KUALA LUMPUR: RHB Research is maintaining an Outperform on PLUS Expressways Bhd as it believes PLUS will report a strong set of FY12/09 results, due to the strong traffic volume clocked up at PLUS’s core expressways.

It said on Tuesday, Feb 23 that based on an actual FY12/09 traffic volume of 15,070.5m PCU-km registered at PLUS’s core expressways, it believes PLUS’s FY12/09 net profit is likely to come in at about RM1.186 billion, at about 100.6% to 102.3% of its forecast and the market consensus.

“We are keeping our FY12/10 traffic volume growth assumption of 3% for PLUS’s core expressways, as we believe traffic volume growth in FY12/10 is likely to slow down on the back of the high-base effect as well as potential petrol price hike in 1HFY12/10.,” it said.

RHB Research said the indicative fair value is RM4.13, equivalent to PLUS’s DCF-derived NPV.