Reported Earnings • Aug 05
First half 2026 earnings released: S$0.087 loss per share (vs S$0.012 profit in 1H 2025) First half 2026 results: S$0.087 loss per share (down from S$0.012 profit in 1H 2025). Revenue: S$136.7m (down 11% from 1H 2025). Net loss: S$98.7m (down S$111.8m from profit in 1H 2025). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Real Estate industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Duyuru • Aug 03
First Sponsor Group Limited Announces Cessation of Kingston Kwek Eik Huih as Non-Executive Director First Sponsor Group Limited announced the cessation of Kingston Kwek Eik Huih as Non-Executive Director. Kingston Kwek Eik Huih served as Non-Executive Director. He held directorships at Welland Investments Limited (Alternate Director), Beijing Fortune Hotel Co. Ltd. (Director), and Hong Leong Foundation (Governor). The reason for cessation was resignation for personal reasons. Duyuru • Jul 17
First Sponsor Group Limited Provides Earnings Guidance for the Half Year Ended 30 June 2026 First Sponsor Group Limited provided earnings guidance for the half year ended 30 June 2026. For the period, the company expects to report a net loss for 1H2026. The net loss is mainly
attributable to, inter alia, (i) fair value loss on the Group's financial derivatives as a result of the net strengthening of certain foreign currencies against the Singapore dollar ("S$"), (ii) net foreign exchange losses in respect of matured financial derivatives, and (iii) recognition of the Group's share of loss from its associated company NSI N.V. ("NSI") due to the negative fair value adjustment and impairment of NSI's investment properties. Upcoming Dividend • Apr 23
Upcoming dividend of S$0.037 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 22 May 2026. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 4.7%. Lower than top quartile of Singaporean dividend payers (4.8%). Higher than average of industry peers (3.1%). Duyuru • Mar 14
First Sponsor Group Limited Appoints Lim Wee Hann as Independent Non-Executive Director, Effective March 16, 2026 First Sponsor Group Limited announced the appointment of Mr. Lim Wee Hann as an Independent Non-Executive Director of the Company with effect from March 16, 2026. Following this appointment, the composition of the Board of the Company shall be as follows with effect from March 16, 2026: Ho Han Leong Calvin (Non-Executive Chairman), Ho Han Khoon (Alternate Director to Mr. Ho Han Leong Calvin), Kingston Kwek Eik Huih (Non-Executive Director), Neo Teck Pheng (Executive Director and Group Chief Executive Officer), Desmond Wee Guan Oei (Non-Executive Director and Lead Independent Director), Tan Yee Peng (Non-Executive Independent Director), Low Beng Lan (Non-Executive Independent Director), and Lim Wee Hann (Non-Executive Independent Director). The particulars of Mr. Lim Wee Hann pursuant to the requirements of Rule 704(7) of the Listing Manual of Singapore Exchange Securities Trading Limited will be furnished in a separate announcement. Working Experience: September 2007 to Present Equity Partner, Rajah & Tann Singapore LLP July 2013 to Present Equity Partner, Christopher & Lee Ong, the Malaysian member firm of Rajah & Tann Asia February 2014 to Present Executive Committee Member, Rajah & Tann LCT Lawyers. Other DirectorShips Past: Non-Executive and Independent Director, ISEC Healthcare Ltd. Other DirectorShips Present: Non-Executive Director, A. Menarini Asia-Pacific Holdings Pte. Ltd. - Equity Partner, Rajah & Tann Singapore LLP - Equity Partner, Christopher & Lee Ong - Regional Head, Mergers & Acquisitions, Rajah & Tann Asia - Co-Head, Medical, Healthcare & Life Sciences, Rajah & Tann Singapore LLP. Director Experience Details: ISEC Healthcare Ltd. - Non-Executive Director and Independent Director (September 2014 to April 2024), Chairman of the Nominating Committee and Remuneration Committee; and member of the Audit Committee. Professional Qualifications: Bachelor of Law (Honours), National University of Singapore - Member of the Law Society of Singapore - Member of the Singapore Academy of Law - Member of the Bar Council of Malaysia. Declared Dividend • Mar 02
Final dividend of S$0.037 announced Shareholders will receive a dividend of S$0.037. Ex-date: 30th April 2026 Payment date: 22nd May 2026 Dividend yield will be 4.7%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (115% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Reported Earnings • Feb 26
Full year 2025 earnings released: S$0.08 loss per share (vs S$0.083 profit in FY 2024) Full year 2025 results: S$0.08 loss per share (down from S$0.083 profit in FY 2024). Revenue: S$291.7m (down 8.1% from FY 2024). Net loss: S$78.8m (down 185% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • Feb 25
