Stock Name: Gallant
Company Name: GALLANT VENTURE LTD.
DBS Vickers Securities in an Aug 15 research report says: "Gallant Venture (GALV) reported 2Q11 PATMI of $0.3 million on the back of 18% y-o-y drop in topline to $48.5 million. This was mainly attributable to lower electricity revenue, due to lower demand and electricity tariff compared to a year ago and no lands sales.
"PATMI was also boosted by write-back of over-provision of withholding and corporate income taxes. We continue to see value in GALV and expect the group to unlock further value from land sales - Lagoi Bay Mall remains on track for completion by end 2011/1Q12 and we expect substantial gains from its opportunistic investment projects in PT SILO and its Shanghai property development when completed in 2012/2013.
"Target price of 88 cents based on sum-of-the-part. MAINTAIN BUY."
Company Name: GALLANT VENTURE LTD.
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.88 |
DBS Vickers Securities in an Aug 15 research report says: "Gallant Venture (GALV) reported 2Q11 PATMI of $0.3 million on the back of 18% y-o-y drop in topline to $48.5 million. This was mainly attributable to lower electricity revenue, due to lower demand and electricity tariff compared to a year ago and no lands sales.
"PATMI was also boosted by write-back of over-provision of withholding and corporate income taxes. We continue to see value in GALV and expect the group to unlock further value from land sales - Lagoi Bay Mall remains on track for completion by end 2011/1Q12 and we expect substantial gains from its opportunistic investment projects in PT SILO and its Shanghai property development when completed in 2012/2013.
"Target price of 88 cents based on sum-of-the-part. MAINTAIN BUY."
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