Brokers' take

Global Logistic Properties | Neutral July 17 close: S$3.31 Target price: S$3.38 Credit Suisse, July 17

GLP announced that Nesta Investment Holdings, a consortium including HOPU and GLP chief executive Ming Mei, has proposed to privatise GLP for an offer price of S$3.38 in cash via a scheme of arrangement. This is expected to be completed by April 14, 2018.

At an implied price-to-book ratio of 1.3 times, we view the exit valuation as attractive. We raise our target price to S$3.38, representing the offer price and recommend shareholders to accept the offer. For Singapore developer exposure, we advise investors to switch to UOL and City Developments Limited.