Stock Name: Gallant
Company Name: GALLANT VENTURE LTD.
Kim Eng Research in a June 20 research report says: "The group's plans to bring tourism in Bintan to a new phase were well-received by the fund managers. In particular, they were delighted when management said it aims to cut travelling time between Singapore and Bintan to just 30 minutes, from the current 50 minutes, by moving its ferry services to the upcoming International Cruise Terminal at Marina South and by purchasing highspeed ferries.
"The group's earnings for this year and next will be underscored by the recognition of land sales of $55 million. PT Silo will start to contribute earnings once the convertible bond is converted to 29% equity stake, expected to be within this year. The Shanghai project is slated for completion in two phases over 2013-2014, for which an estimated $300 million in net profit will be recognised.
"Target price of 75 cents, based on SOTP valuation. MAINTAIN BUY."
Company Name: GALLANT VENTURE LTD.
| Research House: Kim Eng | Price Call: BUY | Target Price: 0.75 |
Kim Eng Research in a June 20 research report says: "The group's plans to bring tourism in Bintan to a new phase were well-received by the fund managers. In particular, they were delighted when management said it aims to cut travelling time between Singapore and Bintan to just 30 minutes, from the current 50 minutes, by moving its ferry services to the upcoming International Cruise Terminal at Marina South and by purchasing highspeed ferries.
"The group's earnings for this year and next will be underscored by the recognition of land sales of $55 million. PT Silo will start to contribute earnings once the convertible bond is converted to 29% equity stake, expected to be within this year. The Shanghai project is slated for completion in two phases over 2013-2014, for which an estimated $300 million in net profit will be recognised.
"Target price of 75 cents, based on SOTP valuation. MAINTAIN BUY."
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