Gallant Venture rated 'buy' by DBS

Stock Name: Gallant
Company Name: GALLANT VENTURE LTD.

Research House: DBS Vickers

Price Call: BUY

Target Price: 0.88

DBS Vickers Securities in a Nov 14 research report says: "Gallant Venture (GALV) reported 3Q11 net loss of $0.6 million (vs $8.1 million profit in 3Q10) on top of a 30% decline in topline to $47.5 million. This was mainly due to lower recognition from land sales in this quarter ($1.4 million vs $20.6 million in 3Q10).

"Performance of its industrial parks and utilities continue to remain stable. Operational expenses were slightly high owing to higher marketing commissions and professional fees incurred, resulting in a net loss of $0.6 million in 3Q11. On the balance sheet front, net debt was fairly stable $178.7 million, even after accounting for $39 million loan repayment.

"NAV was 51 cents per share. We continue to see latent value in GALV, with potential land sales supported by the completion of Lagoi Bay Mall by 1Q12. Target price of 88 cents. MAINTAIN BUY."

Gallant Venture rated 'buy' by DBS

Stock Name: Gallant
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."

Gallant Venture rated 'buy' by Kim Eng

Stock Name: Gallant
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."

Gallant Venture rated 'buy' by Kim Eng

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."

Gallant - Gallant Venture +6.9%; Still Undervalued: Kim Eng

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

Gallant Venture (5IG.SG) +6.9% at $0.385, extending its recent gains (+45% since start of November vs STI +1.5%) as interest in Gallant -- which has landbank in Bintan about a quarter of the size of Singapore -- has been revived after Kim Eng initiated the counter at Buy with a $0.75 target on Nov 23.



Then, the brokerage noted “with land sales in Bintan going at 36 times its book value, it is becoming clear that the company’s landbank in the island is grossly undervalued.”

Today, Kim Eng says despite the stock’s 41% rise since initiation, it still maintains its view “that the company is undervalued and if tourist arrivals to Bintan should beat forecasts, the upside to our target price will increase as more developers will come on board to speed up the rejuvenation of the island as a regional tourist hub.”



Orderbook quotes suggest a $0.40 cap.

Gallant - Gallant Venture jumps on Kim Eng report

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

Shares of Singapore’s infrastructure firm Gallant Venture <GLVT.SI> rose as much as 11% on Monday to a 14 month high after a broker issued a report highlighting that its stock is undervalued.

At 0143 GMT, shares of Gallant Venture, which develops resorts in Indonesian island Bintan, were up 8.3% at $0.39 with over 23.7 million shares changing hands.

“If tourist arrivals to Bintan should beat forecasts, the upside to our target price will increase as more developers will come on board to speed up the rejuvenation of the island as a regional tourist destination,” said Kim Eng Securities in a report.

The brokerage has a “buy” rating and target price of $0.75, representing a further 92% upside to its current traded price. 

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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Gallant - Gallant Venture rises 12% on broker's Buy call

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

Shares of Singapore-listed Gallant Venture, which develops industrial parks and resorts, rose as much as 12% on Tuesday after a broker initiated coverage of the firm with a "buy" and noted its assets were "grossly undervalued", local traders said.

At 9:39 a.m., its shares were up 9.8% at $0.28 with over 18.4 million shares changing hands.

Kim Eng Securities started Gallant at "buy" with a target price of $0.75, and said the firm, which has several ongoing projects to build resorts in Bintan, Indonesia, will benefit from rising tourist arrivals on the island.

Gallant currently trades at half its book value, which Kim Eng said ignores the growth potential of its Lagoi Bay project, a resort development in Indonesia, as well as other investments.



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