Stock Name: PLUS
Company Name: PLUS EXPRESSWAYS BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has a Hold call on PLUS EXPRESSWAYS BHD [] with a target price of RM3.84. It said on Wednesday, April 28 PLUS Expressways will go ex on May 4 to adjust for a final single-tier DPS of 10sen. For FY10, we estimate that the company will pay out a gross dividend of 22.3 sen, which translates into a yield of 6.6%, based on its last traded price. Last June when the price adjusted for dividends, PLUS traded within an intraday high-low of RM3.34-RM3.24 versus its theoretical ex-price of RM3.23. "Therefore, if history repeats itself, we see this as a low risk investment. In the past 5 years, the stock posted an average 0.3% return by buying one day ahead of the ex-date while those who held the stock for a month period would generate a positive return of about 3.9%. "Fundamentally, PLUS is well known its defensiveness. CIMB has a HOLD call on the stock with a target price of RM3.84," it said.
Company Name: PLUS EXPRESSWAYS BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has a Hold call on PLUS EXPRESSWAYS BHD [] with a target price of RM3.84. It said on Wednesday, April 28 PLUS Expressways will go ex on May 4 to adjust for a final single-tier DPS of 10sen. For FY10, we estimate that the company will pay out a gross dividend of 22.3 sen, which translates into a yield of 6.6%, based on its last traded price. Last June when the price adjusted for dividends, PLUS traded within an intraday high-low of RM3.34-RM3.24 versus its theoretical ex-price of RM3.23. "Therefore, if history repeats itself, we see this as a low risk investment. In the past 5 years, the stock posted an average 0.3% return by buying one day ahead of the ex-date while those who held the stock for a month period would generate a positive return of about 3.9%. "Fundamentally, PLUS is well known its defensiveness. CIMB has a HOLD call on the stock with a target price of RM3.84," it said.
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