Stock Name: Gallant
Company Name: GALLANT VENTURE LTD.
Research House: Kim Eng
Kim Eng Research in a May 11 research report says: "Gallant Venture reported a loss of $3 million for 1Q11, which was below our expectation. Revenue declined by 7.1% from $47.9 million to $44.5 million following a drop in utilities demand in its industrial parks as activities slowed in February during the Chinese New Year.
"No land sales were recognised in the first quarter as the transfer of land titles is still ongoing. Our forecast recognition for the year is between $30 million and $35 million. Gallant Venture has an outstanding orderbook of $55 million and management is positive on securing more land deals.
"In Shanghai, its 48%-owned project in Lao Xi Men has completed construction for the basement levels and is on track for the pre-sale launch at the end of the year. Target price of 75 cents, based on SOTP valuation. MAINTAIN BUY."
Company Name: GALLANT VENTURE LTD.
Research House: Kim Eng
Kim Eng Research in a May 11 research report says: "Gallant Venture reported a loss of $3 million for 1Q11, which was below our expectation. Revenue declined by 7.1% from $47.9 million to $44.5 million following a drop in utilities demand in its industrial parks as activities slowed in February during the Chinese New Year.
"No land sales were recognised in the first quarter as the transfer of land titles is still ongoing. Our forecast recognition for the year is between $30 million and $35 million. Gallant Venture has an outstanding orderbook of $55 million and management is positive on securing more land deals.
"In Shanghai, its 48%-owned project in Lao Xi Men has completed construction for the basement levels and is on track for the pre-sale launch at the end of the year. Target price of 75 cents, based on SOTP valuation. MAINTAIN BUY."
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