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FSL Trust - starting to see value in it
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guanleesoh
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15-Jun-2011 10:00
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Looks like the recent bad economy reports has dampen the mood on trading in almost all the stock, today is the only day i see 90% in the green. This stock seems unshaken and stayed at the price of 3.7 - 3.75. Dividend stays at 12% per annum base on the current dividend rate. Guess the price gonna be steady for a while... (Not a call to buy/sell) Any suggestion bros? Thanks |
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Hulumas
Supreme |
11-Jun-2011 15:52
Yells: "INVEST but not TRADE please!" |
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Yes, dilution of share price is in process through more trading volume!
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guanleesoh
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10-Jun-2011 10:55
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Dear Bros, Don't know if this is good news or not by adding more shares making the volume a little bigger for more transaction and trading to happen. Got a feeling the dividend $0.0107 (US$0.0087) will not hold the price at $0.38 - $0.39 as this additional shares gonna reduce it (Additional placement was $0.35) Need your professional opinion Bro Senior... Thanks |
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kingster
Senior |
10-Jun-2011 09:12
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Seems like the new placement does not affect the DPU much at all... phew..........
FSL Trust raises S$20 million via fully-underwritten private placement of 56 million New Units
Singapore, 9 June 2011
The issue is fully underwritten by OCBC Bank
The net proceeds 1 2 3 4 5 Said Mr Philip Clausius, President and Chief Executive Officer of FSLTM: " The interest for the private placement underscores the belief investors have in FSL Trust and its business model. Even on the enlarged unitholder base, the second vessel transaction is still net cash flow accretive on a per unit basis and unitholders are not diluted in terms of their distribution per unit.
" We will continue to look out for " value" opportunities in the shipping lease market which broaden our portfolio and enhance the Trust’s earnings quality. The Trust remains " long-biased" in its search for new leases so that unitholders will be rewarded with distributions which are backed by sustainable long-term cash flow."
The Issue Price represents a discount of approximately 6.4 per cent to S$0.374, the volume weighted average price of the units traded on the Singapore Exchange Securities Trading Limited (the " SGX-ST" ) for the full market day on 8 June 2011 (the day preceding the time the placement agreement was signed) and adjusted to exclude the estimated Stub Distribution
In conjunction with the Placement, FSLTM has declared a Stub Distribution for the period from 1 April 2011 to the day immediately preceding the date on which the New Units will be issued under the Placement (the New Units are expected to be issued on 23 June 2011), instead of the full quarter ending 30 June 2011. The next distribution following the Stub Distribution is expected to be in respect of the period from the day the New Units are issued under the Placement to 30 June 2011. Quarterly distributions are expected to resume thereafter.
FSLTM, on behalf of FSL Trust, will make a formal application to the SGX-ST for the listing of and quotation for the New Units on the Main Board of the SGX-ST and the completion of the Placement is subject to,
The New Units are expected to be listed on the SGX-ST on 24 June 2011 and holders of the New Units will not be entitled to the Stub Distribution. However, the New Units will be ranked equally with the other existing units and will be entitled to all future distributions after the Stub Distribution. The Stub Distribution is to ensure fairness to the existing Unitholders. Representing 8.6% on an enlarged basis, the issue of the New Units will raise the total number of units in issue to 654,665,077. Table 1
For Period
1 April 2011 to 22 June 2011*
(Estimated Stub Distribution) Estimated Distribution for Period
23 June 2011 to 30 June 2011 Distribution per unit for
1 April 2011 to 30 June 2011 Existing Units 0.87 US cents
per unit 0.08 US cents
per unit 0.95 US cents
per unit
(Estimated) New Units
(issued under Placement) Not applicable 0.08 US cents
per unit 0.08 US cents
per unit
(Estimated)
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kingster
Senior |
09-Jun-2011 12:03
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seems like a good deal to me. guess the main point of dissatisfaction to current investors is the pricing of the placement.
