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First Sponsor started at 'buy' on potential post-Brexit relocation

Stanislaus Jude Chan
Stanislaus Jude Chan7/24/2018 11:55 AM GMT+08  • 2 min read
First Sponsor started at 'buy' on potential post-Brexit relocation
SINGAPORE (July 24): DBS Group Research is initiating coverage on First Sponsor Group with “buy” call and a target price of $1.62 on the back of potential post-Brexit relocation to the Netherlands.
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SINGAPORE (July 24): DBS Group Research is initiating coverage on First Sponsor Group with “buy” call and a target price of $1.62 on the back of potential post-Brexit relocation to the Netherlands.

Based on a fully diluted revalued net asset value (RNAV), the target price offers potential upside of 31% from First Sponsor’s last traded price of $1.25 as at July 20.

“If its undiluted RNAV is used, First Sponsor’s fair value would be S$1.99, thus giving potential upside of 60%. BUY!” says lead analyst Rachel Tan in a Monday report.

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