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GLP

bsiong
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30-Nov-2010 09:46

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Global Logistic Properties Limited announced an outstanding set of results for the three months (“2Q FY2011”) and half year ended September 30, 2010 (“1H FY2011”). The Group posted US$85.4 million in net profit, representing a more than two-fold increase from the US$27.0 million reported in the corresponding quarter last year. Revenue rose 13.5% to US$113.3 million from US$99.8 million in 2QFY2010.

Source: SGX Masnet

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bishan22
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30-Nov-2010 02:19

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Tomorlo every counter may turn red, prepare to scoop some for bargain hunting. Good luck. Smiley

butter ( Date: 24-Nov-2010 15:58) Posted:

exactly! stick to buy low and sell high Smiley

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bishan22
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29-Nov-2010 21:29

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SINGAPORE : Global Logistic Properties Ltd (GLP), reported on Monday its second quarter net profit rose 179 percent from a year ago, helped by higher rental income, a stronger yen and revaluation gains.

GLP, a real estate unit of the Government of Singapore Corp, owns warehouses and other logistics assets in China and Japan

Net profit for the quarter ended September 30 rose to US$74.2 million compared with US$37.4 million a year earlier, GLP said in a statement.

Revenue was US$113.3 million, up from US$99.8 million.

"Asia's robust economic expansion has been our growth driver, evident from the strong operational performance of our properties in China and Japan, and we will continue to grow our assets in these markets," GLP's chairman of the executive committee, Jeffrey H. Schwartz, said.

This is the first earnings report by GLP after its listing on the Singapore Exchange last month.

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kc0257
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29-Nov-2010 20:48

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Thanks starlene for commenting.

I still stuck with CMA. Dun think can sell....

Anyway with my little knowledge, GLP reports seem good. Can anyone review and comment. Thank you!

starlene ( Date: 29-Nov-2010 13:27) Posted:

The push will come next year Feb-March....Peter Lim also bought a stake from ipo....but sacry when U think of capital mall..,,at $2.03 now below $2.12 ipo price ...

kc0257 ( Date: 29-Nov-2010 10:28) Posted:

Results out today after market close. Hope for the best!!!!!!

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starlene
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29-Nov-2010 13:27

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The push will come next year Feb-March....Peter Lim also bought a stake from ipo....but sacry when U think of capital mall..,,at $2.03 now below $2.12 ipo price ...

kc0257 ( Date: 29-Nov-2010 10:28) Posted:

Results out today after market close. Hope for the best!!!!!!

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kc0257
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29-Nov-2010 10:28

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Results out today after market close. Hope for the best!!!!!!

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phil1314
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29-Nov-2010 09:20

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It must be cause insitutional investors that funded the massive IPO are still holding and unable to unload in a generally down market situation.

bishan22 ( Date: 24-Nov-2010 15:55) Posted:

Analyst always state outrages target price to tempt investors to buy den later write to sell or underperform. Weak holders are the suckers. Smiley

butter ( Date: 24-Nov-2010 15:47) Posted:

strangely enough, the target price is so high but GLP doesnt seem to climb at all..

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butter
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24-Nov-2010 15:58

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exactly! stick to buy low and sell high Smiley

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bishan22
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24-Nov-2010 15:55

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Analyst always state outrages target price to tempt investors to buy den later write to sell or underperform. Weak holders are the suckers. Smiley

butter ( Date: 24-Nov-2010 15:47) Posted:

strangely enough, the target price is so high but GLP doesnt seem to climb at all..

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blackreplica
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24-Nov-2010 15:51

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volumes are too low. people probably forgot about this stock since initial IPO. As more brokerages initiate positive coverage, and IF results are inline or exceed expectations come earnings season, you can expect the price to start moving

(vested)

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butter
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24-Nov-2010 15:47

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strangely enough, the target price is so high but GLP doesnt seem to climb at all..

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starlene
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24-Nov-2010 15:41

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GLP results due 29Nov still all analysts rated a buy TP 2.58-2.90

DBS Vickers initiates coverage on Global Logistic Properties (MC0.SG) with Buy call, $2.76 target price, on par with RNAV estimate.

