GLL's FY15 core net profit was in line with our expectations, at 99% of our forecast. The 11.1% yoy core net profit growth was due to improved hotel operations and interest savings from mortgage debenture refinancing, partly offset by the lower Bass Strait oil and gas royalty income. We keep our FY16 core EPS estimate but cut our FY17 and FY18 estimates by 6.6% and 5.2%, respectively, to reflect delayed rebound in crude oil prices. Nevertheless, our target price of S$1.18 (25% discount to CY15 RNAV) is intact, thanks to a favourable FX translation gain in the last quarter. Maintain Add on GLL. Potential re-rating catalysts include organic earnings expansion for the core hotel business, bounce in oil price and monetisation of non-core assets.