GLP

GLP: Company share buybacks continue unabated
- Company begun to repurchase its shares in the open market since 19 May, in the range between $1.70 and $1.95.
- So far, GLP has gone into the market on 35 occasions to purchase 57.8m shares for $104.1m (average price of $1.80/share).
- OCBC believes that these share buybacks are accretive to shareholders at currently undervalued share prices.
- OCBC continues to take a positive view on management team’s pragmatic and disciplined approach to capital allocation in current conditions, and continue to see long-term value in GLP’s shares.
- OCBC maintains BUY with an unchanged fair value estimate of $2.37.