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First Sponsor Group Ltd (ADN) AI Stock Analysis
First Sponsor Group Ltd
(SGX:ADN)
First Sponsor Group scores low, driven primarily by deteriorating financial performance: a multi-year revenue decline, a swing to a S$191m trailing-twelve-month net loss, rising leverage (debt-to-equity up from 0.61 to 0.90) and negative returns on equity. Technicals reinforce the caution, with the price below all key moving averages and negative MACD, although a near-oversold RSI could support a short-term bounce. Valuation offers partial support through a 5.2% dividend yield and a solid gross margin above 40%, but the negative P/E and thin cash generation relative to a S$1.86bn debt load limit upside. A stabilisation in revenue and a return to profitability are needed before the outlook improves materially.
First Sponsor Group Ltd (ADN) vs. iShares MSCI Singapore ETF (EWS)
- Market Cap
- SGD 1.09B
- Dividend Yield
- 4.96%
- Average Volume (3M)
- 9,803
- Price to Earnings (P/E)
- -5.4
- Beta (1Y)
- 0.22
- Revenue Growth
- -8.05%
- EPS Growth
- -314.67%
- Country
- Singapore
- Employees
- 1,370
- Sector
- Real Estate
- Sector Strength
- 65
- Industry
- Real Estate - Development
First Sponsor Group Ltd Business Overview & Revenue Model
Company Description
First Sponsor Group Limited, an investment holding entity headquartered in Singapore and established in 2007, primarily engages in real estate development, investment, and sales. The company's operations are divided into four main segments: Property...
How the Company Makes Money
The company primarily makes money through real estate development: acquiring land or development rights, funding and constructing property projects via its operating subsidiaries, and recognizing revenue when completed units/properties are sold and h...
First Sponsor Group Ltd Financial Statement Overview
Summary
Financials are under clear pressure. Revenue has more than halved since 2021 to S$275m on a trailing-twelve-month basis, and the company has swung to a S$191m net loss with a negative operating result, implying sizeable write-downs and weak project economics (Income Statement score 24). The balance sheet is the relative bright spot but is deteriorating: equity of S$2.08bn still exceeds S$1.86bn of borrowings, yet debt-to-equity has jumped from 0.61 to 0.90, the asset base has shrunk and return on equity is negative at roughly -9% (Balance Sheet score 50). Cash flow is positive but thin and erratic, with S$48m operating cash flow and S$26m free cash flow against a S$1.86bn debt load (Cash Flow score 34). Healthy gross margins above 40% and cash generation despite accounting losses suggest much of the damage is non-cash, but the overall trajectory remains negative.
Income Statement
24NegativeBalance Sheet
50NeutralCash Flow
34Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 274.55M | 291.71M | 317.56M | 282.93M | 427.49M | 589.17M |
| Gross Profit | 117.57M | 103.34M | 135.85M | 131.87M | 206.09M | 241.32M |
| EBITDA | -42.04M | 23.48M | 221.09M | 124.50M | 259.51M | 244.45M |
| Net Income | -190.58M | -78.76M | 93.02M | 12.52M | 131.26M | 121.47M |
Balance Sheet | ||||||
| Total Assets | 4.52B | 4.93B | 4.91B | 4.64B | 4.34B | 4.30B |
| Cash, Cash Equivalents and Short-Term Investments | 198.50M | 160.37M | 187.77M | 217.76M | 270.26M | 343.93M |
| Total Debt | 1.86B | 1.78B | 1.39B | 1.35B | 1.10B | 1.20B |
| Total Liabilities | 2.37B | 2.87B | 2.54B | 2.55B | 2.41B | 2.32B |
| Stockholders Equity | 2.08B | 1.95B | 2.27B | 1.97B | 1.81B | 1.86B |
Cash Flow | ||||||
| Free Cash Flow | 25.91M | -2.51M | 13.90M | -431.58M | 273.23M | -160.78M |
| Operating Cash Flow | 48.44M | 17.86M | 24.40M | -397.50M | 285.42M | -152.91M |
| Investing Cash Flow | -18.16M | -107.39M | -105.62M | -105.21M | -487.57M | -189.37M |
| Financing Cash Flow | 7.76M | 60.56M | 92.54M | 415.13M | 150.13M | 221.45M |
First Sponsor Group Ltd Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:ADN, the sentiment is Neutral. The current price of 0.96 is above the 20-day moving average (MA) of 0.95, below the 50-day MA of 0.97, and below the 200-day MA of 0.98, indicating a neutral trend. The MACD of -0.00 indicates Negative momentum. The RSI at 54.18 is Neutral, neither overbought nor oversold. The STOCH value of 36.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:ADN.
First Sponsor Group Ltd Peers Comparison
Overall Rating
SG:H1357Neutral
SG:B6156Neutral
SG:W0554Neutral
SG:5UX43Neutral- SG:ADN42Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 65Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
| SG:H13 | 57Neutral | SGD 1.26B | 12.43 | 2.68% | 2.63% | 5.35% | -32.58% |
| SG:B61 | 56Neutral | SGD 1.14B | 8.76 | 7.90% | 5.00% | -37.17% | 12.57% |
| SG:W05 | 54Neutral | SGD 1.07B | 45.10 | 0.80% | 2.14% | 168.17% | ― |
| SG:5UX | 43Neutral | SGD 309.11M | -6.10 | -6.17% | ― | -47.76% | -721.43% |
| SG:ADN | 42Neutral | SGD 1.16B | -5.38 | -9.19% | 4.96% | -8.05% | -314.67% |
* Real Estate Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| SG:ADN | First Sponsor Group Ltd | 0.96 | 0.00 | 0.31% | |
| SG:B61 | Bukit Sembawang Estates Limited | 4.40 | 0.39 | 9.70% | |
| SG:5UX | Oxley Holdings Ltd. | 0.07 | -0.03 | -25.77% | |
| SG:H13 | Ho Bee Land Limited | 1.90 | -0.28 | -12.76% | |
| SG:W05 | Wing Tai Holdings Limited | 1.40 | 0.02 | 1.45% |
First Sponsor Group Ltd Corporate Events
First Sponsor Group Details Use of Warrant Proceeds and Corrects FY2025 Data
First Sponsor Group Ltd has updated investors on how it is deploying approximately S$81.2 million of cash proceeds from the recent exercise of 75,215,849 Warrants (2020) into new ordinary shares between 13 March and 7 September 2026. The move reflect...
First Sponsor Appeals Court Rulings Over Humen Oasis Mansion Units
First Sponsor Group Limited has announced that its subsidiaries filed appeals on 3 August 2026 with the Dongguan Intermediate People’s Court, challenging judgments issued by the Dongguan No. 2 People’s Court concerning the group’s r...
First Sponsor Faces Court Setback and Impairment on China Housing Project
First Sponsor Group Ltd has reported that its subsidiaries received unfavourable court judgments in China concerning residential units in the Humen Oasis Mansion Project. The Dongguan No. 2 People’s Court found malicious collusion between the g...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Sep 29, 2026