GLP

GLP: Surges 4.5% to S$1.745, continuing its recent rebound, helped today by news it forms a US$500m JV with the Canada Pension Plan Investment Board to develop logistics facilities in Japan, with GLP contributing US$250m over 3 yrs. GLP has rebounded 12% after hitting a post-listing low of $1.56 on Aug 22, after a heavy selldown on worries over a global slowdown hitting demand for its facilities.

Traders note that today's gains are on a mixture of continued bargain hunting and positive sentiment on the JV; it's a bit of both. The stock's quite undervalued and if you're betting on a recovery in Japan, this is one way to get that kind of exposure. Add that GLP got bashed down despite the fact that the occupancy rate on its Japan warehouses is 99% and they're also developing a strong pipeline in China. Orderbook tips $1.75 as an immediate cap.