GLP recently provided an update on its strategic review of options for the group’s businesses.

After the group’s last announcement that the Special Committee was in discussions with several shortlisted parties following its evaluation of non-binding proposals received, GLP now indicates that these parties have commenced the due diligence process.

While the share price continues to hover near a 2-year high, we highlight GLP has emphasized that there is no assurance any transaction will materialize from this strategic review.

Again, we see the risk reward in its shares as fairly balanced at current levels. Maintain HOLD with an unchanged FV estimate of S$2.87.

Source: OCBC Research - 3 Apr 2017