First Sponsor Group

First Sponsor reports 24.7% higher 2Q earnings of $15.1 mil on higher sales

SINGAPORE (July 25): First Sponsor Group, the property developer in the Netherlands and China, reported 2Q19 earnings of $15.1 million, 24.7% higher than the $12.1 million reported in 2Q18.

Revenue came in 80.1% higher at $79.4 million due mainly to a $34.2 million and $4.1 million increase in revenue from sale of properties and hotel operations respectively.

The increase in revenue from sale of properties in 2Q19 was due mainly to the recognition of revenue from 99 more commercial units in the Millennium Waterfront project in 2Q19 compared to just one unit in 2Q18.

Consistent performers amongst SGX's family empire-linked plays

SINGAPORE (June 11): SGX lists at least 24 companies and two trusts associated with seven business empires run by some of Singapore’s richest families. These home-grown companies and/or conglomerates on SGX have a combined market capitalisation of more than $100 billion. They belong to the Wee, Kwek, Ng, Kuok, Koh, Goi and Chua families, with many of the patriarchs being ranked among the city-state’s richest people.

First Sponsor posts 39% increase in 1Q earnings to $23.8 mil; to launch rights issue of perps

SINGAPORE (Apr 25): First Sponsor Group announced that its 1Q19 earnings increased 39% to $23.8 million, compared to $17.1 million in 1Q18.

Revenue for the period declined by 5.2% to $45.3 million from $47.8 million in the previous year, due to the decrease in revenue from sale of properties and rental income from investment properties. The decrease was partially offset by the increase in revenue from property financing and hotel operations.

First Sponsor plans rights and bonus issues to raise up to $399 mil

SINGAPORE (Mar 25): First Sponsor Group is undertaking a rights issue of securities with detachable warrants as well as a bonus issue to raise up to $399.3 million for expansion.

This comes after the property developer aborted plans for a rights issue involving warrants exercisable into perpetual convertible capital securities which are, in turn, convertible into ordinary shares.

In its Monday filing, First Sponsor plans to issue up to 113.7 million free detachable warrants and 79.6 million bonus warrants.

First Sponsor reports 16.1% higher 3Q earnings of $25.6 mil as cost of sales falls faster

SINGAPORE (Oct 26): First Sponsor Group, the developer of residential and commercial properties, reported 3Q18 earnings of $25.6 million, 16.1% higher than a year ago despite lower revenue as cost of sales fell a sharper 42.7% to $20.5 million.

Revenue decreased 17.5% to $53.5 million from $64.8 million a year ago due mainly to a $25.5 million decline in revenue from sale of properties as fewer units in the Millennium Waterfront project were sold.

First Sponsor to benefit from post-Brexit relocation to the Netherlands

SINGAPORE (July 31): DBS is maintaining its “buy” call on First Sponsor Group with a target price of $1.62.

In a Monday report, analyst Rachel Tan says, “First Sponsor is one of the rare property developers listed in Singapore that will benefit from higher demand fuelled by post-Brexit relocation to Netherlands.”

Currently, the group owns 13 properties/projects in the Netherlands, mainly in Amsterdam, as well as one hotel property in Germany.

On the other hand, the group on Friday announced that its 2Q18 earnings have increased by 29% to $12.1 million.

First Sponsor reports 29% rise in 2Q18 earnings to $12.1 mil despite lower revenue recognition

SINGAPORE (July 27): First Sponsor Group, the mixed property developer in the Netherlands and China, reported 2Q18 earnings of $12.1 million. This brings 1H18 earnings to $29.2 million, up 23.7% from last year.

Revenue for 2Q18 fell 21.2% to $44.1 million due mainly to a $38.6 million decline in revenue from sale of properties led by recognition of revenue from fewer units in the Millennium Waterfront project.

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.

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.

First Sponsor associate disposes Dutch hotel for $11 mil

SINGAPORE (June 11): First Sponsor Group’s 31.4%-owned associated company, Queens Bilderberg (Nederland), is selling Landgoed Lauswolt for approximately $10.8 million.

Landgoed Lauswolt is a private company incorporated in the Netherlands. It owns Bilderberg Landgoed Lauswolt, a 65-room five-star hotel which sits on a parcel of freehold land located at Van Harinxmaweg 10, 9244 CJ, Beetsterzwaag, the Netherlands, and has a total gross floor area of 6,815 square metres. The hotel is operated by Hotel Opco.

First Sponsor to divest part of Chengdu Cityspring project for $97.5 mil

SINGAPORE (May 30): First Sponsor's indirect wholly-owned subsidiary, Chengdu Gaeronic Real Estate, has agreed to sell a portion of its Chengdu Cityspring project for a consideration of RMB465 million ($97.5 million).

Chengdu Cityspring is a mixed-used residential & commercial project based in Chengdu, Sichuan Province, China. On the whole, Chengdu Cityspring comprises six residential buildings, four commercial buildings and 1,272 basement car park lots.

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