Company Update
- We believe there is a strong likelihood that 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 FY10 traffic volume growth assumption from 3% to 4%.
RHB Equity 360° - 15 July 2010 (PLUS, TNB; Technical: IJM Corp)
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