Naim’s FY09 earnings of RM78.7 million (-2.5% y-o-y) were within our expectation (+1.7%) although the lower q-o-q profits were due to weaker contributions from Dayang. We continue to see increasing jobs in Sarawak, fuelled by the state elections expected to be held next year, much to Naim’s benefit. We retain our earnings estimates and RM4.12 TP.

WASHINGTON: Sales of new homes in the US probably rose in January as an extension of a first-time homebuyers’ tax credit spurred demand from a nine-month low, economists said before a report on Feb 24.

SAN FRANCISCO: The default rate for commercial property mortgages held by US banks more than doubled in the fourth quarter and may reach a peak of 5.4% at the end of next year, according to Real Capital Analytics Inc.

Mah Sing Group Bhd (Feb 24, RM1.82)

Maintain buy at RM1.83, fair value raised to RM2.38: Mah Sing’s results were above expectations. The revenue for the quarters reached 112.2% of full-year forecasts while net profit was 104.4% of forecast.

KUALA LUMPUR: MUI Properties Bhd saw a profit before tax (PBT) of RM8.8 million for FY2009 compared with a PBT loss of RM1.7 million for the preceding year. However, the group recorded lower revenue of RM17.5 million for FY2009 compared with the previous year’s RM30.4 million.

KUALA LUMPUR: Asia Pacific Land Bhd posted revenue of RM106.8 million and a loss after tax of RM1.235 million in FY2009, compared with revenue of RM65.1 million and a profit after tax of RM0.4 million in FY2008. For 4Q2009, the group recorded revenue of RM46 million and a loss after tax of RM2.8 million compared with 4Q2008’s revenue of RM19.1 million and a loss after tax of RM0.35 million.

KUALA LUMPUR: Paramount Corp Bhd saw a 32% increase in profit before tax (PBT) for its FY2009, compared with the previous year, to RM79.3 million on the back of revenue amounting to RM404.9 million.

KUALA LUMPUR: Bolton Bhd recorded a profit before tax increase of 126% to RM12.33 million for 3Q2010, compared with its corresponding quarter of the preceding year of RM5.44 million. Its revenue for 3Q2010 was RM63.44 million.

KUALA LUMPUR: United Malayan Land Bhd recorded a year-to-date revenue of RM208.5 million, a 21% increase, compared with the preceding y-t-d revenue of RM172.1 million. Its profit before tax (PBT) was RM62.9 million, which was an increase of 10.4%.

Meanwhile, for its 4Q2009, the group saw increased revenue of 31% compared with the corresponding quarter of the preceding year.

KUALA LUMPUR: Land & General Bhd posted a profit before tax of RM19.1 million for 3QFY2010, compared with RM7.1 million during the corresponding quarter in the previous year. The higher profit was mainly attributed to the foreign exchange gains of RM11 million due to capital distributions from a foreign subsidiary and gain on disposal of asset of RM3.3 million.