First Sponsor Group Ltd (ADN) AI Stock Analysis

4 Followers

First Sponsor Group Ltd

(SGX:ADN)

Select Model

Rating:48Neutral

Price Target:SGD 0.91▼(-5.60% Downside)

Action:reiterated

Date:09/29/26

The score is held back primarily by weakened financial performance in TTM (large loss, negative margins) and moderate leverage alongside volatile cash-flow history. Technicals also point to a weak trend with price below major moving averages. Offsetting factors include a relatively attractive dividend yield, though a negative P/E underscores that profitability is currently a key risk.

Positive Factors

Positive current cash generationTTM operating cash flow of ~48M and free cash flow of ~26M show the group is still generating cash despite its earnings setback. That provides some internal funding capacity for projects and obligations, although the uneven history means this support should not be assumed stable.

Negative Factors

Severe TTM profitability deteriorationThe swing to a large TTM loss and deeply negative margins indicates that current operations are not converting revenue into sustainable earnings. If this weakness persists, it can reduce reinvestment capacity, pressure returns on capital and weaken confidence in future project profitability.

First Sponsor Group Ltd (ADN) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 1.09B
Dividend Yield: 4.96%
Average Volume (3M): 10.70K
Price to Earnings (P/E): -5.4
Beta (1Y): 0.17
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

Overall fundamentals are pressured by a meaningful profitability setback in TTM, including a swing to a large loss (net margin ~-69%) and negative operating/EBITDA margins. The balance sheet is moderately levered for a developer (debt-to-equity ~0.90) with negative ROE in TTM, while cash flow is currently positive (TTM OCF ~48M; FCF ~26M) but volatile across recent years, reducing confidence in stability.

Income Statement

32Negative

Balance Sheet

56Neutral

Cash Flow

45Neutral

Financial statement breakdown
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

Technical Analysis SentimentNeutral

Last Price0.96

Price Trends

50DMA0.96Negative

100DMA0.97Negative

200DMA0.98Negative

Market Momentum

MACD0.00Negative

RSI54.18Neutral

STOCH30.00Neutral

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 0.96, above the 50-day MA of 0.96, 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 30.00 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

UnderperformOutperform

Sector (65)

Financial Indicators

SG:ADN against its peers
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 1.25B	12.30	2.68%	2.66%	5.35%	-32.58%
SG:B61	56Neutral	SGD 1.15B	8.80	7.90%	4.97%	-37.17%	12.57%
SG:W05	54Neutral	SGD 1.07B	46.39	0.80%	2.13%	168.17%	―
SG:ADN	48Neutral	SGD 1.16B	-5.38	-9.19%	4.96%	-8.05%	-314.67%
SG:5UX	43Neutral	SGD 309.11M	-6.10	-6.17%	―	-47.76%	-721.43%

* Real Estate Sector Average

Performance Comparison

SG:ADN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:ADN	First Sponsor Group Ltd	0.96	-0.01	-0.72%
SG:B61	Bukit Sembawang Estates Limited	4.42	0.44	11.00%
SG:5UX	Oxley Holdings Ltd.	0.07	-0.03	-28.71%
SG:H13	Ho Bee Land Limited	1.88	-0.31	-14.08%
SG:W05	Wing Tai Holdings Limited	1.43	0.02	1.49%

First Sponsor Group Ltd Corporate Events

First Sponsor Group Details Use of Warrant Proceeds and Corrects FY2025 Data

Sep 7, 2026

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

Aug 3, 2026

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 residential units i...

First Sponsor Faces Court Setback and Impairment on China Housing Project

Jul 21, 2026

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 group’s...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

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

First Sponsor Group Ltd AI Stock Analysis