GLP

GLP: Nomura maintains Buy, TP $2.49 from $2.48.
Recall that GLP announced its third development project in Jap on 19 March and together with the earlier 2 under the Japan Development Fund, will allow GLP to ride the econstruction-related demand amidst tight supply of modern logistic facilities.

Competition for high-quality logistic properties should provide support to GLP’s portfolio valuation and could even suggest upside risk to property values, which could enhance the potential for GLP to monetise part of its Japan portfolio in coming mths.

Domestic consumption still underpins the demand for the logistic space in China; GLP's first-mover advantage in China positions it well to capture this demand. The establishment of its fund mgt business in Japan provides a capital-recycling platform to address future capex needs in China.