GLP

GLP: -3.9% atS$1.72, falling sharply in afternoon trade (off an earlier high of $1.805) to almost touch its post-listing low of $1.71. GLP, which provides logistics facilities in China and Japan and is seen as a proxy to global demand, has been hit as the broad mkt turns negative following news that growth in Germany, Eu's largest economy, slowed sharply in 2Q. In a recent note, BOA Merrill Lynch, says GLP presented an upbeat outlook during its 1Q12 results with Co. optimistic on the outlook for China where they see strong end-user demand and acquisition opportunities.

However, the house maintained its Underperform rating and cut its price objective toS$1.95 (at a par with RNAV), saying in current mkt environment, do not think investors will pay for future growth expectations, hence remove development premium. Orderbook quotes suggest limited downside from current levels.