SINGAPORE (Nov 3): OCBC is maintaining its “buy” call on Global Logistic Properties with a fair value of $3.07 as it is on track to meet key targets and its US acquisition plans are proceeding smoothly.

In a Monday report, lead analyst Eli Lee says GLP’s 2Q results were broadly in line with the bank’s expectations.

PATMI for 2Q increased 27.4% y-o-y to US$114 million ($159 million) mostly due to higher contributions from China and the US, development gains in Japan and the absence of FX losses compared to 2QFY15.

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