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investor
Senior |
09-Jun-2011 11:54
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I have aleeady calculated that for the first ship acquired, their div will probably increased to US$1.14 cents per qtr. Taking a look at the 2nd acquisition, the total bareboat rev for 7 yrs is US$33m, taking the NEW total revenue of US$635m minus the old total revenue of US$602m. That is the 2nd ship will contribute US$4.71m per yr. Taking bank interest of 5.6 % (my estimate, can be easily check against their loan details) , the loan of US$23m will cost US$1.288m per yr, leaving US$3.422m to be distribute as div per yr. That is per qtr, the additional div is US$0.855m. Number of shares will increase from 598.6m to 655.6m. Previous div paid was US$5.687m. Therefore new div to be paid (assuming that we are talking about only this one ship) is US$5.687m plus US0.855m, = US$6.542m, over 655.6m shares = US$0.997 cents per share, better than the US$0.95 cents per share before acquisition. Above is only a rough calculation. May not be fully accurate. Not a call to buy/sell. |
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sureesh40
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09-Jun-2011 11:27
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So they will not offer units to existing unit holders | ||||||||||||||||||
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kingster
Senior |
09-Jun-2011 11:10
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placement will reduce DPU but i wonder how the recent 2 acquisitions will add to the DPU. Will there be a overall drop or increase in the DPU? hmmmmmmmmm.......... anyone good in accounting can help to analyse? | ||||||||||||||||||
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kingster
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09-Jun-2011 10:51
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http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_72C83612BEB00493482578AA000E23FB/$file/Placement_9_June_2011.pdf?openelement
PLACEMENT OF UP TO 57,000,000 NEW UNITS IN FIRST SHIP LEASE TRUST AND ANNOUNCEMENT OF BOOKS CLOSURE AND STUB DISTRIBUTION PAYMENT DATES
The directors of FSL Trust Management Pte. Ltd. (the "
The Trustee-Manager will make an announcement (the " 2. Application to the SGX-ST for Approval In-Principle The Trustee-Manager, on behalf of FSL Trust, will be making a formal application to the SGX-ST for the listing of and quotation for the New Units on the Main Board of the SGX-ST. An appropriate announcement will be made upon the receipt of such approval in-principle from the SGX-ST.
The Placement shall be subject to certain conditions precedent more particularly set out in the Placement Agreement, including the approval in-principle of the SGX-ST for the listing of and quotation for the New Units on the Main Board of the SGX-ST. 2 3. Stub Distribution FSL Trust declares its distributions to holders of Units in FSL Trust ("
In conjunction with the Placement, the Trustee-Manager herein declares in respect of the Units in issue immediately prior to the issue of the New Units (the "
The Stub Distribution is proposed as a means to ensure fairness to holders of the Existing Units.
The current expectation of the Trustee-Manager is that the quantum of the distribution per Existing Unit under the Stub Distribution will be approximately 0.87 US cents ("
All Unitholders are exempt from Singapore income tax on distributions made by FSL Trust regardless of whether they are corporate or individual Unitholders. 4. Books Closure and Payment Dates for Stub Distribution Subject to the receipt of approval in-principle from the SGX-ST no later than 16 June 2011 (being the day immediately preceding the last date for trading of the Units on a cum-Stub Distribution basis) for the listing of and quotation for the New Units on the Main Board of the SGX-ST, the Transfer Books and Register of Unitholders of FSL Trust will be closed at 5.00 p.m. on 22 June 2011 for the purposes of determining the entitlements of Unitholders to the Stub Distribution. Unitholders whose Securities Accounts with The Central Depository (Pte) Limited are credited with Units at 5.00 p.m. on 22 June 2011 will be entitled to the Stub Distribution.
The Trustee-Manager will announce the payment date for the Stub Distribution in due course, and currently expects that the Stub Distribution will be paid no later than 21 July 2011. 5. The New Units 6. Issue Price The maximum number of 57,000,000 New Units which may be issued pursuant to the Placement represents approximately 9.5 per cent. of the existing issued Units as at the date of this announcement and will represent approximately 8.7 per cent. of the 3
issued Units (on an enlarged basis) assuming that all of the 57,000,000 New Units are issued.
Except for the Stub Distribution, the New Units will, upon issue, rank For the avoidance of doubt, the New Units will not be entitled to participate in the Stub Distribution. The issue price per New Unit (the "
The Issue Price range of between S$0.347 and S$0.354 per New Unit represents a discount of between 5.3 per cent. and 7.2 per cent. to the Adjusted VWAP. 7. Authority to Issue the New Units The New Units will be issued pursuant to the general mandate by the Unitholders, by way of an ordinary resolution passed at the Annual General Meeting held on 6 April 2011 (the " (a) the aggregate number of Units to be issued pursuant to the Resolution shall not exceed 50 per cent. of the issued Units in FSL Trust (as calculated in accordance with sub-paragraph (b) below), of which the aggregate number of Units to be issued other than on a
(b) (subject to such calculation as may be prescribed by the SGX-ST) for the purpose of determining the aggregate number of Units that may be issued under sub-paragraph (a) above, the percentage of issued Units shall be based on the number of issued Units in FSL Trust as at the time of the passing of the Resolution after adjusting for: 4 (i) any new Units arising from the conversion or exercise of any instruments that are convertible into Units and
(ii) any subsequent bonus issue, consolidation or subdivision of Units. 8. Use of the Proceeds Assuming that all of the 57,000,000 New Units are issued at an assumed Issue Price of S$0.347 per New Unit (being the minimum issue price as indicated above), FSL Trust estimates that it will receive net proceeds from the Placement of approximately S$18.9 million, after deducting the placement fee and estimated offering expenses.
