I think your eps estimate is pretty good, somewhat on the low side, if you mean operational earnings, and you change Q1 to Q2. Keep in mind that the high side of your estimate is almost 4x 2011 Q1 REVENUES.
Not as sure about Lucky's interpretation of the LUR capital gain. He is definitely right about LURs already on the books.
Frankly, I'm unclear on this. But, I think that because they are granted the LUR at the lowest possible price (akin to below even Chinese official market), they may be able to record the difference in earnings, GAAP or non-GAAP doesn't really matter.
In any case, because of this, the $6M+ will be added to NTA. And NTA will get a much more substantial boost when listed elsewhere.
