Reported Earnings • Apr 12
Full year 2025 earnings released: EPS: US$0.004 (vs US$0.005 in FY 2024) Full year 2025 results: EPS: US$0.004 (down from US$0.005 in FY 2024). Net income: US$6.86m (down 17% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 17% per year. 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 New Risk • Mar 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Singaporean stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (S$90.2m market cap, or US$71.0m). Reported Earnings • Feb 11
Full year 2025 earnings released: EPS: US$0.004 (vs US$0.005 in FY 2024) Full year 2025 results: EPS: US$0.004 (down from US$0.005 in FY 2024). Net income: US$6.86m (down 17% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. 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 New Risk • Dec 26
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 Singaporean stocks, typically moving 8.1% 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 (8.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (S$76.0m market cap, or US$59.2m). Reported Earnings • Aug 11
First half 2025 earnings released: EPS: US$0.001 (vs US$0.001 in 1H 2024) First half 2025 results: EPS: US$0.001 (in line with 1H 2024). Net income: US$1.75m (up 27% from 1H 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. 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 Reported Earnings • Apr 12
Full year 2024 earnings released: EPS: US$0.005 (vs US$0.002 in FY 2023) Full year 2024 results: EPS: US$0.005 (up from US$0.002 in FY 2023). Revenue: US$8.45m (flat on FY 2023). Net income: US$8.26m (up 125% from FY 2023). Profit margin: 98% (up from 43% in FY 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. 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 Reported Earnings • Feb 12
Full year 2024 earnings released: EPS: US$0.005 (vs US$0.002 in FY 2023) Full year 2024 results: EPS: US$0.005 (up from US$0.002 in FY 2023). Revenue: US$8.45m (flat on FY 2023). Net income: US$8.26m (up 125% from FY 2023). Profit margin: 98% (up from 43% in FY 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. 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 21% 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 Risk 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 (S$72.5m 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 6% 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 • Nov 06
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 Singaporean 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 (S$72.5m market cap, or US$53.7m). Reported Earnings • Aug 04
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 fallen by 2% per year, which means it is significantly lagging earnings. 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 9% 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 3% 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 3% per year, which means it is well ahead of earnings. 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 14% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 01
Now 21% undervalued Over the last 90 days, the stock is up 8.8%. The fair value is estimated to be S$0.093, 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 08
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 • Apr 02
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind 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%. Earnings per share (EPS) missed analyst estimates. 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 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 04
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind 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%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 16%, compared to a 17% growth forecast for the industry in Singapore. 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 20% per year, which means it is significantly lagging earnings growth. 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 2% 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.