GLP

GLP: -3.3% at $2.05, the worst-performing STI component and underperforming the STI's 0.7% decline, despite agreeing to lease 60,000sqm of warehouse space to Beijing Aviation Ground Services for 20 years. CIMB note that the deal is positive and share prices are moving according to macro. Don't think the announcement of the long lease is negatively impacting the share price at the moment. Add that signing longer-term leases has pros and cons, but at this juncture, signing a longer-term lease locks in your cash flow and itslikely to have a step-up clause as well. Tip that deal is probably an overall positive in this environment, when demand for logistics space may be in question given (China's) weak exports and challenges in growing the domestic-demand story in the near term. Grp’s 200-day EMA at $1.97 is likely to offer support near-term.