PhillipCapital analyst Tan Jie Hui has downgraded property developer First Sponsor Group (FSG) to “accumulate” from “buy”, as its recent share run-up has “priced in some positives”.

Over the past two months, the property developer’s share price has appreciated around 8%, with highs of around $1.43 on March 9, April 12 and April 20.

That said, Tan has kept her sum of the parts (SOTP) target price unchanged at $1.56.

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