First Sponsor Group Limited, Annual General Meeting, Apr 27, 2026 First Sponsor Group Limited, Annual General Meeting, Apr 27, 2026. New Risk • Feb 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 22% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by cash flows (385% cash payout ratio). Duyuru • Jan 16
First Sponsor Group Limited Provides Earnings Guidance for the Six Months Ended 31 December 2025 First Sponsor Group Limited provided earnings guidance for the six months ended 31 December 2025 ("2H2025") and financial year ended 31 December 2025 ("FY2025"). Based on a preliminary review of the Group's unaudited condensed interim consolidated financial statements for 2H2025 and FY2025, the Group expects to report a net loss for 2H2025 and FY2025. The net loss is mainly attributable to, inter alia, fair value loss on the Group's financial derivatives as a result of the strengthening of foreign currencies against the Singapore dollar ("S$"), and net foreign exchange losses. Most of the Group's assets are invested overseas and are not S$ denominated. As such, to protect the shareholders' funds of the Group, the Group has largely hedged its foreign exchange exposure, mainly to the Euro (""), Chinese yuan ("CNH") and Australian dollar ("A$"), using a combination of foreign currency debts and financial derivatives. Based on the 31 December 2025 valuation of the various financial derivatives carried out by the respective counterparty banks, the Group will recognise a net unrealised mark-to-market loss of SGD 58.6 million and SGD 56.1 million for 2H2025 and FY2025 respectively. The net loss for 2H2025 is primarily attributable to the appreciation of, CNH and AUD against the SGD in 2H2025, whilst the net loss for FY2025 is primarily attributable to the appreciation of, and to a smaller extent AUD, partially offset by the depreciation of the CNH against S$ during the financial year. At the same time, the Group will recognise a net foreign exchange loss of SGD 21.4 million and SGD 20.0 million for 2H2025 and FY2025 respectively from the financial derivatives that matured during the underlying periods. Such adverse profit and loss impact is not mitigated elsewhere in the consolidated income statement of the Group for 2H2025 and FY2025 as the Company has funded its subsidiaries entirely with equity since September 2024. Prior to September 2024, the Company had substantially funded its subsidiaries via debt whereby any profit and loss impact attributable to the foreign currency debts and financial derivatives was substantially offset by the foreign exchange impact from the revaluation of foreign currency-denominated loans to its subsidiaries. Duyuru • Jan 14
First Sponsor Group Limited to Report First Half, 2026 Results on Feb 25, 2026 First Sponsor Group Limited announced that they will report first half, 2026 results on Feb 25, 2026 Upcoming Dividend • Aug 08
Upcoming dividend of S$0.011 per share Eligible shareholders must have bought the stock before 15 August 2025. Payment date: 28 August 2025. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 4.4%. Lower than top quartile of Singaporean dividend payers (5.6%). Higher than average of industry peers (3.4%). Reported Earnings • Jul 30
First half 2025 earnings released: EPS: S$0.012 (vs S$0.011 in 1H 2024) First half 2025 results: EPS: S$0.012 (up from S$0.011 in 1H 2024). Revenue: S$153.9m (down 11% from 1H 2024). Net income: S$13.1m (up 9.9% from 1H 2024). Profit margin: 8.5% (up from 6.9% in 1H 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 23
Upcoming dividend of S$0.035 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 19 May 2025. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Singaporean dividend payers (6.1%). In line with average of industry peers (4.2%). Reported Earnings • Apr 07
Full year 2024 earnings released: EPS: S$0.083 (vs S$0.013 in FY 2023) Full year 2024 results: EPS: S$0.083 (up from S$0.013 in FY 2023). Revenue: S$317.6m (up 12% from FY 2023). Net income: S$93.0m (up S$80.5m from FY 2023). Profit margin: 29% (up from 4.4% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • Mar 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 82% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.9% operating cash flow to total debt). Earnings have declined by 27% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (378% cash payout ratio). Large one-off items impacting financial results. Declared Dividend • Feb 27
Final dividend increased to S$0.035 Dividend of S$0.035 is 15% higher than last year. Ex-date: 30th April 2025 Payment date: 19th May 2025 Dividend yield will be 4.2%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Duyuru • Feb 26
Tai Tak Industries Pte Ltd. acquired 50% stake in FS Nieuw Holland Pte. Ltd. from First Sponsor Group Limited (SGX:ADN) for AUD 0.03 million. Tai Tak Industries Pte Ltd. acquired 50% stake in FS Nieuw Holland Pte. Ltd. from First Sponsor Group Limited (SGX:ADN) for AUD 0.03 million on November 29, 2024.
