PhillipCapital analyst Vivian Ye has maintained “accumulate” on First Ship Lease Trust (FSL Trust) albeit with a lower target price of 3 cents from 5 cents previously, as profit after tax plunged 95% y-o-y on lower revenue.
See: FSL Trust declares DPU of 2 US cents in 1Q21
“We halve FY2021 net profits due to subdued tanker market. Our target price remains pegged to 0.9 times FY2021 price-to-book (P/BV), [which is] the industry average,” she writes in a May 3 report.
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