FSL Trust intends to use all the net proceeds from the Placement for the proposed acquisition of
Pending application of the net proceeds of the Placement, the net proceeds may be deposited with banks and/or financial institutions, invested in short-term money market instruments and/or marketable securities, or used for any other purposes on a short-term basis, as the Trustee-Manager may, in its absolute discretion, deem appropriate in the interests of FSL Trust and its special purpose companies.
The Trustee-Manager will make an announcement via SGXNET as and when the proceeds from the Placement are materially disbursed and provide a status report on the use of proceeds from the Placement in the annual report of FSL Trust. 9. Financial Effects of the Placement Based on the unaudited financial statements of FSL Trust as at 31 March 2011, the Unitholders’ funds in FSL Trust are US$339 million comprising 598,665,077 issued Units. When completed, the Placement will increase the Unitholders’ funds in FSL Trust to US$355 million comprising 655,665,077 issued Units (calculated based on the maximum issue size of 57,000,000 New Units).
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kingster
Senior |
09-Jun-2011 10:49
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http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_A5F59BC0A2549110482578A9005E0830/$file/News_Release_TORM_Marie_9_June_2011.pdf?openelement FSL Trust To Acquire Second Long Range II Product Tanker • Vessel MT TORM Marie will be leased back to TORM on slightly improved terms than the recently announced acquisition of MT TORM Margrethe • 7-year bareboat charter will increase distributable cash flow per unit and propel the Trust’s remaining revenue to US$635 million • Deal will be fully financed by bank borrowing, cash and a US$15 million fully underwritten placement of new FSL Trust units Singapore, 9 June 2011 – Only a week after the announcement of its first proposed acquisition in 2011, First Ship Lease Trust (“FSL Trust” or the “Trust”), which is managed by Trustee-Manager FSL Trust Management Pte. Ltd. (FSLTM), has entered into another definitive agreement to purchase its second Long Range II (LR2) product tanker from TORM Singapore Pte. Ltd., a wholly-owned subsidiary of TORM A/S (“TORM”), for US$46 million. Vessel delivery is scheduled to take place within June 2011. The MT TORM Marie, a sister vessel of MT TORM Margrethe (which proposed acquisition from TORM was recently announced by the Trust1), is a 2006-built, 109,672 dwt product tanker constructed by Dalian Shipbuilding Industry Co. Ltd. Following the completion of the acquisition, MT TORM Marie will be leased back to TORM on a bareboat charter basis for a base lease term of seven years on slightly better terms than the MT TORM Margrethe. As before, the bareboat charter agreement is structured with recourse to TORM and contains a purchase option at the expiry of the base lease term, an early buy-out option on or after the fifth anniversary of the lease term, as well as three extension options of one year each. The MT TORM Marie acquisition will be fully funded by the drawdown of US$23 million from the Trust’s existing revolving credit facility and US$23 million in cash, of which US$15 million will come from a private placement of up to 57 million new FSL Trust units (please refer to FSL Trust’s separate news release dated 9 June 2011). 1 Please see News Release dated 1 June 2011 titled “First Ship Lease Trust to acquire its first Long Range II Product Tanker for US$46 million”. 2 www.FSLTrust.com The latest charter of MT TORM Marie will be immediately accretive to distributable cash flow per unit after taking into account the new unit placement and will propel the Trust’s remaining contracted revenue to US$635 million, excluding extension options. In addition, the Trust’s average remaining lease term will be at 6.7 years. Upon acquisition of both the MT TORM Margrethe and MT TORM Marie, the Trust’s young, high quality and diversified asset portfolio will increase to 25 vessels, up from the current 23. Mr Vijay Kamath, Senior Vice-President and Head of Sales of FSLTM, said: “That we are able to conclude this second bareboat charter so soon after tying up the first reflects the market’s healthy appetite for alternative forms of shipping finance. “While transaction opportunities abound, we will continue to only take on charters which are accretive to distributable cash flow per unit and which diversify our vessel and client portfolio at the same time. FSL Trust remains committed to prudently growing the sustainable long-term cash flow that supports our distributions to unitholders.” FSL Trust Management Pte. Ltd. will make a further announcement once the acquisition is completed. |
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kingster
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09-Jun-2011 09:16
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something important to update since there is a halt? http://fsltrust.listedcompany.com/newsroom/110607_FSL_InvestorConfCallTORM.pdf |
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kingster
Senior |
06-Jun-2011 15:26
