GLP

GLP: Two leasing agreements for 23k sqm (248k sf) of logistics space with Chinese ecommerce firm Lefeng has been signed. 18k sqm (194k sf) at GLP Park Beijing ACL and 5k sqm (54k sf) at GLP Park Chengdu Hi-Tech. Management has reported the strong demand for strategically-located logistics space from the retail industry in China along with the rapid growth of domestic consumption and e-commerce. Additionally, the government's bid for urbanisation has also helped boost demand for logistics services and activities. China operations contributed 39% to GLP's revenues in FY13, and GLP continues to maintain a strong land bank to meet future demand. Lefeng was founded in 2008, is a leading e-commerce company that specializes in women's beauty and skincare products. According to independent market research firm Euromonitor, China's online cosmetics sales will increase 3-fold to Rmb120b by 2015. GLP trades at 1.3x P/B., and has a 12-month estimated TP of $3.12. 1QFY14 results is estimated to be out 14 Aug.