First Sponsor

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#14
http://infopub.sgx.com/Apps?A=COW_CorpAn...FINAL_.pdf

Thanks to a buddy's lead, I have revisited this "submarine".

The main driver appears to be the collateralised property financing business. The property financing business has growth substantially since beginning 2014. From a loan book of RMB 150m (31/12/13) to RMB 801m (31/12/14) and further expanded to RMB1101m as of 31/3/15). LV ratio appears conservative with highly attractive interest rate of 17.5 - 20%.

Of course, there are the mainland developments.

Since beginning of the year, First Sponsor has added 2 properties in Holland taking advantage of low financing costs and long lease. Both addition adds to bottomline immediately:

i) http://infopub.sgx.com/Apps?A=COW_CorpAn...0Final.pdf

ii) http://infopub.sgx.com/Apps?A=COW_CorpAn...Final_.pdf

Leveraging on the experiences of Tai Tak Group (Banker background - Ho Sim Guan linked family owns a strategic stake in UOB) and HL Group (Global real estate and hospitality), there is more than meets the eye for this listing.

Unfortunately, public free float is a miserable 14.7% and guided dividend policy is equally miserable (at S$10m or $0.017/share).

Base on IPO prospectus, RNAV of First Sponsor is around $2.00.

Newly Vested
GG
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Messages In This Thread
First Sponsor - by greengiraffe - 24-05-2014, 09:15 AM
RE: First Sponsor - by greengiraffe - 10-07-2014, 08:54 PM
First Sponsor - by opmi - 10-07-2014, 09:05 PM
RE: First Sponsor - by greengiraffe - 10-07-2014, 09:25 PM
RE: First Sponsor - by opmi - 11-07-2014, 12:14 AM
RE: First Sponsor - by ahyu02 - 12-07-2014, 01:12 PM
RE: First Sponsor - by thinknotleft - 11-07-2014, 10:56 AM
RE: First Sponsor - by d.o.g. - 11-07-2014, 12:03 PM
RE: First Sponsor - by Stocker - 11-07-2014, 12:56 PM
First Sponsor - by opmi - 12-07-2014, 01:51 PM
RE: First Sponsor - by Contrarian - 12-07-2014, 01:58 PM
RE: First Sponsor - by thinknotleft - 12-07-2014, 07:48 PM
RE: First Sponsor - by greengiraffe - 25-10-2014, 07:23 PM
RE: First Sponsor - by greengiraffe - 01-05-2015, 10:01 PM
RE: First Sponsor - by butcher - 02-05-2015, 11:44 AM
RE: First Sponsor - by Nick - 02-05-2015, 11:46 AM
RE: First Sponsor - by butcher - 02-05-2015, 04:59 PM
RE: First Sponsor - by greengiraffe - 02-05-2015, 05:13 PM
RE: First Sponsor - by butcher - 02-05-2015, 05:11 PM
RE: First Sponsor - by greengiraffe - 18-05-2015, 09:47 AM
RE: First Sponsor - by hh488 - 18-05-2015, 01:33 PM
RE: First Sponsor - by greengiraffe - 18-05-2015, 01:42 PM
RE: First Sponsor - by greengiraffe - 19-05-2015, 06:39 PM
RE: First Sponsor - by greengiraffe - 16-06-2015, 05:54 PM
RE: First Sponsor - by greengiraffe - 06-07-2015, 11:00 PM
RE: First Sponsor - by greengiraffe - 24-07-2015, 08:22 PM
RE: First Sponsor - by greengiraffe - 14-11-2015, 09:16 AM

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