Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

Global Logistic Properties / Equity Bottom-Up

After the bidding process for <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894:1">Global Logistic Properties Ltd (GLP SP)</a> concluded in July with the company being taken private at a significant premium to the value of its underlying warehouse holdings, it's not surprising that other players in China's warehouse segment would want to compare themselves to GLP. Likewise, given GLP's strong performance in the months running up to the sale of the company (+84% since November 1st 2016), it's also unsurprising that investors may be looking around the region for a chance to invest in "the next GLP".In this note we explain why most "GLP wannabes" really are not comparable to the company that will soon be taken private by a group of Chinese buyers. We also revisit <a href="https://www.smartkarma.com/entities/22799" target="_blank" data-smartkarma-citation="entities:22799:1">China Logistics Property Holdings Co Ltd (1589 HK)</a>, a rare "pure play" in the Chinese warehouse segment which went public in July 2016 and whose shares now trade well below its IPO price (as well as stated book value). Specifically, we aim to determine whether the significant discounts at which CLPH trades to both GLP and its own stated asset values are justified.

After the bidding process for Global Logistic Properties Ltd (GLP SP) concluded in July with the company being taken private at a significant premium to the value of its underlying warehouse holdings, it's not surprising that other players in China's warehouse segment would want to compare themselves to GLP. Likewise, given GLP's strong performance in the months running up to the sale of the company (+84% since November 1st 2016), it's also unsurprising that investors may be looking around the region for a chance to invest in "the next GLP".In this note we explain why most "GLP wannabes" really are not comparable to the company that will soon be taken private by a group of Chinese buyers. We also revisit China Logistics Property Holdings Co Ltd (1589 HK), a rare "pure play" in the Chinese warehouse segment which went public in July 2016 and whose shares now trade well below its IPO price (as well as stated book value). Specifically, we aim to determine whether the significant discounts at which CLPH trades to both GLP and its own stated asset values are justified.

'GLP Wannabe?' Revisiting China Logistics Property Holdings After Sale of Global Logistic Properties

China

China Merchants Port Group Co., Ltd. offers port operation services. The Company mainly develops, operates, and manages ports. China Merchants Port Group also provides bonded logistics services.

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China Merchants Port Group (201872 CH)

'GLP Wannabe?' Revisiting China Logistics Property Holdings After Sale of Global Logistic Properties

After the bidding process for Global Logistic Properties Ltd (GLP SP) concluded in July with the company being taken private at a significant...

Daniel Hellberg

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)