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".
Showing posts with label Global Logistic Properties. Show all posts
Showing posts with label Global Logistic Properties. Show all posts
Monday, June 6, 2011
Friday, May 13, 2011
Global Logistic Properties BUY Target Price $2.90 by JP Chase Morgan
JP Morgan Research in a Feb 25 research report says: "GLP announced a joint venture with the Suzhou municipal government to develop a modern logistics park with a total land area of 1 million sqm. Phase 1 will comprise 200,000sqm GFA of modern logistics facilities with GLP’s investment cost at US$90 million (90% stake in the JV).
"Evidence of the underlying momentum in new leasing activity, development starts and land acquisition are the main share price drivers for this stock in our view. The recent announcements on new leasing and new development sites we believe are some of positive catalysts for the stock.
"Our December 2011 price target of $2.90 is based on our December 2011 sum-of-the-parts valuation for GLP. The net asset value for GLP assets on our estimate is $9.5 billion, or $2.03 per share. MAINTAIN OVERWEIGHT."
Get prices all in one page from Priceline, Agoda, Bookings, LastMinute, compare reviews and total cost and fees, then decide on the best option Even same hotels may have different pricing on different booking systems because of their bulk discount quotas and bag the best deal at the time of your search, saving time and effort from a single hotel information system.
"Evidence of the underlying momentum in new leasing activity, development starts and land acquisition are the main share price drivers for this stock in our view. The recent announcements on new leasing and new development sites we believe are some of positive catalysts for the stock.
"Our December 2011 price target of $2.90 is based on our December 2011 sum-of-the-parts valuation for GLP. The net asset value for GLP assets on our estimate is $9.5 billion, or $2.03 per share. MAINTAIN OVERWEIGHT."
Get prices all in one page from Priceline, Agoda, Bookings, LastMinute, compare reviews and total cost and fees, then decide on the best option Even same hotels may have different pricing on different booking systems because of their bulk discount quotas and bag the best deal at the time of your search, saving time and effort from a single hotel information system.
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