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PhillipCapital lowers FSL Trust's TP on tepid tanker market

Felicia Tan
Felicia Tan5/5/2021 11:19 AM GMT+08  • 2 min read
PhillipCapital lowers FSL Trust's TP on tepid tanker market
However, the brokerage has raised its DPU estimates by 56.7%.
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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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