GLP

GLP: DBS maintains Buy with TP$2.80 on news of JV with Canada Pension Plan Invt Board to set up fund for logistics facilities in Japan. Fund is viewed as in line with co’s strategy to tap new opportunities with limited supply and strong demand for logistics facilities. GLP will likely generate more fees in addition to development margins and cashflows from the fund. Net gearing is expected to rise marginally to 23.8% and balance sheet remains strong to take advantage of further opportunities.