GLP: Better-than-expected results. 2Q Rev at $138.5m +19.9% yoy +7.3% qoq, net profit at $200.7m +135.0% yoy +106.3% qoq. The difference btwn topline was due to co recording $89.7m in revaluation gains. Net profit excluding revaluation gains was still up at $103.2m +39.2% yoy +40.8% qoq. The higher revaluation gain was attributed to certain properties in China.
Increase in rev was due to completion of development projects in China with contribution from Airport City Dev Co acquired in Jan 2011. The strengthening of JPY +9.5% and RMB +5.4% against the USD also contributed positively. Japan lease ratios remain stable at 99% while China lease ratio was approx 91%. Of co’s US$10.1b in investment properties, exposure to China is approx US$3.4b and Japan approx US$6.7b.
Co has current NAV of US$1.56 approx 0.86x P/B
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