GLP - Global Logistic Properties started at Buy by Nomura

Stock Name: GLP
Company Name: GLOBAL LOGISTIC PROP LIMITED
Research House: Nomura

Nomura starts Global Logistic Properties (MC0.SG) at Buy with $2.58 price target. Says current book value of GIC spinoff doesn’t reflect GLP’s intrinsic development pipeline value. “GLP’s scalable business model, leveraging off its first-mover advantage in China, should help to reinforce its market-leading position in the burgeoning logistics facilities market.” Adds, GLP’s “conservative residual land valuation approach” excludes potential profit from future developments, suggesting further upside to valuations. Shares last +2.3% at $2.27.