Maintain BUY

* The full-year net earnings of RM40.3 million came in above ours and consensus expectations, largely driven by improved “Engineering  & Construction” (E&C) division’s contribution.

Plenitude’s annualised 1HFY10 earnings came in 29% above our expectation and consensus estimates, buoyed particularly by exceptionally strong new property sales and faster progress billings in 2QFY10.

HONG KONG: Hong Kong's government plans to raise the tax on luxury apartment deals and increase land supply to try and prevent the property market from overheating, a trend evident in many Asian markets.

HONG KONG: Surging home prices on the mainland have shown signs of slowing down as buyers hesitate about entering the market in the wake of government measures to cool property speculation.

But the slower pace of price growth last month does not signal an overall correction in home valuations, property consultants said.

HONG KONG: Property developers here could be heading for a profit bonanza this year as they cash in on tight supply and strong demand to release new projects at prices of up to 70% above current deals in the secondary market.

DUBAI/LONDON: Gulf state Qatar will have to endure at least another 12 months of falling property prices before a recovery in 2011, when the benefits of a prudent approach towards real estate development begin to pay off.

LONDON: Tokyo replaced Hong Kong as the world’s most expensive office location after rents in the Japanese capital declined at a slower pace, according to broker Cushman & Wakefield Inc.

NEW YORK: U.S. consumer confidence sagged to a 10-month low this month on worries about jobs and fears gridlock in Washington could hinder efforts to restart employment, curbing the economic recovery, according to Reuters.

The housing market also remains rickety, data showed on Tuesday Feb 23, further underscoring the economy's fragility.

KUALA LUMPUR: LBS Bina Group Bhd’s revenue for the year ended Dec 31, 2009 dipped 22% to RM203 million while profit before tax decreased by 153% to RM5.5 million from the previous year’s revenue and profit before tax.

PETALING JAYA: Eastern & Oriental Bhd (E&O) achieved a profit after tax of RM11.848 million for its third quarter ended Dec 31, 2009, compared with a loss of RM3.978 million recorded in the corresponding period of financial year ended March 31, 2009.

The company recorded a quarter-on quarter increase in revenue of 28% to RM90 million from RM70.162 million.