Tai Tak Industries Pte Ltd. completed the acquisition of 50% stake in FS Nieuw Holland Pte. Ltd. from First Sponsor Group Limited (SGX:ADN) for AUD 0.03 million on November 29, 2024. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: S$0.083 (vs S$0.013 in FY 2023) Full year 2024 results: EPS: S$0.083 (up from S$0.013 in FY 2023). Revenue: S$317.6m (up 12% from FY 2023). Net income: S$93.0m (up S$80.5m from FY 2023). Profit margin: 29% (up from 4.4% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Duyuru • Feb 25
First Sponsor Group Limited, Annual General Meeting, Apr 28, 2025 First Sponsor Group Limited, Annual General Meeting, Apr 28, 2025. New Risk • Feb 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 323% Paying a dividend despite having no free cash flows. Earnings have declined by 24% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.3% net profit margin). Duyuru • Nov 29
First Sponsor Group Limited (SGX:ADN) acquired an additional 4.57% stake in NSI N.V. (ENXTAM:NSI) from Clearance Capital Limited for approximately €18.9 million. First Sponsor Group Limited (SGX:ADN) entered into a share purchase agreement to acquire an additional 4.57% stake in NSI N.V. (ENXTAM:NSI) from Clearance Capital Limited for approximately €18.9 million on November 27, 2024. The aggregate consideration payable by the Group for the Sale Shares is approximately €18.9 million or €20.50 per Sale Share. The Consideration will be payable to the Seller in full in cash at completion. The Consideration was arrived at based on arm’s length negotiations. As at November 27, 2024, the Group already holds 3,516,664 shares in NSI, representing approximately 17.45% of the total issued and outstanding ordinary shares of NSI. As such, arising from the completion of the SPA, the Group will hold an aggregate of 4,437,503 shares in NSI, representing approximately 22.02% of the total issued and outstanding ordinary shares of NSI. The Acquisition will be funded by the net proceeds from the renounceable and non-underwritten rights issue of perpetual convertible capital securities issued by the Company on September 30, 2024. Completion of the Acquisition is currently expected to take place on or about November 28, 2024, but no later than December 6, 2024.
First Sponsor Group Limited (SGX:ADN) completed the acquisition of 4.57% stake in NSI N.V. (ENXTAM:NSI) from Clearance Capital Limited on November 28, 2024. Upcoming Dividend • Aug 28
Upcoming dividend of S$0.011 per share Eligible shareholders must have bought the stock before 04 September 2024. Payment date: 17 September 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.9%. Lower than top quartile of Singaporean dividend payers (6.2%). In line with average of industry peers (4.3%). New Risk • Aug 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 323% Paying a dividend despite having no free cash flows. Earnings have declined by 24% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.3% net profit margin). Shareholders have been diluted in the past year (22% increase in shares outstanding). Declared Dividend • Jul 29
Final dividend of S$0.011 announced Shareholders will receive a dividend of S$0.011. Ex-date: 4th September 2024 Payment date: 17th September 2024 Dividend yield will be 3.9%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is not covered by earnings (325% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 9 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 262% to bring the payout ratio under control. However, EPS has declined by 42% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Apr 04
Full year 2023 earnings released: EPS: S$0.013 (vs S$0.14 in FY 2022) Full year 2023 results: EPS: S$0.013 (down from S$0.14 in FY 2022). Revenue: S$282.9m (down 34% from FY 2022). Net income: S$12.5m (down 91% from FY 2022). Profit margin: 4.4% (down from 31% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Duyuru • Apr 03
First Sponsor Group Limited, Annual General Meeting, Apr 25, 2024 First Sponsor Group Limited, Annual General Meeting, Apr 25, 2024, at 15:00 Singapore Standard Time. Location: Copthorne King's Hotel, Level 2 Ballroom, 403 Havelock Road, Singapore 169632 Singapore Singapore Agenda: To receive and adopt the Audited Financial Statements for the financial year ended 31 December 2023 and the Directors' Statement and the Auditor's Report thereon; to consider and declare a final tax-exempt (one-tier) dividend of 3.10 Singapore cents per share for the financial year ended 31December 2023; and to transact such other business matters. Board Change • Mar 20
