First Sponsor Group’s strong fundamentals have led Phillip Securities to initiate coverage on the company with a “buy” rating and target price of $1.65.

The brokerage says the property developer has unrecognised property development revenue of $586 million.

The is not including another $1.95 billion worth of gross development value (GDV) yet to be unlocked, which is equivalent to five years of sales, it adds.

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