First Sponsor Group (SGX:ADN) TTM Loss Of S$78.8m Challenges Bullish Narratives

Simply Wall St.02-26 20:23

First Sponsor Group (SGX:ADN) has reported FY 2025 first half revenue of S$153.9 million with basic EPS of S$0.011609, setting a cautious tone after a S$13.11 million net income print in the period. ...

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Over recent halves, the company has seen revenue move from S$172.9 million and EPS of S$0.010695 in 1H 2024 to S$144.7 million and EPS of S$0.071874 in 2H 2024, before landing at the latest 1H 2025 levels. This places the spotlight squarely on how resilient margins really are. See our full analysis for First Sponsor Group. With the headline numbers on the table, the next step is to line these results up against the big narratives around First Sponsor Group to see which views hold up and which ones the latest margins begin to question. Curious how numbers become stories that shape markets? Explore Community Narratives SGX:ADN Revenue & Expenses Breakdown as at Feb 2026 AdvertisementTrailing 12 months swing to S$78.8m loss  Across the trailing 12 months, First Sponsor Group moved from S$94.2 million net income and EPS of S$0.083456 to a net loss of S$78.8 million with EPS of S$0.0802 in the latest 12 month window, while revenue over those same 12 month snapshots moved from S$298.6 million to S$291.7 million. What stands out against the more optimistic, diversified business story is that earnings over the last five years have instead shown annualized loss growth of 28.6%, \n     this trend, together with the latest trailing 12 month loss, weighs against any bullish view that multiple income streams alone can keep profitability steady. At the same time, FY 2025 1H net income of S$13.11 million shows the company can report profit in individual halves, so the bearish angle has to account for meaningful swings between profitable and loss making periods.    Investors trying to reconcile these sharp swings in profitability with the broader story around the company may find it useful to see what other shareholders are focusing on in the numbers, and how they connect these moves to the business mix and markets where First Sponsor operates, before deciding how much weight to put on any single half year. 📊 Read the what the Community is saying about First Sponsor Group. Dividend coverage weak despite 4.56% yield  The stock offers a 4.56% dividend yield, but the latest analysis states that this payout is not well covered by either earnings or free cash flow, and debt is not well covered by operating cash flow. Bears argue that a yield without support from profits and cash generation is fragile, \n     and the trailing 12 month loss of S$78.8 million, combined with earnings that do not cover the dividend, backs up that caution around how sustainable the current payout is. On top of that, weak operating cash flow coverage of debt means skeptics will likely focus on how much flexibility the company really has if profitability remains under pressure.    P/S of 3.9x sits above peers  The company is reported to trade on a P/S of 3.9x, higher than the Singapore real estate industry average of 3.3x and a peer average of 2.5x, even though it was loss making over the latest trailing 12 months. Supporters of the bullish valuation story point to a DCF fair value of S$5.05 versus the current share price of S$1.02, about 79.8% below that estimate, \n     yet the richer P/S multiple relative to peers gives critics a concrete figure to question whether the DCF view is too generous given the recorded S$78.8 million trailing loss. This tension between a higher revenue multiple and modeled upside is likely to be central for anyone weighing the potential reward against the recent loss profile.    Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on First Sponsor Group's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. If this mix of pressure points and bright spots feels mixed to you, do not wait for consensus to form. Weigh the numbers, compare them with your own expectations, and then check out 1 key reward and 3 important warning signs to see how other key risks and rewards line up with your view. See What Else Is Out There Recent results highlight weak dividend coverage, a trailing 12 month loss of S$78.8 million and concerns around debt and cash flow strength despite a 4.56% yield. If fragile dividend coverage and questions around balance sheet resilience worry you, check out our solid balance sheet and fundamentals stocks screener (366 results) to find companies where payouts rest on stronger financial footing.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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