GLP

GLP: Daiwa maintains O/p with $3.05 TP. Expect short-term headwinds from Yen weakness, GIC placement overhang (595,674,000 in late Feb13). cut FY13-15 EPS forecasts by 11-16%. Front-end loaded investment and long-term growth story little changed; forecast EPS to rise by 26% YoY from FY15 New TP derived from valuing the stable business at book and the development business at 2.5x P/B.