Gallant - Gallant Venture started at Buy by Kim Eng Securities

Stock Name: Gallant
Company Name: GALLANT VENTURE LTD.
Research House: Kim Eng

Kim Eng Securities starts Gallant Venture (5IG.SG) at Buy with $0.75 target.



Says company’s land bank in Indonesia’s Bintan island grossly undervalued as overall land sales worth 36x Gallant’s book value.

Says Bintan’s previous lack of critical mass had stalled progress of company’s land sales, but rapid completion of key developments like Treasure Bay, Lagoi Bay “should provide a shot in the arm going forward”.



Adds robust tourist arrivals in Singapore have benefited Bintan, which expected to attract 440,000 visitors this year vs around 400,000 in 2009; “the increase in visitors will translate to higher revenue for Gallant’s utilities and resort operations.”



Shares +9.8% at $0.28.



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