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PRESS RELEASE: Fitch Revises First Ship Lease Trust's Outlook to Stable Affirms at 'B+' 03/06/2011 10:24 | First Ship Lease Trust The following is a press release from Fitch Ratings: Fitch Ratings-Singapore-03 June 2011: Fitch Ratings has revised Singapore-based First Ship Lease Trust's (FSLT) Outlook to Stable from Negative, and simultaneously affirmed its Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'. The revision of the Outlook follows a period of stable cash generation from FSLT's long-term bareboat chartering operations since May 2010, when one of its then eight lessees defaulted on two shipping contracts the agency believes that counterparty credit quality has, to an extent, since stabilised. The two ships relating to the defaulted contracts are employed in spot markets and, given prevailing weak shipping market conditions, are unlikely to make any meaningful cash returns in the next 12 months. The Stable Outlook also reflects FSLT's reduced distributions to unit holders (Q111: USD5.7m average quarterly payout of USD11m in 2009), debt reduction (from Q409 to date: USD8m per quarter), as well as an improved market value of ships. Fitch notes that the new lease contract announced on 1 June 2011 does not significantly alter FSLT's risk profile. However, the seven-year bareboat charter on its USD46m product tanker, which is half-funded by equity, marginally improves its credit measures, cash generation and counterparty diversity. As FSLT charters out ships on long-term contracts on a bareboat basis, it removes ship operating and utilisation risks, providing earnings visibility. The existing 22 long-term contracts currently have an average remaining life of 6.8 years with outstanding contracted future rentals of USD602m. FSLT has a strong risk management framework and strict lease origination standards. Although the company has struggled to grow its long-term charter business amid the industry's downturn, Fitch takes a positive view of FSLT's policy of not compromising its lease origination standards for growth. However, given the current shipping market conditions, there is a strong possibility that any new lessees's credit quality may be lower than what FSLT considers as ideal. FSLT's 'B+' rating is constrained by its small size with only eight long-term customers and only 24 ships. These factors increase the impact on FSLT from any customer defaults or lease rate renegotiations. For example, the defaulted contracts in 2010 shaved off nearly 15% of its annual revenues from its long-term chartering operations. A large majority of FSLT's contracts were originated during the last shipping up-cycle as a result the contracted rates on these are considerably higher than current market rates, adding to FSLT's counterparty risks. FSLT is currently in discussion with its lenders to refinance credit facilities maturing in 2012 and 2014 (USD226.2m and USD226.1m, respectively, as of 31 March 2011). Fitch believes that the company's stable performance over the last 12 months and improved ship values should aid the refinancing process. The Stable Outlook is based on Fitch's view that FSLT will not face any significant defaults or rate renegotiations and that it can successfully refinance its credit facilities. However, the company's loss absorption capacity remains limited and its debt service coverage (interest and debt amortisation) is modest at around 1.3x (funds from operations interest coverage: around 3.5x). Any further negative developments in relation to its existing leases, and a weakening of debt service coverage may result in a negative rating action. Furthermore, a weakening of counterparty credit quality of existing lessees or addition of new lessees of materially lower credit quality may also put downward pressure on FSLT's rating. No positive rating action is envisaged until FSLT meaningfully increases its scale, without deteriorating its credit profile. | ||||||||||||||||||
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investor
Senior |
06-Jun-2011 15:14
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Sorry , typo error - theoretically, if FSL pays off their loan (principal repayment of US$8m per qtr as well as interest cost of approx US$6m per qtr) , they will be able to save US$14m per qtr, or US$56m per yr. BUT this is a long term scenario - more than 10 yrs later. Another point to note is that we are probably near the bottom of the shipping cycle, and if the cycle turns up, then FSL will benefit from asset re-revaluation, as better confidence in their long term contracts. Not a call to buy/sell. |
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guanleesoh
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06-Jun-2011 11:03
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Hi Guys, Thanks for the pointers, i had gone through their financial sheets and true yes both of you are right. This is definitely a high risk stock, but probably I'm just looking at the surface and not really deep in (My lack of experience). My initials thinking were that the vessel that they have leased mostly ends at 2016 and above so i guess that the dividend might be constant and would be stable for a least the next coming 2 - 3 years. In addition, with the price of the stock at such low price. I think it is consider a good buy (just my thoughts). Well, this are my personal thoughts but really thank you guys for your advice. Will reconsider my decision again, seems like all look negative lol thanks again |