High number of new directors Independent Non-Executive Director Beng Low was the last director to join the board, commencing their role in 2024. Duyuru • Mar 08
First Sponsor Group Limited Appoints Ms. Low Beng Lan as Independent Non-Executive Director The Board of Directors of First Sponsor Group Limited has reviewed the qualifications and experience of Ms. Low Beng Lan (Ms. Low) and upon the recommendation of the Nominating Committee, has approved the appointment of Ms. Low as Independent Non-Executive Director of the company. Working Experience: November 2023 to present, R Vantage Pte Ltd, Managing Director Finance (Part-time) - February 2013 to November 2020, Changi Airports International Pte Ltd, Chief Financial Officer - April 2013 to July 2021, Basel Aero, Director and Audit Committee Chairman. Other DirectorShips Past: Changi Airports China Ltd., Director - Changi Airport Consultants Pte. Ltd., Director - Changi Airports Europe Pte. Ltd., Director - Changi Airports India Pte. Ltd., Director - Changi Airports International Capital Pte. Ltd., Director - Changi Airports Kyushu Pte. Ltd., Director - Changi Airports MENA Pte. Ltd., Director - Changi Airports Philippines (I) Pte. Ltd., Director - Goldenhorn Gate Pte. Ltd., Director - GSN Philippines Pte. Ltd., Director - SCAE Alterra Pte. Ltd., Director - Singapore Changi Airport Enterprise Pte. Ltd., Director - Theta Enterprise Pte. Ltd., Director - Alterra Partners, Director - Alterra Partners Costa Rica Holding, Ltd, Director - Bengal Aerotropolis Projects Limited, Director - Aerodynamics LLC, Director - Concessionaria Aeroporto Rio de Janeiro S.A., Director - Rio de Janeiro Aeroporto S.A., Director. Director Experience Details: Ms. Low Beng Lan will attend the required training/courses to familiarise herself with the roles and responsibilities of a director of a listed company in Singapore. Professional Qualifications: Bachelor of Law (Lower second-class honours), University of London - CoreStates Advanced Management Program for Overseas Bankers, Wharton School, University of Pennsylvania, USA - Bachelor of Accountancy (Second-class honours), National University of Singapore. Recent Insider Transactions Derivative • Feb 28
Non-Executive Chairman exercised options to buy S$944k worth of stock. On the 26th of February, Han Ho exercised options to buy 800k shares at a strike price of around S$1.30, costing a total of S$1.0m. This transaction amounted to 10% of their direct individual holding at the time of the trade. Since March 2023, Han has owned 7.70m shares directly. Company insiders have collectively bought S$1.5m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: S$0.013 (vs S$0.14 in FY 2022) Full year 2023 results: EPS: S$0.013 (down from S$0.14 in FY 2022). Revenue: S$282.9m (down 34% from FY 2022). Net income: S$12.5m (down 91% from FY 2022). Profit margin: 4.4% (down from 31% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Duyuru • Feb 20
First Sponsor Group Limited Proposes Final Cash Dividend for the Year Ended December 31, 2023, Payable on 27 May 2024 The Share Transfer Books and Register of Members of First Sponsor Group Limited ("Company") will be closed at 5.00 p.m. on 8 May 2024 for the purpose of determining shareholders' entitlements to the proposed final tax-exempt (one-tier) dividend of 3.10 Singapore cents per ordinary share for the financial year ended 31 December 2023 ("Final Dividend"), subject to shareholders' approval of the Final Dividend at the annual general meeting of the Company to be convened on 25 April 2024 ("AGM"). Shareholders who are Depositors (as defined in the Securities and Futures Act 2001) and whose securities accounts with The Central Depository (Pte) Limited are credited with ordinary shares in the capital of the Company as at 5.00 p.m. on 8 May 2024 will be entitled to the Final Dividend. In respect of shareholders who are not Depositors, duly completed and stamped registrable transfers received by the Company's Share Registrar, Tricor Barbinder Share Registration Services (a business division of Tricor Singapore Pte. Ltd.), at 9 Raffles Place, #26-01, Republic Plaza Tower I, Singapore 048619, up to 5.00 p.m. on 8 May 2024 will be registered to determine shareholders' entitlements to the Final Dividend. The proposed Final Dividend, if approved by the shareholders at the AGM, will be paid on 27 May 2024. New Risk • Feb 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. Earnings have declined by 1.9% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Oct 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 1.9% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Upcoming Dividend • Sep 07
