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PhillipCapital starts FSL Trust at 'buy' on unlocked value from current fleet

Felicia Tan
Felicia Tan2/24/2021 01:42 PM GMT+08  • 2 min read
PhillipCapital starts FSL Trust at 'buy' on unlocked value from current fleet
The brokerage's target price of 10.5 cents is pegged at 1.0x FY2022 P/B higher than its 10-year historic average of 0.34x.
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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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