarters to fill any shortfall. In addition, our estimates assume that any acquisition is not completed until 1Q10. If FSLT is able to move faster, early contributions from new vessels could also support the gap.
Still our top pick. Now that the immediate balance sheet overhang has been addressed, we believe our FY10F yield estimate of 14% is fairly defensible. Key risk remains counterparty health in a weak shipping environment. Nevertheless, FSLT is our top pick in the shipping trust sector for its diversified vessel portfolio as well as its newly restructured business model. Maintain BUY with S$0.72 fair value.
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This one is one of the best shipping trust company around. N is well managed as well.
Cheers.
If looks, sound and behave like a good company than it must be a good company! Do your homework and judge for yourself. I am vested!
Shipping trusts: 3Q results preview
By Meenal Kumar
Mon, 12 Oct 2009, 08:36:25 SGT
3Q results season is around the corner. For the Singapore-listed shipping trusts, we will be tracking: 1) charter performance; 2) balance sheet strength; and 3) how this translates to forward strategy and DPU guidance. FSL Trust is the only trust to have given clear guidance for 3Q09 payout, which we expect it to achieve. Pacific Shipping Trust is reviewing its payout strategy and has only said that 3Q09 payout will be no less than 70% of distributable income. This may be a significant quarter as its Board spells out its forward payout and growth strategy. For Rickmers Maritime, we do not see any scope for DPU increase until its various issues are resolved and in fact believe it more prudent to not price in any payout. Maintain UNDERWEIGHT on the sector. FSL Trust [BUY, S$0.72 fair value] is our preferred pick for its diversified vessel portfolio.
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USD 0.0127 Div (as stub distribution) for this Sep09, n follow by anyother divi this coming Oct09.
Still a much better counter compare to other Shipping Trust.
N using of the funds raised from placement for the acquisitions of vessels with leases or of companies holding such vessels (which yet to be identify), that will mean an increase in DPU fr future.
To be frank, I'm still confident with FSL management compare to other Shipping trust.
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Published September 5, 2009 
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First Ship Lease Trust to raise funds from placement
By VINCENT WEE
JUST days after winning some reprieve from its bankers, First Ship Lease Trust (FSLT) is now seeking to raise more funds with a 100 million unit placement exercise.
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The trust plans to use funds raised for the acquisitions of vessels with leases or of companies holding such vessels.
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The placement, to be arranged by CLSA Singapore, will not be underwritten. The issue price per new unit and number of new units to be issued will be determined by CLSA in consultation with the trustee-manager, FSL Trust Management (FSLTM), following a book-building process.
FSLTM said that the issue price will be between 52.5 cents and 57.5 cents unless otherwise agreed between CLSA and FSLTM but provided that it will not be at a discount of more than 20 per cent to the traded volume-weighted average price of 59 cents on the day before the agreement was signed.
The trustee-manager said that assuming that all the 100 million new units are issued at an assumed price of 59 cents each, FLST estimates that it will receive net proceeds of about $57.3 million.
The trust plans to use funds raised for the acquisitions of vessels with leases or of companies holding such vessels, although it has not identified any specific assets to be acquired as yet.
The new units are equivalent to about 19.28 per cent of the existing issued units and about 16.16 per cent of the enlarged issued units, assuming that all the 100 million new units are issued.
To ensure fairness to existing unit holders, FSLT will give a stub distribution, estimated at 1.27 cents, for the period July 1 to the day immediately preceding the date on which the new units will be issued instead of to Sept 30 as originally scheduled. The new units are expected to be issued on Sept 17, said FSLTM, adding that the next distribution following the stub distribution is expected to be for the period from the issue of the new units to Sept 30.
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Aiyo, when u guys/ gays inject your money into this baby, i believe u guys already calculated how long it takes to have the amt of money u vested in return.
And than fr when onwards, the DPU money will become extra income to u.
To me Shipping trust & reits are consider sort of saving stock. But if u invest based on short term trading, just to earn that few ten dollars/ hundreds/ thousand/etc in short term, than that different case.
Hahahaha, maybe let wait for FSL to disclose more first. No point scaring yrself at this time. Cheers.
frankly speaking...y give 1.27cts and then issue new units? juz like giving u 10cts and ask u for $1 in return wat? :P
commando ( Date: 04-Sep-2009 13:45) Posted:
Relax la.....many REIT also ask for right wat. But FSL still give stub distribution leh. 1.27 cent as goodwill to existing shareholders.
Will support!!!!! the only shipping trust I vested
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Agreed!
As i have mentioned earlier, i suspect there's more than meets the eye.
This is the worst of times to raise money via equity issues because of the depressed prices compared to IPO price. For a company to issue new units now, they must be quite desperate. Obviously the cash flow from operations is not enough. I hope all Shipping Trusts can be more transparent to their Shareholders.
