GLP (MC0.SG) is up 1.9% at $2.20 in active trade, extending Wednesday’s 0.9% gain, which came on news late Tuesday that a unit of Singapore’s GIC sovereign wealth fund, which provides logistics facilities in China and Japan, will acquire a 53% stake in China’s Airport City Development for US$375 million ($484.4 million). 

Interest today is likely piqued by a raft of analyst notes, which present unanimous approval of the move. Nomura, which has a Buy call and raised target of $2.65 says the buy will boost growth and “secures a unique portfolio of assets located on the airside of the second runway in the Beijing Capital International Airport.” 

 

DBS Vickers, which has a Buy rating and $2.76 target, says GLP will gain exposure “to the fastest growing segment of the logistics market - airside cargo logistics.” 

 

It says the buy strengthens GLP’s portfolio and market position and is earnings and valuation accretive. December’s $2.26 high likely near-term resistance.