KUALA LUMPUR: PLUS Expressways Bhd's share price advanced on Wednesday, Sept 1 after AmResearch maintained its buy call on the stock and raised its fair value to RM4.72 from RM4.33 previously.

At 9.30am, PLUS gained six sen to RM4.26 with 534,600 share traded.

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

'[The] Proposed 4th lane expansion programme 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's level of foreign shareholding stood at 9.4% as at June 2010.