“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.
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.
