2Q13 core is in line at 26% of our FY13 and 24% of consensus. GLP will be entering Brazil through
two JV funds. Taken with its planned J-REIT, AUM looks set to balloon − a strong positive − though
the deal comes with higher risk premiums and equity fund raising. 1H13 core EPS forms 52% of our
FY13 number. We raise our FY13-15 core EPS by 8-12% for this Brazilian deal but note that NPI
could plunge once its J-REIT is established. We lift our RNAV-based target price but remain Neutral
in view of limited upside from its Brazilian and J-REIT initiatives.