Stock Name: PLUS
Company Name: PLUS EXPRESSWAYS BHD
Research House: MAYBANK
KUALA LUMPUR: Maybank Investment Bank Research is maintaining a Buy on PLUS EXPRESSWAYS BHD [] at RM3.33 with an unchanged target price of RM4.20 after the 1Q10 traffic at PLUS' major expressways has shot past its expectations. It said on Thursday, May 6 that it had raised traffic forecasts, impute FRS 139 charges, and update its earnings model after the 2009 annual report release – all in, a small 5% downgrade in its 2010 net profit forecast. "Our DCF derived TP is however, unchanged. We continue to like PLUS for its dividend yield and long-term regional expansion offerings," it said. Maybank Research expects 1Q10 traffic to sustain and peak in 4Q10. We raise our traffic growth forecast for 2010 to 5% from 2%. This assumes a modest 1% QoQ growth in 2Q-3Q10, and 3% in 4Q10.
Company Name: PLUS EXPRESSWAYS BHD
Research House: MAYBANK
KUALA LUMPUR: Maybank Investment Bank Research is maintaining a Buy on PLUS EXPRESSWAYS BHD [] at RM3.33 with an unchanged target price of RM4.20 after the 1Q10 traffic at PLUS' major expressways has shot past its expectations. It said on Thursday, May 6 that it had raised traffic forecasts, impute FRS 139 charges, and update its earnings model after the 2009 annual report release – all in, a small 5% downgrade in its 2010 net profit forecast. "Our DCF derived TP is however, unchanged. We continue to like PLUS for its dividend yield and long-term regional expansion offerings," it said. Maybank Research expects 1Q10 traffic to sustain and peak in 4Q10. We raise our traffic growth forecast for 2010 to 5% from 2%. This assumes a modest 1% QoQ growth in 2Q-3Q10, and 3% in 4Q10.
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