GLP

GLP: Goldman reiterates Buy rating on GLP with NAV-based TP of $3.40 Expansion of Japan Development Venture fund by 29% is seen positively as development margins are higher in Japan (~30-35%) than in China (~25-30%). Continued cap rate compression makes a growing fund management platform sensible Despite China’s retail sales growth moderation in September, GLP’s long-term fundamentals are strong given structural growth in e-commerce and limited supply of modern logistics facilities. Lastly, acquisitions resulting from GLP’s slew of strategic partnerships entered into with China Development Bank, China Materials Storage and Transportation Development Company, Sinotrans, Guangdong Holdings, COFCO, Bank of China, Jinbei and Best Logistics are to be expected and potentially catalytic for share price.