First Sponsor Group | Buy
Dec 16 close: S$1.20
DBS Group Research, Dec 16
WE initiate coverage on First Sponsor Group with a buy call and target price of S$1.43. With growing property development business in Chengdu and Dongguan to serve mass market residential property demand, First Sponsor Group is currently developing and selling its second mixed-use project in Chengdu - the Millennium Waterfront in Wenjiang District.
We expect a stable contracted sales in 2014 and double digit growth in contracted...