Stock Name: PacShipTr US$
Company Name: PACIFIC SHIPPING TRUST
DBS Vickers Securities in a July 22 research report says: "2Q11 revenue of US$15.4 million and operating profit of US $9.3 million remained steady on a y-o-y and q-o-q basis, as the existing fleet of 12 container ships continued to generate predictable income levels.
"Net profit was up 2.3% to US$6.8 million, as interest expenses decreased 6.3% on the back of PST's regular debt repayment schedule. The Trust paid out 71% of distributable cash, which amounted to US$4.8m or 0.809 US cents per unit in 2Q11, a 2% increase y-o-y and flat q-o-q.
"he Trust has secured a total of US$282 million in bilateral financing commitments from six banks to finance the above deals, which implies a high debt-to-value ratio of close to 85% and signals the faith of lenders in PST's ability to sustain cash flows. Target price of 44 US cents. BUY"
Company Name: PACIFIC SHIPPING TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.44 |
DBS Vickers Securities in a July 22 research report says: "2Q11 revenue of US$15.4 million and operating profit of US $9.3 million remained steady on a y-o-y and q-o-q basis, as the existing fleet of 12 container ships continued to generate predictable income levels.
"Net profit was up 2.3% to US$6.8 million, as interest expenses decreased 6.3% on the back of PST's regular debt repayment schedule. The Trust paid out 71% of distributable cash, which amounted to US$4.8m or 0.809 US cents per unit in 2Q11, a 2% increase y-o-y and flat q-o-q.
"he Trust has secured a total of US$282 million in bilateral financing commitments from six banks to finance the above deals, which implies a high debt-to-value ratio of close to 85% and signals the faith of lenders in PST's ability to sustain cash flows. Target price of 44 US cents. BUY"
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