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A Rerating in the Horizon

We initiate coverage on Glomac with a Trading Buy call and a CY10 Target Price of RM1.83 based on 0.94x CY10 P/NTA, which is the average valuation for its closest comparable peers. Its cheap valuation, estimated at 0.7x CY10 P/NTA coupled with potentially strong earnings recovery in the immediate term, could well spur a rerating on the stock.

More medicine to cool raging property fever

HONG KONG: The mainland property market is in danger of getting policy frostbite, such is the fervour with which  Beijing is introducing measures to cool overheated prices.

The latest initiative is a mooted freeze on real estate companies raising capital, in the hope they will stop  building bigger and higher apartment towers.

Australia house price growth at 6-year high in Q1 -APM

SYDNEY:  Australian house prices grew at their fastest annual pace in six years last quarter as demand for homes in ritzier suburbs proved resilient to rising interest rates, a private report showed on Thursday.

UEM Land disposes of 20% stake in TnG to PLUS for RM33.406 mil

KUALA LUMPUR: UEM Land Holdings Bhd is proposing to dispose its entire 20% equity interest in Touch `N Go Sdn Bhd (TnG) to PLUS Expressways Bhd for RM33.406 million.

The proposed disposal is expected to result in a net gain of RM26.4 million, it said in a filing with Bursa Malaysia today (April 28).

Alor Setar city to get facelift by 2012

ALOR SETAR: Alor Setar city will get a facelift by 2012 with the completion of Plaza Tunku Yaacob, a four-star hotel and condominiums.

Kedah Menteri Besar Datuk Seri Azizan Abdul Razak said the buildings would become new landmarks for the city under a new concept to attract tourists to the state.

Sunway Holdings buys land for RM37.793 million

PETALING JAYA: Sunway Holdings Bhd has entered into a sale and purchase agreement with Taman Equine Riding Sdn Bhd to purchase a 33.37 acre plot of land in the vicinity of Taman Equine in Subang Jaya, Selangor, via the former’s wholly-owned property development subsidiary, SunwayMas Sdn Bhd, for RM37.793 million.

Fajarbaru's net profit up 23% in 3Q2010

PETALING JAYA: Fajarbaru Builder Group Bhd’s net profit rose 23.4% to RM6.553 million in its third quarter ended March 31, 2010 (3Q2010), from RM5.311 million in the same period last year.

Revenue for 3Q2010 jumped 26% to RM43.448 million from RM34.478 million recorded in the same quarter last year.