GLP

GLP: has signed expansion lease agreements totaling 21k sm with one of the top 3 e-commerce companies in China. The new leases are in Chengdu (GLP Park CDHT) and Qingdao (GLP Park Qingdao Airport West). The customer, one of GLP’s top tenants in China by leased area, operates one of the country’s largest e-commerce platforms, offering an extensive range of products from electronics and home appliances to books and clothing. GLP lists Amazon (5.7% of lease area), VANCL (1.9%) and 360buy (1.4%) as its top 3 e-commerce tenants in China. Mgt notes e-commerce companies are looking for larger, high-quality logistics facilities that enable them to expand their distribution capabilities while improving efficiency. Hence customers increasingly turn to GLP as the preferred facility provider bcs of its flexible national network of best-in-class logistics facilities has been tailored to help customers meet that need. The stock trades at an undemanding 13.4x P/E, 1.2x P/B, given its strong leasing momentum.