GLOBAL LOGISTIC PROP LIMITED
MC0.SI
Global Logistic Properties Ltd: - Expands partnership with Walmart
- GLP recently announced that it is expanding its partnership with Walmart with a 32k sqm build- to-suit agreement in South China, which will increase Walmart’s presence at an existing location.
- We note that Walmart is a global customer of the group and leases ahout 210k sqm with GLP across nine cities in China, Japan and the US. GLP’s management indicated that the growth of domestic consumption in China is driving an expansion of store networks and supply chain infrastructure to support increasing retail sales, and GLP’s leading national network in China provides significant leverage for its customers to enhance their operational efficiency.
- Maintain BUY with an unchanged fair value estimate of S$2.37.
Eli Lee
OCBC Investment
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http://www.ocbcresearch.com/
2016-10-14
OCBC Investment
SGX Stock
Analyst Report
2.37
Same
2.370
