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First Ship Lease Trust
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left_bug
Senior |
18-Sep-2008 10:25
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All time low now. Too bad no one is lending me money. |
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left_bug
Senior |
20-Aug-2008 09:39
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This counter is my only jewel I have. Now at 1.12. Someone trying to short sell? |
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musicwhiz5
Senior |
05-Jul-2008 23:47
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Do note that DBSV has also released a report on FSLT detailing the structure and risks relating to this asset class, and also specifically to FSLT. It's definitely worth a read but take the TP with a pinch of salt, as usual. |
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zhuge_liang
Supreme |
05-Jul-2008 23:04
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OCBC Investment Research downgrades First Ship Lease Trust to Hold from Buy, noting stock has breached its unchanged $1.20 fair value after 12% gain over last 2 months. Says while trust has been able to increase DPU, with FY08 yield of 12.5%, upside from here appears limited given high gearing level following recent aggressive acquisition of oil tankers, vessels; "with the completion of this round of acquisitions, FSLT will have overshot a sustainable debt-to-equity level of 1X by the end of this year. An equity infusion to continue growing DPU could be dilutive as FSLT continues to trade at prohibitively high yields." |
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left_bug
Senior |
03-Apr-2008 21:51
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Thanks dude. |
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musicwhiz5
Senior |
02-Apr-2008 23:14
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Dear all, I have updated my blog at http://sgmusicwhiz.blogspot.com with my thoughts and comments on FSLT's AGM held today. Please note that the points mentioned in my post do not encompass ALL that was discussed or covered, I am just providing a snippet based on memory and some notes I scribbled. Feel free to leave comments, thanks ! 
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OneSharer
Veteran |
01-Feb-2008 20:42
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Yeah, mkt real volatile these days -- hope I won't get seasick (swaying btwn the unpredictable red/green currents). Hope what we have on hand will cheong next week!!!! |
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left_bug
Senior |
01-Feb-2008 09:18
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Personally, I like their presentation slides but its not like I went through a whole lot of financial statement slides so don't take my word for it. I did bought some yesterday to average it down but my leverage is so tight now that I must sell some stocks at a loss. Sucks. |
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OneSharer
Veteran |
01-Feb-2008 06:28
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left bug: Pls note that I tend to refer to everything in general as shares and dividends (if any). As you may already know, FSL is not a share, it is a trust. 178investors: (...if you are still interested) If I remember correctly, FSL cal DPU differently than other listed companies. It is allowed to add back non-cash items (eg depreciation etc) to its net profit after tax(NPAT). Its total becomes the amt avail for distribution. Thus, DPU is calculated based on the total. |
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OneSharer
Veteran |
31-Jan-2008 23:56
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Left bug: Wonder the same thing about UOBKH. Based on my own experience, I think FSL is pretty good w/ their investor relations (i.e. commun) as compare to some other counters. Like some other counters, share price UP slow/hard to maintain but price DOWN much faster. If buy, may want to be prepared w/ contingency plans (e.g. ave down, sell, etc). As you say, these days its share price is on the low side. Hope this helps. |
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left_bug
Senior |
31-Jan-2008 17:35
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This is what UOBKH said and I don't really get how their depreciation policy work. First Ship Lease Trust (FSLT) has announced its FY07 results. Earnings came in at US$6.3m, 17.9% below our calculations mainly due to differences in calculation of depreciation (unlike the other shipping trusts, FSLT has a depreciation policy based on cost vs estimated residual in the 20th year) and amortization of debt upfront fees. Overall distributions per unit (DPU) announced for the period came in at 6.95 US cents, 2.1% below our estimated DPU for the year but spot on with management's guidance following their Nov 2007 acquisition of 2x 47,000DWT product tankers. In conclusion UOBKH said Stable and visible distributions: Maintain BUY We continue to like FSLT for its stable and visible distributions which are supported by its long term timecharters of between five to eleven years. Among the three shipping trusts, FSLT currently also has the lowest debt to equity ratio of 0.34x. As FSLT has a target long-term debt-to-equity ratio of 1x, we expect future acquisitions to continue to be highly accretive as they can be funded by lower cost debt. We maintain our BUY recommendation on FSLT and maintain our target price of US$1.22 (S$1.76). But UOB asset sold this stock and their percentage level is From 5.63 % To 4.83 % |
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left_bug
Senior |
30-Jan-2008 15:44
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UOB highly recommended this one, but they reduce their share on this. UOB what do you think you are doing? Now the dividend yield look very attractive. What should I do? |
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178investors
Veteran |
16-Jan-2008 23:30
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Curious, today's result announcement said DPU beat forecast but net profit after tax minus 14% relative to forecast. How to reconcile the difference? Any accounting expert out there care to explain. Is this a good/bad quarter? |
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Pinnacle
Master |
30-Nov-2007 10:36
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Yesterday closed at US$0.86. Today opened at SG$1.24 Exchange rate at US$1 = SG$1.44186. Not bad. At least they did not short-change us at the exchange rate. |
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