Broker says besides robust recurrent cashflow from Japan portfolio, GLP set to enjoy strong earnings growth in China, supported by planned construction of 7 million sqm of logistics space over next 4 years: “Given the shorter gestation cycle of industrial properties vs other asset classes, we believe gradual completion of these activities will be accretive to earnings and valuation.”

blackreplica ( Date: 24-Nov-2010 14:49) Posted:

DBS Group Research . Equity
BUY S$2.18 STI : 3,126.30 (Initiating Coverage) Price Target : S$ 2.76

Reason for Report : Initiating coverage Potential Catalyst: New acquisitions, cap rate compression
24 Nov 2010

Much more value within

•   Leading Asian modern logistics space pure play

•   Growth drivers from strong organic expansion and
potential value extraction

•   Initiate with Buy call with TP S$2.76

Scarcity value as a logistics facilities pure play. Global Logistics Properties (GLP) offers a compelling investment opportunity into the logistics facilities space. It is a pole position player in key Asian economies of Japan and China with a ‘best- in-class’ portfolio of 6.2msm of completed GFA and 7.8msm of development property and landbank. The group has the scale, tenant network, value-add capabilities, coupled with a strong brand name and experienced management, to enable it to enjoy economies of scale and first mover advantage in these markets.

Setting the stage for next quantum leap. Apart from robust recurrent cashflow from Japan portfolio, GLP is set to enjoy strong earnings growth in China, supported by the planned construction of 7msm over the next 4 years or 113% of its operating portfolio. Given the shorter gestation cycle of industrial properties vs other asset classes, we believe gradual completion of these activities will be accretive to earnings and valuation.
Opportunity for value extraction. In the medium term, potential to complete its real estate platform value chain through monetizing its assets via listed vehicles and generating recurrent fund management fee would be extremely ROE enhancing. Furthermore, asset origination activities through leveraging on its balance sheet with a low estimated end FY11 gearing of 0.19x, and redevelopment of selected centrally located properties in Japan and China, would also extract more value from its assets.

Initiate with Buy, TP S$2.76. We derive a RNAV of S$2.76 using a sum of parts analysis that captures the value of its underlying assets as well as potential reinvestment opportunities from balance sheet deployment. Our TP of S$2.76 is pegged at parity to RNAV. Key risks to investment stem from regulatory and policy as well as global economic conditions.

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blackreplica
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24-Nov-2010 14:49

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Bon3260
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22-Nov-2010 21:32

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NOTICE OF A SUBSTANTIAL SHAREHOLDER'S INTEREST *

* Asterisks denote mandatory information

Name of Announcer *	GLOBAL LOGISTIC PROP LIMITED
Company Registration No.	200715832Z
Announcement submitted on behalf of	GLOBAL LOGISTIC PROP LIMITED
Announcement is submitted with respect to *	GLOBAL LOGISTIC PROP LIMITED
Announcement is submitted by *	YOO LOO PING
Designation *	COMPANY SECRETARY
Date & Time of Broadcast	22-Nov-2010 18:12:02
Announcement No.	00101

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

>> PART I

1. Date of notice to issuer * 11-11-2010

2. Name of Substantial Shareholder * LONE PINE CAPITAL LLC

3.	Please tick one or more appropriate box(es): *
	Notice of a New Substantial Shareholder's interest. [Please complete Part II and IV]

>> PART II

1. Date of change of Interest 09-11-2010

2. Name of Registered Holder Shares held by various investment funds (Refer to Annex A)

3. Circumstance(s) giving rise to the interest or change in interest Open Market Purchase

# Please specify details

Open market purchase by investment funds managed by Lone Pine Capital LLC. Lone Pine Capital LLC controls the exercise of the voting rights of the shares in Global Logistic Properties Limited for each such fund.

4. Information relating to shares held in the name of the Registered Holder

No. of Shares held before the change	225,333,000
As a percentage of issued share capital	4.99997 %

No. of Shares which are subject of this notice	3,030,000
As a percentage of issued share capital	0.067 %

Amount of consideration (excluding brokerage and stamp duties) per share paid or received 2.2432

No. of Shares held after the change	228,363,000
As a percentage of issued share capital	5.067 %

>> PART III

1. Date of change of [Select Option]

2. The change in the percentage level From % To %

3. Circumstance(s) giving rise to the interest or change in interest [Select Option]

# Please specify details

A statement of whether the change in the percentage level is the result of a transaction or a series of transactions:

>> PART IV

1.	Holdings of Substantial Shareholder , including direct and deemed interest :

	Direct	Deemed
No. of shares held before the change	0	225,333,000
As a percentage of issued share capital	0 %	4.99997 %
No. of shares held after the change	0	228,363,000
As a percentage of issued share capital	0 %	5.067 %

Footnotes

The percentage before and after the change are calculated based on the issued share capital of 4,506,689,664 as at 9 November 2010.

Attachments

Annex_A_-_Lone_Pine_Capital_LLC.pdf

Total size = 116K
(2048K size limit recommended)

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bsiong
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22-Nov-2010 14:57

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Global Logistic Properties Ltd. (GLP SP):

The logistics company whose customers include Wal-Mart China, Deutsche Post AG’s DHL and FedEx Corp. was rated “buy” in new coverage at Citigroup Inc.

