Global Logistic Properties BUY Target Price $2.71 by UBS

UBS Investment Research in a May 31 research report says: "Global Logistic Properties (GLP) reported Q4FY11 earnings of US$49.2 million. Stripping out US$11 million revaluation loss, headline profit was 13.5% higher y-o-y at US$59.8 million, in line with consensus but below UBS estimates.

"The shortfall was due primarily to higher withholding taxes in Japan, 2.4% weakening of the Yen against the US$ in Q4FY11, and a US$6.4 million foreign exchange loss on Yen-denominated loans. We fine-tune our model to reflect the higher lease ratios in China and update our forex assumptions.

"On average, we raise our FY2012-2014 earnings estimates by 5.5%. Valuations remain attractive at 1.1x P/B. Price target of $2.71 based on 1x our sum-of-the-parts RNAV estimates. BUY".