Upcoming dividend of S$0.011 per share at 3.1% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 02 October 2023. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Singaporean dividend payers (6.2%). Lower than average of industry peers (3.9%). New Risk • Jul 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. Earnings have declined by 1.9% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). Duyuru • Jul 28
First Sponsor Group Limited Declares First Interim Tax-Exempt Dividend for the Financial Year Ending 31 December 2023, Payable on 2 October 2023 First Sponsor Group Limited announced that the Share Transfer Books and Register of Members of the company will be closed at 5.00 p.m. on 15 September 2023 for the purpose of determining shareholders' entitlements to an interim tax-exempt (one-tier) dividend of 1.10 Singapore cents per ordinary share for the financial year ending 31 December 2023 ("Interim Dividend"). In respect of shareholders who are not Depositors, duly completed and stamped registrable transfers received by the Company's Share Registrar, Tricor Barbinder Share Registration Services (a business division of Tricor Singapore Pte. Ltd.), at 80 Robinson Road, #02-00 Singapore 068898, up to 5.00 p.m. on 15 September 2023 will be registered to determine shareholders' entitlements to the Interim Dividend. The Interim Dividend will be paid on 2 October 2023. Upcoming Dividend • Apr 26
Upcoming dividend of S$0.027 per share at 3.0% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Singaporean dividend payers (6.3%). Lower than average of industry peers (3.5%). Reported Earnings • Apr 07
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: S$0.14 (up from S$0.13 in FY 2021). Revenue: S$427.5m (down 27% from FY 2021). Net income: S$131.3m (up 8.1% from FY 2021). Profit margin: 31% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Recent Insider Transactions • Feb 22
Alternate Director recently bought S$132k worth of stock On the 21st of February, Han Ho bought around 100k shares on-market at roughly S$1.32 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought S$576k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 18
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: S$0.14 (up from S$0.13 in FY 2021). Revenue: S$427.5m (down 27% from FY 2021). Net income: S$131.3m (up 8.1% from FY 2021). Profit margin: 31% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Non-Independent Non-Executive Director Kingston Kwek was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Price Target Changed • Oct 26
Price target decreased to S$1.39 Down from S$1.56, the current price target is provided by 1 analyst. New target price is 14% above last closing price of S$1.22. Stock is down 9.6% over the past year. The company is forecast to post earnings per share of S$0.094 for next year compared to S$0.13 last year. Board Change • Oct 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Non-Independent Non-Executive Director Kingston Kwek was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Sep 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Non-Independent Non-Executive Director Kingston Kwek was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Duyuru • Jul 01
First Sponsor Group Limited Appoints Mr. Frans Van Toor as Chief Executive Officer (European Office & Residential Operations) First Sponsor Group Limited, an associated company, has on 30 June 2022 released an announcement on the appointment of Mr. Frans van Toor as Chief Executive Officer (European Office & Residential Operations). Duyuru • Jun 04
First Sponsor Group Limited Announces Change of Singapore Business Office Address The Board of Directors of First Sponsor Group Limited announced that with effect from 6 June 2022, its Singapore business office will be relocated from 63 Market Street, #06-03 Bank of Singapore Centre, Singapore 048942 to: 19 Lorong Telok, Singapore 049031. Price Target Changed • Apr 27
Price target decreased to S$1.39 Down from S$1.56, the current price target is provided by 1 analyst. New target price is 6.9% above last closing price of S$1.30. Stock is down 6.5% over the past year. The company is forecast to post earnings per share of S$0.094 for next year compared to S$0.13 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Non-Executive Director Kingston Kwek was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Apr 07
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: S$0.13 (up from S$0.12 in FY 2020). Revenue: S$589.2m (up 189% from FY 2020). Net income: S$121.5m (up 21% from FY 2020). Profit margin: 21% (down from 49% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 103%. Earnings per share (EPS) missed analyst estimates by 19%. Over the next year, revenue is expected to shrink by 29% compared to a 5.7% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Apr 05