The brokerage has a share-price estimate of S$2.78 for Global Logistics. The shares fell 1.3 percent to S$2.22.

/ocbc sec

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bsiong
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22-Nov-2010 14:50

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Global Logistic Properties (GLP SP) - BUY from Not Rated : Logistics leader, with growth ( S$2.18 / PT: S$2.58 )
Tony Darwell
Initiating coverage

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. On our reading, GLP's intrinsic value is underpinned by its development pipeline, which is not captured in its underlying book value. We initiate coverage with a BUY rating and NAV/price target of S$2.58/share.

/nomura

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bsiong
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18-Nov-2010 10:40

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Asia Pacific Equity Research
18 November 2010
Global Logistic Properties Ltd
Initiation
Overweight
GLPL.SI, GLP SP
Growing with the Asian logistics flow
Price: S$2.18
Price Target: S$2.90
52-week range S$1.96 - 2.33
Market cap (S$MM) 9,825
Market cap (US$MM) 7,573
Shares outstanding (MM) 4,507
Avg daily value (S$MM) 177
Avg daily value (US$MM) 137
Avg daily volume (shares) 80
FSSTI 3,212
Exchange rate S$1.297/US$
Source: Bloomberg.
• Leading owner/provider of modern logistics facilities in China and
Japan, the two largest logistics markets in Asia : Global Logistic
Properties (GLP) develops, owns, manages and leases out a portfolio of
296 completed logistics facilities in China and Japan with a total GFA of
6.2million sqm, and has a development pipeline of 7.9million sqm total
GFA in China . We initiate coverage on the stock with an Overweight
rating and add GLP to Analyst Focus List (AFL). Our Dec-11 target
price is S$2.90/share, based on our SOTP valuation and equates to
1.61x Mar 2011E book value.
• Scale and network to drive growth: The logistics sector is one in
which scale and network effects act as powerful differentiators. We
believe GLP’s platform in China and Japan to generate sustainable 13-
15% per annum core earnings and portfolio value growth. Our earnings
forecasts do not include any returns from investing the group’s capital.
• High tempo, rapid growth in China underpinned by solid cashflows
from Japan : Rapid project cycle times should allow GLP to more than
double its total completed GFA under management in China to
6.7million sqm by 2013 on our estimates. 80% of the group’s endcustomers’
business in China is exposed to domestic consumption, a
high-growth segment of the economy for the medium-to-long term.
Growth in China is supported by annual operating cashflows of about
US$278million generated by the properties in Japan on our estimates.
• Valuation and risks: The share price approximates to our DCF
valuation of US$8.1billion (S$2.33/sh), which does not include any value
for the group's capability to generate returns from US$1.2billion of cash
on the balance sheet at above the group’s cost of capital for an extended
period. The group is subject to volatility in its net asset value with JPY
and RMB fluctuations to the US $ (GLP’s reporting currency), which
may create differences between reported and core EPS.
Reuters: GLPL.SI; Bloomberg: GLP SP
US$ in millions, year-end March
FY10 FY11E FY12E FY13E
Sales (US$MM) 412 455 514 574
Reported profit (US$MM) -156 753 588 580
Core profit (US$ MM) 221 240 275 307
Reported profit growth (%) -46% N.M. -22% -1%
Core profit growth (%) 7% 9% 14% 12%
Reported EPS (US$) 0.167 0.131 0.129
Core EPS (US$) 0.053 0.061 0.068
BVPS (US$) 1.40 1.53 1.66
Reported P/E (x) 10.1 13.0 13.1
Core P/E (x) 31.7 27.8 24.8
P/B (x) 1.2 1.1 1.0
ROE (%) 12% 9% 8%

Source: Company data, J.P. Morgan estimates.

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Raindrops
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16-Nov-2010 22:47

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Today up by 1 cent :(

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soloman
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15-Nov-2010 19:55

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STILL ALOT OF MEAT FROM IPO PRICE ...........

ANYWAY TGIS KIND OF SHARE ALSO HARD TO GALLOP ........

GLP WAS USED TO ABSORB ALL THE FUNDS COMING IN ........................

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Greenbean
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15-Nov-2010 16:00

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Yells: "Live green. Let it be GREEN."

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2.16 done today.

Bon3260 ( Date: 03-Nov-2010 18:00) Posted:

We dun scare STI drops & corrections.

Wat we r v v scared's BBs run rd fm our Counters...

If GLP drop till 2.16... Means die liao...

: (

Greenbean ( Date: 03-Nov-2010 16:43) Posted:

Got chance soon for 2.16?

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