Top Story : PLUS – Expecting strong 2QFY12/10 performance - Outperform
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- We believe 2QFY12/10 results will likely to come in stronger (both yoy and qoq), thanks to the encouraging growth registered at PLUS's core expressways in 2QFY12/10 (+10.5% yoy and 5.8% qoq).
- Based on an actual traffic volume of 4,069.9m PCU-km registered at PLUS's core expressways in 2QFY12/10, we believe PLUS will likely to register a net profit of RM321.7m in 2QFY12/10.
- This means PLUS's 1HFY12/10 net profit is likely to come in at RM620.8m, which is 50.6-50.7% of our fullyear forecast and the full-year market consensus.
- DCF-derived fair value is RM4.33 (based on WACC of 7.7%).
RHB Equity 360° - 3 August 2010 (PLUS, Semicon, Notion Vtec, Unisem, Axiata, AMMB; Technical: MPHB, KNM)
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