First Sponsor Group Limited, Annual General Meeting, Apr 26, 2022 First Sponsor Group Limited, Annual General Meeting, Apr 26, 2022, at 14:30 Singapore Standard Time. Agenda: To receive and adopt the Audited Financial Statements of the Company for the financial year ended 31 December 2021; to approve the Director's fees for the financial year ending 31 December 2022; to re-elect Directors; to re-appoint Ernst & Young LLP as Auditors of the Company authorise the Directors to fix remuneration; to approve the proposed share issue mandate; and to transact any other business which may be properly transacted at an Annual General Meeting. Board Change • Apr 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Non-Executive Director Kingston Kwek was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Mar 09
Upcoming dividend of S$0.024 per share Eligible shareholders must have bought the stock before 16 March 2022. Payment date: 01 April 2022. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Singaporean dividend payers (6.0%). Lower than average of industry peers (3.3%). Major Estimate Revision • Feb 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from S$198.1m to S$416.5m. EPS estimate unchanged from S$0.094 at last update. Real Estate industry in Singapore expected to see average net income decline 3.3% next year. Consensus price target down from S$1.56 to S$1.39. Share price was steady at S$1.35 over the past week. Recent Insider Transactions Derivative • Feb 23
Group CEO & Executive Director exercised options to buy S$4.2m worth of stock. On the 21st of February, Teck Neo exercised options to buy 3m shares at a strike price of around S$0.93, costing a total of S$2.9m. This transaction amounted to 11% of their direct individual holding at the time of the trade. Since March 2021, Teck's direct individual holding has decreased from 32.12m shares to . Company insiders have collectively bought S$9.8m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Feb 13
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: S$0.13 (up from S$0.12 in FY 2020). Revenue: S$589.2m (up 189% from FY 2020). Net income: S$121.5m (up 21% from FY 2020). Profit margin: 21% (down from 49% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 103%. Earnings per share (EPS) missed analyst estimates by 19%. Over the next year, revenue is expected to shrink by 66% compared to a 12% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Feb 12
First Sponsor Group Limited Announces Second Interim Tax-Exempt (One-Tier) Dividend for the Financial Year Ended 31 December 2021, Payable on or About 1 April 2022 First Sponsor Group Limited announced that Share Transfer Books and Register of Members of the company will be closed at 5.00 p.m. on 17 March 2022 for the purpose of determining shareholders' entitlements to the second interim tax-exempt (one-tier) dividend of 2.35 Singapore cents per ordinary share for the financial year ended 31 December 2021. The Second Interim Dividend will be paid on or about 1 April 2022. Upcoming Dividend • Aug 30
Upcoming dividend of S$0.011 per share Eligible shareholders must have bought the stock before 06 September 2021. Payment date: 21 September 2021. Trailing yield: 1.6%. Lower than top quartile of Singaporean dividend payers (5.2%). Lower than average of industry peers (2.9%). Recent Insider Transactions Derivative • Aug 19
Alternate Director exercised options to buy S$932k worth of stock. On the 12th of August, Han Ho exercised options to buy 675k shares at a strike price of around S$1.08, costing a total of S$729k. This transaction amounted to 22% of their direct individual holding at the time of the trade. Since September 2020, Han's direct individual holding has increased from 2.70m shares to 3.01m. Company insiders have collectively bought S$2.5m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Aug 07
Non-Executive Chairman recently bought S$879k worth of stock On the 6th of August, Han Ho bought around 625k shares on-market at roughly S$1.41 per share. This was the largest purchase by an insider in the last 3 months. Han has been a buyer over the last 12 months, purchasing a net total of S$1.2m worth in shares. Major Estimate Revision • Aug 06
