The is not including another $1.95 billion worth of gross development value (GDV) yet to be unlocked, which is equivalent to five years of sales, it adds.
First Sponsor Group’s strong fundamentals have led Phillip Securities to initiate coverage on the company with a “buy” rating and target price of $1.65.
The brokerage says the property developer has unrecognised property development revenue of $586 million.
