PhillipCapital’s research analyst Vivian Ye has initiated “buy” on First Ship Lease Trust (FSL Trust) with a target price of 10.5 cents.
The company is a Singapore-based business trust that was listed on the SGX mainboard in March 2007. The trust owns a fleet of vessels in various shipping sub-sectors, which it leases to the international shipping industry.
“Our target price of 10.5 cents is pegged at 1.0 times FY2022 price-to-book value (P/B) higher than its 10-year historical average of 0.34 times as we see value yet to be unlocked from its current fleet,” says Ye.
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