Consensus EPS estimates increase to S$0.11 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from S$278.5m to S$290.1m. EPS estimate increased from S$0.10 to S$0.11 per share. Net income forecast to grow 6.4% next year vs 32% growth forecast for Real Estate industry in Singapore. Consensus price target of S$1.55 unchanged from last update. Share price rose 5.9% to S$1.44 over the past week. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS S$0.12 (vs S$0.22 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: S$203.9m (down 36% from FY 2019). Net income: S$100.2m (down 39% from FY 2019). Profit margin: 49% (down from 51% in FY 2019). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 01
New 90-day high: S$1.39 The company is up 6.0% from its price of S$1.31 on 01 December 2020. The Singaporean market is also up 6.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Real Estate industry, which is up 3.0% over the same period. Recent Insider Transactions • Feb 12
Non-Executive Chairman recently bought S$274k worth of stock On the 10th of February, Han Ho bought around 200k shares on-market at roughly S$1.37 per share. This was the largest purchase by an insider in the last 3 months. Han has been a buyer over the last 12 months, purchasing a net total of S$886k worth in shares. Duyuru • Feb 11
First Sponsor Group Limited (SGX:ADN) entered into a conditional sale and purchase agreement to acquire Guangzhou Panyu Chuang's Real Estate Development Company Limited from Chuang's China Realty Limited for CNY 1.6 billion. First Sponsor Group Limited (SGX:ADN) entered into a conditional sale and purchase agreement to acquire Guangzhou Panyu Chuang's Real Estate Development Company Limited from Chuang's China Realty Limited for CNY 1.6 billion on February 9, 2021. The total consideration include a deferred payment to be made on the business day falling immediately after the expiry of 12 months from Completion. The final consideration will be subject to post-Completion adjustments computed based on the unaudited consolidated management accounts as at the date of Completion of the transaction. Under the terms of the agreement, First Sponsor will assume a Sale Loan owed by Real Estate to Chuang's China Realty Limited. The transaction will be financed by existing cash resources and committed unsecured credit facilities. In a separate transaction, First Sponsor agreed to acquire Guangzhou Kaixiang Property Management Co., Ltd from Guangzhou Hengyang Investment Consulting Service Co., Ltd. and Shoucheng (Dongguan) Real Estate Co., Ltd. Post completion of the transaction, Guangzhou Panyu will become a subsidiary of First Sponsor.
The transaction is subject to approvals from Chuang's China Investment, parent company of Chuang's China Realty and Chuang’s Consortium International Limited, the ultimate parent company shareholders and other customary closing conditions. The transaction is expected to close in the third quarter of 2021. The transaction is not expected to have any material impact on the consolidated earnings per share and the consolidated net tangible assets per share of First Sponsor for the current financial year. Reported Earnings • Feb 11
Full year 2020 earnings released: EPS S$0.12 (vs S$0.22 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: S$203.9m (down 36% from FY 2019). Net income: S$100.2m (down 39% from FY 2019). Profit margin: 49% (down from 51% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue and earnings miss expectations Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 127%, compared to a 2.8% growth forecast for the Real Estate industry in Singapore. Upcoming Dividend • Feb 10
Upcoming Dividend of S$0.02 Per Share Will be paid on the 26th of February to those who are registered shareholders by the 17th of February. The trailing yield of 2.4% is below the top quartile of Singaporean dividend payers (5.0%), and is lower than industry peers (3.6%). Is New 90 Day High Low • Feb 08
New 90-day high: S$1.36 The company is up 5.0% from its price of S$1.29 on 10 November 2020. The Singaporean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 11% over the same period. Major Estimate Revision • Oct 30
Analysts lower revenue estimates to S$255.3m The 2020 consensus revenue estimate decreased from S$354.9m. Earning per share (EPS) estimate was also lowered from S$0.12 to S$0.12 for the same period. Net income is expected to shrink by 4.9% next year compared to 6.6% decline forecast for the Real Estate industry in Singapore. The consensus price target was lowered from S$1.65 to S$1.56. Share price stayed mostly flat at S$1.29 over the past week. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of S$189.7m, up 49% from the prior year. Total revenue was S$314.0m over the last 12 months, up 4.1% from the prior year. 
