Chua has, however, kept his target price unchanged at $1.39, citing a recovery in the Chinese property market and in the group’s China hotel portfolio as catalysts for an upgrade in the group’s target price.
PhillipCapital’s senior research analyst Terence Chua has upgraded his recommendation on First Sponsor Group to “accumulate” from “neutral” as he sees the latest relaxation of property measures in China’s Dongguan as a positive sign for the group.
“We believe the relaxation measures will provide support for the upcoming projects the group will launch in 2HFY2022,” he says.
