Upside potential to our projected 3% traffic volume forecast in FY12/10. We believe there is a strong likelihood that the core expressways’ traffic volume could come in higher than our forecast, as: 1) FY12/10 traffic volume will be cushioned by the strong 9.8% growth registered in Jan-May 10; and 2) the strong 28.6% growth registered in passenger car sales in Jan- May 2010 will help boost PLUS’s traffic volume growth in the remaining months. To pre-empt the higher-than-expected traffic volume, we are raising our FY12/10 traffic volume growth assumption at PLUS’s core expressways from 3% to 4%. Beyond FY12/10, we are keeping our traffic volume forecast unchanged, i.e. 3% per annum.
PLUS Expressways Berhad : FY12/10 Likely To Grow Higher Than 3% - 15/7/2010
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