GLP

GLP: JPMorgan starts at Overweight with $2.90 based on SOTP, implying 1.61X P/B MarFY11. Expects developer of logistics properties to generate sustainable 13%-15% annual core earnings, portfolio-value growth given focus on China, Japan, Asia's 2 largest logistics markets…

Note that 80% of group''s end-customer business in China exposed to domestic consumption, a high-growth segment of the economy for the medium-to-long-term. Expect grp to increase existing stock of completed logistics facilities in China by more than 3-fold as builds out pipeline of development sites, land reserves over next 4-5 years.