GLP

GLP: BOA-ML upgrades GLP to Buy from Underperform with TP up to $2.10. House is of view GLP has underperformed the STI (-5%) by declining 19% in 2011. Sees superior earning visibility compared to peers with 62% of earnings from Japan portfolio and 27% from China assets in 2013. Only substantial risk appears to be from FX moves. Given nature of industrial developments (8-12mths turnaround) GLP has the flexibility to reduce capex commitments as well if mkt turns negative. Any establishment of a J-REIT will provide additional positive catalyst as well. GLP is currently trading at a 0.9 P/B and 15% disc to RNAV.