Announcement • Jul 29
First Ship Lease Trust to Report First Half, 2026 Results on Aug 04, 2026 First Ship Lease Trust announced that they will report first half, 2026 results on Aug 04, 2026 Announcement • Apr 08
First Ship Lease Trust, Annual General Meeting, Apr 28, 2026 First Ship Lease Trust, Annual General Meeting, Apr 28, 2026, at 15:00 Singapore Standard Time. Location: meeting room 326, level 3, suntec singapore convention & exhibition centre, 1 raffles boulevard, suntec city, singapore 039593, Singapore Announcement • Feb 03
First Ship Lease Trust to Report Second Half, 2025 Results on Feb 10, 2026 First Ship Lease Trust announced that they will report second half, 2025 results on Feb 10, 2026 Announcement • Aug 01
First Ship Lease Trust to Report First Half, 2025 Results on Aug 05, 2025 First Ship Lease Trust announced that they will report first half, 2025 results on Aug 05, 2025 Announcement • Apr 09
First Ship Lease Trust, Annual General Meeting, Apr 28, 2025 First Ship Lease Trust, Annual General Meeting, Apr 28, 2025, at 15:00 Singapore Standard Time. Location: meeting room 303-304, level 3, suntec singapore convention & exhibition centre, 1 raffles boulevard, suntec city, singapore 039593, Singapore Announcement • Feb 03
First Ship Lease Trust to Report Nine Months, 2025 Results on Feb 11, 2025 First Ship Lease Trust announced that they will report nine months, 2025 results on Feb 11, 2025 Reported Earnings • Aug 12
First half 2024 earnings released: EPS: US$0.001 (vs US$0.001 in 1H 2023) First half 2024 results: EPS: US$0.001 (in line with 1H 2023). Revenue: US$4.10m (flat on 1H 2023). Net income: US$1.38m (down 24% from 1H 2023). Profit margin: 34% (down from 44% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. New Risk • Aug 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 38% Last year net profit margin: 86% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (38% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Cash payout ratio: 485% Minor Risks Profit margins are more than 30% lower than last year (38% net profit margin). Market cap is less than US$100m (€50.1m market cap, or US$54.7m). Announcement • Jul 30
First Ship Lease Trust to Report First Half, 2024 Results on Aug 06, 2024 First Ship Lease Trust announced that they will report first half, 2024 results on Aug 06, 2024 Announcement • Mar 28
First Ship Lease Trust, Annual General Meeting, Apr 18, 2024 First Ship Lease Trust, Annual General Meeting, Apr 18, 2024, at 10:00 Singapore Standard Time. Location: Orchid Ballroom, Basement 1, Holiday Inn Singapore Orchard City Centre, 11 Cavenagh Road, Singapore Singapore Agenda: To receive and adopt the Report of the Trustee-Manager, Statement by the Trustee-Manager and Audited Financial Statements of FSL Trust for the financial year ended 31 December 2023, together with the Auditor's Report thereon; to re-appoint Moore Stephens LLP as the Auditors of FSL Trust to hold office until the conclusion of the next annual general meeting of FSL Trust, and to authorise the Directors of the Trustee-Manager to fix their remuneration; to transact any other ordinary business which may properly be transacted at an annual general meeting of the Unitholders; and to consider other matters. Reported Earnings • Feb 12
Full year 2023 earnings released: EPS: US$0.002 (vs US$0.008 in FY 2022) Full year 2023 results: EPS: US$0.002 (down from US$0.008 in FY 2022). Revenue: US$8.51m (down 65% from FY 2022). Net income: US$3.67m (down 72% from FY 2022). Profit margin: 43% (down from 55% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jan 06
First Ship Lease Trust to Report Second Half, 2023 Results on Feb 07, 2024 First Ship Lease Trust announced that they will report second half, 2023 results on Feb 07, 2024 New Risk • Aug 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€79.8m market cap, or US$87.9m). Reported Earnings • Aug 03
First half 2023 earnings released: EPS: US$0.001 (vs US$0.001 in 1H 2022) First half 2023 results: EPS: US$0.001 (in line with 1H 2022). Revenue: US$4.10m (down 69% from 1H 2022). Net income: US$1.82m (down 18% from 1H 2022). Profit margin: 44% (up from 17% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jul 29
First Ship Lease Trust to Report First Half, 2023 Results on Aug 03, 2023 First Ship Lease Trust announced that they will report first half, 2023 results on Aug 03, 2023 Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: US$0.008 (vs US$0.001 loss in FY 2021) Full year 2022 results: EPS: US$0.008 (up from US$0.001 loss in FY 2021). Revenue: US$24.2m (down 3.0% from FY 2021). Net income: US$13.3m (up US$14.8m from FY 2021). Profit margin: 55% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Feb 14
Full year 2022 earnings released: EPS: US$0.008 (vs US$0.001 loss in FY 2021) Full year 2022 results: EPS: US$0.008 (up from US$0.001 loss in FY 2021). Revenue: US$24.2m (down 3.0% from FY 2021). Net income: US$13.3m (up US$14.8m from FY 2021). Profit margin: 55% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Feb 07
First Ship Lease Trust to Report Q4, 2022 Results on Feb 13, 2023 First Ship Lease Trust announced that they will report Q4, 2022 results at 5:00 PM, Singapore Standard Time on Feb 13, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Non-Independent Non-Executive Director of FSL Trust Management Pte Ltd Michael Chalkias was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$0.003 (vs US$0.001 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.003 (up from US$0.001 loss in 3Q 2021). Revenue: US$7.63m (up 5.6% from 3Q 2021). Net income: US$5.44m (up US$7.93m from 3Q 2021). Profit margin: 71% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Oct 28
