GLP

GLP: CIMB maintains Add rating, but lowers TP to $3.29 (from $3.48). While the house is bullish on GLP’s asset-recycling pipeline and visible growth from China, it cuts FY15-17 EPS by 4-22% and RNAV by 5.6% , as it believes a greater proportion of partnerships in China will dilute GLP’s attributable earnings. Potential catalysts include faster-than-expected capital recycling and growth in China. There remains value as GLP is trading at a 19% discount to RNAV, about 1 s.d. deeper than its historical mean discount of 12%.