GLP

GLP: Results generally in line with expectations. 4Q Rev at US$153.3m +23.2% yoy with net profit at $156.5m +217.9% yoy. This included a revaluation gain of US$55.8m which was mainly due to its China properties which contributed $49.4m. FY11 rev was up 19.4% at US$565.6m with net profit at $540.8m -23.4% yoy. Increase in rev was attributed to development projects in China with EBIT growth for 2012 +70% yoy and partly due to the strengthening Yen and RMB against the USD. Leasing remained strong with 1.6m sqm of new leases signed in FY12 and existing same store rents growing 4.0% yoy Co indicated that land cost has increased by 30-40% due to land scarcity and construction cost has escalated over time. Targets 2m sqm development starts in China with current 4.2m sqm of backlog demand and 0.4m sqm development starts in Japan for FY13. Continues to see demand from 3rd party logistics and on-line retailers with demand from domestic cos accounting for increasing proportion of business. Proposed maiden dividend of 3c Ratings BofA-ML maintains Buy with TP$2.20 Daiwa maintains Outperform with TP$1.985 Goldman maintains Buy with TP$2.34 JPM maintains Overweight with TP$2.50