Custom content split issue

I occasionally run into an issue when trying to use a split on a custom generated CONTENT object.

Have a look at this code:

temp.groups = CONTENT
temp.groups {
  table = fe_groups
  select {
    pidInList = {$groupStoragePid}
    andWhere.dataWrap = FIND_IN_SET(uid, "{TSFE:fe_user|user|usergroup}")
  }
  renderObj = COA_INT
  renderObj {
   10 = TEXT
   10.dataWrap = "{field:title}"###SPLITTER###
  }
}

page.10 = COA_INT
page.10 {
  10 < temp.groups
  10.stdWrap.split {
    token = ###SPLITTER###
    cObjNum = 1
    1 = TEXT
    1.current = 1
  }
}


You would expect the above code to strip the ###SPLITTER### tags out, but it doesn't. Why not? I've set the renderObj of the CONTENT to COA_INT, which causes the split to fail. Changing the renderObj to just COA fixes the problem. I'm not actually sure why, I haven't looked at the source, but I'm assuming it's something to do with the order in which the CONTENT object is processed when no caching is set.