GLP

GLP: is the key sector pick for property, rated Buy (TP $3.55, 5% discount to RNAV) by BoAML. Investment thesis is premised on three reasons 1) Market leadership in logistics property sector 2) Potential growth in NAVs and development starts 3) Potential upside from possible spin-off of its China Holdco in mid- to longer-term GLP is trading within historical average P?BV and valuations are currently not expensive.