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investor
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06-Jun-2011 10:13
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The new ship wa purhased on a 'bare boat charter' basis, ie the lessee will bare all the cost of running the ship. FSL paid US$23m in cash (their cash holding abt US$553m), and borrowed US$23m. Investing in shipping trust, is basically all about the cash flow that you would expect to receive over the lifespan of the ships, and whether this cashflow, in the form of dividends is sufficient to cover the cost of purchase of the stock, and the anticipated returns. (as compared with putting money in reits or the bank, and getting the div or interest, without losing the principal). If FSL trust continue to pay 13 % dividend every yr, then you would get back your moeny in 7-8 yrs, and thereafter, the returns. *(To put it in simple terms). The question is, can it pay this amt of div, every yr ? - Will the div increase or decrease ? What happens when the ships ages ? What is the lifespan of the ships ? What happens if the charterer gives up the contract before the expiry date ? FSL generates about US$20m in cash for the last qtr. Of which, US$5.69m was paid out as div, US$8m for loan repayment (They have loan O/S abt US$460m), and US$6.07m as interest expense. That is, they will pay US$32m in loan repayment every yr, saving interest expense of US$1.6m per yr (taking intrest costs as 5 %). That is, progessively, the interest saved can be used to pay more divs , etc. If nothing happens in the next 10 yrs or so, they would pay off their loan in approx 14 yrs, and the total cash saved would be US$14m per yr. (ie loan pymt of US$8m and interest cost of US$6.07m. In reality, the picture painted above is simplified, and each investor should weigh carefully the situation. I think, a more professional approach would be a DCF approach, which I would leave to the analyst to present. Not a call to buy/sell. |
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Alligator
Veteran |
06-Jun-2011 08:41
Yells: "learning from past " |
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not to just put cold water ... before you invest on shipping trust, you probably want to understand what shipping trust is. high dividend was the attraction, but it comes with high or very high risk. just read on their dividend history. perhaps you should read what musicwitz posts on fsl http://sgmusicwhiz.blogspot.com/search/label/First%20Ship%20Lease%20Trust
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guanleesoh
Member |
05-Jun-2011 22:26
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Dear Bro Senior, Accounting perspective, if the total revenue base on your information is true... then we may see a total dividend of at least > 13% dividend per year. looks kind of tempting but buying a new vessel means pumping $$ into the expense taking up the profit. would this cut back on the profit and dividend distribution? Sorry, i'm not an accountant just wanna check if there is any affect. Thanks |
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investor
Senior |
05-Jun-2011 14:37
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In FSL announcement of their purchase of the product tanker, in page 3 of the announcement, they indicate that the annualised revenue will increased from US$86m to US$92m. THat means that the new ship will contibute US$6m a year in revenue to FSL's bottom line. Assuming intrest cost of 6 % (probably less than 6), the company's interest expense for the new ship is US1.38m (loan of US23m). THat is, FSL will have extra US$4.62m (US$6m - US$1.38m) to distribute as dividend. Per quarter, that works out to US$1.155m, starting from Qtr 0311, ie end sep 2011. As FSL paid out US 0.95 cents as dividend, based on US$5.687m, that means they should be able to pay US1.14 cents from sept 2011 onwards. THat works out to an annualised yield of 14 .7 % based on last closign price of 0.38, and using an ex rate of 1.23 to convert the US div into sing dollar. SOme assumptions were made in the above calculation, ie the tot rev from the new ship is US$6m, the interest cost is 6 %, and there were no other cost to consider. NOt a call to buy/sell. |
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wishbone
Master |
05-Jun-2011 14:01
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Hopefully so. US And Europe do not seem to be good going forward at least for the next weeks before 2Q/1H reporting season coming in. Hopefully good reports will spur the market sentiment and excite the stock market. 
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dealer0168
Elite |
04-Jun-2011 21:02
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just a small wave.........no worry.
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