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How's this fund?
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musicwhiz5
Senior |
24-Jan-2008 22:59
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Dear all, I have written an analysis of FSL Trust's 4Q 2007 results and prospects on my blog. Feel free to visit and comment, thanks ! My blog can be accessed at http://sgmusicwhiz.blogspot.com |
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zhuge_liang
Supreme |
24-Nov-2007 01:26
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The trading currency of FSL Trust will be changed to the S$ from the US$ to widen its appeal to investors. Announcing this yesterday, FSL Trust Management (FSLTM) said that the units would start trading in the S$ on Fri next week. Future distributions to unitholders will continue to be denominated in US$. As with past distributions, unitholders will have the option to elect and receive their distribution entitlements in either US$ or S$, the trust said. |
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rustee45
Member |
05-Jul-2007 12:15
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Sorry, my mistake. Equity should be less than 150m as stated as amount has been used to acquire ships from the sponsor earlier on. Nevertheless, yields at 8.6% are expected to be better than the other ship trusts - Pac at 7.8% and Rickmers at 7.8% currently. Overall, assuming all three trusts are fundamentally the same, FSL's share price should be around USD 1.10, before more acquisitions come underway. |
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rustee45
Member |
02-Jul-2007 22:05
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Shipping trust is a new concept. And most people would see that ships do not appreciate in value, because what they see now is the booming stages of the property market. Much as people would see that property has a longer lifespan, it's only as good as the property market stays bouyant. Which, to our knowledge is subjected to booms and crashes. Till then the value of REITs will fall as well. Shipping trust as a safe haven for investments - With its ships financed at 0% debt at the moment, it has a rather sizable equity to purchase more ships. More ships provide a continuation to the ship rental cycle, and lead to higher dividends each year. The trust has in mind for the long term - 1:1 equity debt financing of ships capex. Up till now, it's only at USD 45m from equity to purchase James Fisher ships (>150m equity as remainder, before debt comes into place), the dps will only get bigger. And alongside this, the government allows tax-free dividends in a bid to boost this niche market. What's more, the trust is allowed to give dividends from operating cash flows, instead of net profit/accumulated profit basis. This will only provide more freedom to meet target yields as depreciation is added back to the cash flow. In times of high returns (as of now), people will all go for higher return stocks. In times of danger, perhaps trusts will provide a safer place to park your money. That's what I'm doing, using my profits from stocks to place into trusts. Just a matter of preference to safeguard my profits. Back to basics- a stock price is dividend/ (rate of return -growth rate). I would expect my stock price to go up alongside my dividends. Let's monitor how shipping trusts will perform in the near future. |
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sohguanh
Veteran |
02-Jul-2007 13:46
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I have reservations about shipping trust as compared to say property or infrastructure trust. Ships lifespan can last 99 years? I guess at most the ship if sailed or used very often lifespan is about 30 years or lesser? Given such a shorter lifespan I doubt it can hold long term unless every now and then there is renewal as in repairment of ships or decommission old ships and buy in new ones? Maybe someone would like to give me stronger argument for shipping trust beyond just good dividend yields? |
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rustee45
Member |
01-Jul-2007 15:00
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I would recommend a buy call on this stock with a long term view. DPS should be more than 8-9US cents per year. Regular purchase of new ships every year should boost the DPS and share price as well, to keep yield at 9%. Something to bring consistent money to you. |
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Nostradamus
Supreme |
27-Mar-2007 23:35
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FSL Trust will own 13 vessels. The ships include chemical and product tankers, container ships, as well as dry bulk carriers. FSL Trust's parent, First Ship Lease, provides financing to shipping and industrial companies. Its shareholders are Germany's HSH Nordbank, the world's biggest ship financier, German bank HVB Group and Schoeller Holdings, a Cyprus-based maritime holding firm. Cornerstone investors Penta Investment Advisers, DWS Investment and AIG Global Investment Corp. have subscribed for 120 million shares at FSL Trust's issue price, giving them a combined stake of 24%. First Ship Lease will hold 32% in the trust. |
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zhuge_liang
Supreme |
27-Mar-2007 11:37
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It will begin trading of 220 million units at $0.98 at 2 p.m. |
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alpha23
Member |
26-Mar-2007 23:22
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hey hey, anyone applied for this trust? i havent got my money back yet, guess i got my 2 lots? anyone else got any lots?? =) |
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alpha23
Member |
26-Mar-2007 23:02
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hey hey, anyone applied for this trust? i havent got my money back yet, guess i got my 2 lots? anyone else got any lots?? =) |
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jipuo1
Member |
26-Mar-2007 20:31
Yells: "Get Rich Slow or one can get poor quick" |
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Hi, Somebody comment on this fund? Ok to invest? |
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