SINGAPORE (Nov 2): Deutsche Bank has rated Global Logistic Properties (GLP) with a “buy” call and target price of $3.20, though it says the logistics facilities provider’s 2Q results have fallen short on one-off costs and timing of income.

It notes GLP’s results were impacted by one-off costs totalling US$14 million ($19.6 million), due to to fire damage at one of its locations in Nanjing, closing costs related to its Incor acquisition and one off expenses in Brazil.

It says the gain from the US syndication was also not recognised in 2Q.

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