Stock Name: PLUS
Company Name: PLUS EXPRESSWAYS BHD
Research House: AMMB

KUALA LUMPUR: AmResearch is maintaining its ''BUY call on PLUS EXPRESSWAYS BHD [] with fair value raised from RM4.33 a share to RM4.72 a share after the earnings upgrade following strong traffic numbers.

The research house said on Wednesday, Sept 1 that it raised its forecast for 2010 traffic growth projections from 5% to 5.5%, which is slightly higher than PLUS management's guidance.

'Proposed 4th lane expansion program would likely provide an added kicker to its traffic levels over the long-term. We continue to like PLUS for its sturdy cash flows and strong management team - backed by attractive yields of 5%- 6% over FY10F-12,' it said.

AmResarch said more upside could come from potentially value accretive investments abroad - particularly in India as well as Indonesia. PLUS' level of foreign shareholding stood at 9.4% as at June 2010.