Home Capital Broker's Calls

PhillipCapital upgrades First Sponsor Group to 'accumulate' on 'positive' property development outlook

Felicia Tan
Felicia Tan8/10/2022 12:20 AM GMT+08  • 3 min read
PhillipCapital upgrades First Sponsor Group to 'accumulate' on 'positive' property development outlook
A recovery in the Chinese property market and in the group’s China hotel portfolio are catalysts to a higher TP: PhillipCapital.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

PhillipCapital’s senior research analyst Terence Chua has upgraded his recommendation on First Sponsor Group to “accumulate” from “neutral” as he sees the latest relaxation of property measures in China’s Dongguan as a positive sign for the group.

“We believe the relaxation measures will provide support for the upcoming projects the group will launch in 2HFY2022,” he says.

Chua has, however, kept his target price unchanged at $1.39, citing a recovery in the Chinese property market and in the group’s China hotel portfolio as catalysts for an upgrade in the group’s target price.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.