GLP

GLP: UBS reiterate Buy with TP $2.71. Reported in its FY11 results that 30 of its 69 Jap assets sustained damage from the earthquake (higher than expected), but a write-down of US $42m was in line with initial estimates. Remain confident on its Japan outlook after viewing the damage to its Tokyo assets and assess GLP’s Japan operations…..

Add that potential positive catalysts aplenty in H211, with 1) Demand-supply dynamics favorable as channel checks indicate post earthquake, disaster-affected Co’s and relocations have created 200K GFA in demand, while supply remains tight. 2) The company is also actively looking to pursue greenfield developments post-expiry of its non compete clause, while 3)monetisation of its Japan assets remains on the cards.