First Ship Lease Trust to Report Q3, 2022 Results on Nov 03, 2022 First Ship Lease Trust announced that they will report Q3, 2022 results at 5:00 PM, Singapore Standard Time on Nov 03, 2022 Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$0.001 (vs US$0 in 2Q 2021) Second quarter 2022 results: EPS: US$0.001 (up from US$0 in 2Q 2021). Revenue: US$7.35m (up 18% from 2Q 2021). Net income: US$2.06m (up 279% from 2Q 2021). Profit margin: 28% (up from 8.7% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Aug 05
First Ship Lease Trust to Report Q2, 2022 Results on Aug 03, 2022 First Ship Lease Trust announced that they will report Q2, 2022 results on Aug 03, 2022 Announcement • Aug 04
First Ship Lease Trust Announces Dividend for the Second Quarter Ended June 30, 2022 First Ship Lease Trust announced THAT the Transfer Books and Register of Unitholders of First Ship Lease Trust will be closed on 15 August 2022 for the purpose of determining each unitholder's entitlement to the distribution of 1.60 US cents per unit in FSL Trust for the second quarter ended 30 June 2022. Buying Opportunity • May 24
Now 30% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €0.057, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 37% over the last 3 years. Earnings per share has grown by 72%. Board Change • May 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Non-Independent Non-Executive Director of FSL Trust Management Pte Ltd Michael Chalkias was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 02
First Ship Lease Trust Announces Resignation of Konstantinos Courcoubetis as Director First Ship Lease Trust announced that Mr. Konstantinos Courcoubetis resigned as a director due to his heavy workload in his new position in China and the COVID-19 travel restrictions in China limit his personal interaction with the rest of the Board. Announcement • Apr 22
First Ship Lease Trust to Report Q1, 2022 Results on Apr 27, 2022 First Ship Lease Trust announced that they will report Q1, 2022 results After-Market on Apr 27, 2022 Reported Earnings • Apr 02
Full year 2021 earnings released: US$0.001 loss per share (vs US$0.004 profit in FY 2020) Full year 2021 results: US$0.001 loss per share (down from US$0.004 profit in FY 2020). Revenue: US$25.0m (down 48% from FY 2020). Net loss: US$1.52m (down 124% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
First Ship Lease Trust, Annual General Meeting, Apr 27, 2022 First Ship Lease Trust, Annual General Meeting, Apr 27, 2022, at 15:00 Singapore Standard Time. Agenda: To consider Adoption of the Report of the Trustee-Manager, Statement by the Trustee-Manager and Audited Financial Statements of First Ship Lease Trust for the financial year ended 31 December 2021 together with the Auditor's Report thereon; to Re-appointment of Moore Stephens LLP as Auditors of First Ship Lease Trust and authority of Directors of Trustee-Manager to fix their remuneration; to Authority to issue new Units; and to Authority to issue new Units pursuant to the First Ship Lease trust Distribution Reinvestment Scheme. Buying Opportunity • Feb 19
Now 34% undervalued after recent price drop Over the last 90 days, the stock is down 10.0%. The fair value is estimated to be US$0.061, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 31% per annum over the last 3 years. The company became loss making over the last year. Reported Earnings • Feb 04
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.001 loss per share (down from US$0.004 profit in FY 2020). Revenue: US$25.0m (down 48% from FY 2020). Net loss: US$1.52m (down 124% from profit in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 16%, compared to a 29% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Apr 26
First Ship Lease Trust Announces Cash Dividend for the First Quarter Ended March 31, 2021, Payable on 4 June 2021 First Ship Lease Trust announced that the Transfer Books and Register of Unitholders of company will be closed at 5.00 p.m. on 3 May 2021 for the purpose of determining each unitholder's entitlement to the distribution of 2.00 US cents per unit in FSL Trust for the first quarter ended 31 March 2021. Unitholders whose securities accounts with The Central Depository (Pte) Limited ("CDP") are credited with units at 5.00 p.m. on 3 May 2021 will be entitled to the Distribution to be paid on 4 June 2021. Reported Earnings • Apr 25
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$6.58m (down 64% from 1Q 2020). Net income: US$336.0k (down 95% from 1Q 2020). Profit margin: 5.1% (down from 36% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 05
Full year 2020 earnings released: EPS US$0.004 (vs US$0.008 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$48.3m (down 34% from FY 2019). Net income: US$6.25m (down 38% from FY 2019). Profit margin: 13% (down from 14% in FY 2019). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 06
Full year 2020 earnings released: EPS US$0.004 (vs US$0.008 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$48.3m (down 34% from FY 2019). Net income: US$6.25m (down 38% from FY 2019). Profit margin: 13% (down from 14% in FY 2019). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Jan 29
First Ship Lease Trust to Report Q4, 2020 Results on Feb 05, 2021 First Ship Lease Trust announced that they will report Q4, 2020 results Pre-Market on Feb 05, 2021 Announcement • Oct 30
First Ship Lease Trust to Report Q3, 2020 Results on Nov 05, 2020 First Ship Lease Trust announced that they will report Q3, 2020 results at 5:00 PM, Singapore Standard Time on Nov 05, 2020 Announcement • Jul 31
First Ship Lease Trust to Report Q2, 2020 Results on Aug 04, 2020 First Ship Lease Trust announced that they will report Q2, 2020 results at 5:00 PM, Singapore Standard Time on Aug 04, 2020 
