GLP

GLP : UBS upgrades TP to $3.32 (from $3.23) reiterates Buy. Expects GLP to complete restructuring its China operations and issue the US$1.6b first tranche of shares by end June 2014. GLP’s recently released Q4FY14 operating metrics were impressive but UBS believes partnership with SOEs like COFCO, Sinotrans, Bank of China, etc. introduced by the new China strategic partners have yet to contribute meaningfully. It suggests a wellspring of opportunities ahead. The house expects news flow to accelerate and importantly the broad-brush strokes of these newly minted strategic relationships to be supplemented by more concrete deliverables.