GLP

GLP: CS initiated coverage on GLP, noting the Group's healthy mix of defensiveness and growth. CS has an OUTPERFORM rating with TP of $3.00, indicating a 13% potential upside from last closing price. GLP's strong cash flow was cited after its J-REIT listing, net debt/ asset ratio expected to fall from 23.5% to 8.7%; Group has strong operating cash flow (c. $400m/ year) and incremental growth from development completion and same-store net operating income growth. CS notes that there could be room for higher future dividends (current ~1% yield). In Japan, GLP has 35 wholly-owned assets, potentially worth over US$2b, that could eventually be divested into the REIT. SMM: Maybank KE maintains a BUY and TP of $5.60. House notes that SMM's results to be release 21 Feb 2013 should turn out stronger QoQ after 3 preceding slow quarters due to timing issues. Maybank KE forecast FY12F revenue of $4.5b (13% y/y) and net profit of $567m (decline 25% y/y)- which are higher than consensus.