Global Logistic Properties
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CIMB Research, May 19
Target price: S$2.72
May 20 close: S$1.825
Global Logistic Properties (GLP) reported Q4 and FY16 net profit of US$153 million and US$719 million, up 46-48 per cent year-on-year. The better results came from higher contributions from China and the US, as well as development gains from Japan. GLP proposed a final dividend per share of 6 cents. On outlook, while there are pockets of oversupply in Chengdu, Tianjin and Wuhan with continued pressure on rents and higher vacancies, these made up only about 11 per cent of GLP's portfolio at end-FY16. Major cities such as Shanghai, Beijing, Shenzhen, Suzhou and Guangzhou are still enjoying strong absorption...
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