GLP

GLP: BOAML calls GLP its Singapore warehouse top pick, believing that its platform and market leadership in a burgeoning logistics property sector is unique and not easily surpassed. ML is positive on med-to-long term outlook, and sees positive catalysts in higher China development starts, China rental rates and an enlarged AUM platform as GLP positions itself for more asset recycling upside. ML expects that in a scenario where GLP delivers on its developments starts and an IPO of China Holdco is done in 2017-18E, NAV could see uplift of US$0.2-2.6b or US16-66¢/share based on exit NAV multiple of 1.1-1.4x