Gallant: Net profit for 2Q11 at $0.2m, in line with what Kim Eng expects without land sales recognition.
Cash flows from matured businesses remain strong, within house forecast of $50-60m this year. This will underpin Gallant's ability to continue investing in Lagoi Bay's infrastructures and implementing its master plan, which is key for promoting land sales.
Maintain land sales recognition forecast of $30-$35m this year. Construction for its Shanghai Lao Xi Men project is on track for launch next year, and house value the project's development profit at $350-$400m. Maintain BUY, with $0.75 TP.
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