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UEM Land Holdings Bhd: Turnaround year of 2009

Reaffirm NEUTRAL

UEM Land Holdings (ULHB) 4Q09 results beat our expectation. 4Q09 earnings and pretax profit accounted for >100% of both ours and consensus full year estimates.

Home prices in China scary, says head of China Everbright

HONG KONG: The head of state-owned conglomerate China Everbright Holdings has warned of the dangers of rising property prices on the mainland and said that because of market volatility the group would be cautious about investing in the sector this year.

SHK Prop pays lofty US$432 million for Hong Kong land site

HONG KONG: Sun Hung Kai Properties won the bidding for a government-auctioned residential site in Hong Kong for HK$3.37 billion (RM1.47 billion), well ahead of consensus, in a sign the city's housing market is showing no signs of slowing down.

UEM Land posts 12.7% increase in revenue for 4Q2009

KUALA LUMPUR: UEM Land Holdings Bhd recorded a 12.7% q-o-q increase in revenue for 4Q2009 to RM205.1 million, compared with RM181.98 million for 4Q2008. Its revenue for FYE2009, however, posted a decrease by 21% to RM403.1 million.

Putrajaya Perdana Bhd posts 43% increase in pre-tax profit

KUALA LUMPUR: Putrajaya Perdana Bhd saw an increase in pre-tax profit and revenue of RM30 million and RM1 million respectively, for FYE Dec 31, 2009, compared with the previous corresponding year. Its revenue rose to RM865.997 million while pre-tax profits increased to RM69.552 million.

BRDB profit before tax jumps 58% in FYE2009

KUALA LUMPUR: Bandar Raya Developments Bhd (BRDB) saw an increase of 58% for its y-o-y profit before tax to RM155.8 million for FY2009, primarily due to increased profits in its property division.