Global Logistic   

GLP

 

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 

 

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

butter      ( Date: 24-Nov-2010 15:58) Posted: exactly! stick to buy low and sell high

 

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.

 

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!!!!!!

 

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!!!!!!

 

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

 

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. butter      ( Date: 24-Nov-2010 15:47) Posted: strangely enough, the target price is so high but GLP doesnt seem to climb at all..

 

exactly! stick to buy low and sell high

 

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

butter      ( Date: 24-Nov-2010 15:47) Posted: strangely enough, the target price is so high but GLP doesnt seem to climb at all..

 

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)

 

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

 

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.

 

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.

 

NOTICE OF A SUBSTANTIAL SHAREHOLDER'S INTEREST *

* Asterisks denote mandatory information

 

"DISCLAIMER:- This announcement was prepared and issued by the below mentioned listed issuer to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNET for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the listed issuer directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement."

 

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

 

4.

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)