Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-GLP up at record; brokers raise target prices

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STOCKS NEWS SINGAPORE-GLP up at record; brokers raise target prices Aug 15th 2012, 02:01 Tue Aug 14, 2012 10:01pm EDT Shares of Global Logistic Properties (GLP), which owns factories in China and Japan, rose as much as 3.4 percent to a record high after it reported strong quarterly earnings, prompting analysts to raise their target prices for the stock. By 0147 GMT, shares of GLP were up 3 percent at S$2.41, having surged 36.8 percent so far this year, versus the Straits Times Index's 15 percent gain. GLP said its first-quarter net profit rose 57.2 percent to $153 million from a year ago, helped partly by higher revenue from the completion and stabilization of development projects in China. "Leasing momentum was robust, offsetting slower completions in the first quarter," said CIMB Research, which raised its target price for GLP to S$2.48 from S$2.40, citing improving fund management income. However, the brokerage downgraded GLP to 'neutral' from 'outperform', citing high valuations. Citigroup also raised its target price for GLP to S$2.99 from S$2.68 while keeping its 'buy' rating, citing strong growth in China and Japan. GLP will continue to see strong growth in China, where it is in 29 cities and can enjoy first-mover advantages in tier 2 and 3 cities where logistic facilities remain under-supplied, said Citi. 0948 (0148 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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