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Global Logistic
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seanpent
Supreme |
08-Dec-2016 14:21
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seems like resistance 226 / 227 have turned as support ..... and ready to move towards the 2.40 level ..... |
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Northy
Member |
08-Dec-2016 12:26
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Kay Hian got their TP at mid $2.6
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puppet
Member |
08-Dec-2016 11:50
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Target set by DBS seems like a bit high, What do u guys think? Value at current prices. We maintain BUY on Global Logistics Properties (GLP) with TP of S$2.47, pegged at 30% discount to RNAV to reflect ongoing uncertainties in the operating environment. Trading at 0.8x P/BV, below the lower end of historical range, we believe the cautious outlook is priced in. 1H17 results driven by higher rental income, management fees and development completions core results in line. Core 1H17 net profit (excluding revaluation gains and one-off items) grew 36% y-o-y to S$137m, in line with street&rsquo s FY17 estimates, led by higher rental income mainly from Japan (+21%) and US (+67%) and higher management fees from Japan (+47%) and US (+165%). In 1H17, GLP recorded development profit of US$128m at 30% margin (vs 27% in FY16), achieving 64% (ahead) of its full-year target of US$200m. GLP achieved 42% and 46% of its development starts and completion targets respectively. Management has turned positive on Brazil, and cautiously positive on China, while Japan and US continue to show strong demand. AUM of fund management platform rose to US$38bn. As at 1H17, total AUM had risen to US$38bn, and the group has another US$12bn of uncalled capital, expected to be deployed in the next two years. Given that this business is a highly scalable and an ROE-enhancing business arm of the group, management is focusing on driving returns and operational scale by establishing new funds. By DBS |
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puppet
Member |
08-Dec-2016 11:45
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Possible to hold or invest for long term? http://investking.weebly.com/ In response to Bloomberg&rsquo s aticle, GLP said that the company is undertaking an independent strategic review of options available for its business in line with its commitment to enhance shareholder value, following a request received from its largest shareholder, GIC Real Estate Private Limited (GIC). The Company has constituted a special committee, consisting of four independent directors, to oversee the strategic review. The Company has also appointed J.P. Morgan (S.E.A.) Limited as its fi nancial adviser to assist on the strategic review. As part of the strategic review, the Company, through JPMorgan, is in the process of making preliminary approaches to various parties to evaluate the viability of options available for its business. GLP wishes to emphasise that no definitive transaction has been entered into by the Company with any party (including the investor group mentioned in the article in Bloomberg News). The above mentioned strategic review by GLP of options available for its business comes at a time where its share price is languishing at a 4-year low since its listing at the end of 2011, and at its last traded price of $2.06/share, is not far away from its IPO price of $1.96. This is despite having grown its doubled its sales since its IPO of US$413mln to US$818mln currently. And consensus expects GLP&rsquo s sales to continue to rise to US$900mln in the year ahead and up to US$1bln in 2 years&rsquo time. More signifi cantly, funds under management is expected to hit a record US$38bln this year, up from zero during its IPO in 2011 and there is another US$12bln awaiting to be allocated. Latest quarter fees generated from funds under management totalled US$47mln or an annualized US$188mln. This recurring income source compares well with its development profi ts of less than US$100mln during its IPO in 2011. Consensus expects earnings to hit close to US$300mln this year, out of which US$188mln is from recurring income from funds under management, thereby improving income quality and visibility. EBITDA is expected to hit close to US$600mln or double that of its IPO of US$300mln. And in line with rewarding shareholders, GLP has also seen its dividend payments double since its IPO of 3 cents a share to 6 cents last year, giving a yield of about 3%. Given the improving quality of income, management expects this positive dividend trajectory to con nue going forward, thereby aligning investor&rsquo s interest. Amidst its improving earnings quality via increasing funds under management and consistent asset monetization moves such as spinning off its matured Japanese assets into GLP J-REIT and selling part of their Chinese assets to Hopu, its gearing has also improved since its IPO to 27% currently, thereby helping insulate them from the rising interest rate trend. We like the fundamentals of GLP given its positive trajectory, however, we would also like to highlight that in recent times it has been documented that China is planning to tighten control over Chinese companies looking to invest abroad so as to slow the surge in capital fl eeing China to off shore markets as well as control the devaluation of the RMB. This includes strict controls on overseas deals valued at US$1bln or more for state owned companies intending to invest abroad. This could make M& A deals such as GLP a tad more diffi cult to execute if it is coming from Chinese buyers. We thus advise investors to buy GLP on its improving fundamentals and undemanding valuations trading at 0.77x price to book and > 3% forward yield. We also note that GLP has bought back close to 170mln shares in the open market since 2015 - 2016 at an average price of $2.06, spending a whopping $350mln. If a deal comes along then its a bonus. By Lim & Tan Securities' s Singapore Research Team |
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Northy
Member |
08-Dec-2016 11:35
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Profit is always good
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seanpent
Supreme |
08-Dec-2016 11:32
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yup ..... hope the big towkays will help to give it a booster ..... patiently waiting .....
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dc16888
Master |
08-Dec-2016 11:32
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already sold. awaiting for lower price. |
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FATABA
Supreme |
08-Dec-2016 11:28
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9M done .....and hope it breaks 2.30 soon ( the sooner the better)
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seanpent
Supreme |
08-Dec-2016 11:23
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Northy
Member |
08-Dec-2016 11:22
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Here we go... sudden buy up at 2.27 | ||||
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Battle123
Elite |
08-Dec-2016 11:00
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I think should keep this counter
Patience |
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seanpent
Supreme |
08-Dec-2016 11:00
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oic ..... hopefully will not take too long to clear the congestion at sellers' side .....
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JesseTyler
Veteran |
08-Dec-2016 10:53
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Projected resistance for global logistics on my side should be at 2.30, just now was simply a perk by some people ..
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FATABA
Supreme |
08-Dec-2016 10:52
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This counter is managed by very experience ppl ( from CIC ? ) ....early it was like dripping below 2.22, and then sudden it reverse and shoot to 2.27 ... I dont think its easy for trades. Potential for testing the 2.30 this week ..... :) Happy investing.
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seanpent
Supreme |
08-Dec-2016 10:43
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immediate level to watch 2.21 ? seems resisted at 2.26 / 2.27 .....
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JesseTyler
Veteran |
08-Dec-2016 10:40
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The perker just went out at 2.26 i guess.
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Northy
Member |
08-Dec-2016 10:34
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Correct me if I am wrong this happened just before they announced the JP Morgan appointment. Showed a drop and a reactive spike ..... positive info about to be released? | ||||
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Northy
Member |
08-Dec-2016 10:27
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Someone's perking the stock.... wiped the que at 2.23 and jumped to 2.25. Have a feeling this may start triggering higher volume ard / after lunch | ||||
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seanpent
Supreme |
08-Dec-2016 10:03
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probably still experiencing profit taking ..... at this level still very lucrative for those early buyers who went in below 2.10 .....
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JesseTyler
Veteran |
08-Dec-2016 09:59
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If Global Logistics fall belows 2.21, next support will be at 2.15. |
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