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PLUS Expressways: Buy, target price RM3.80.
THE Royal Bank of Scotland Asia Securities (RBS) has a "buy" call on PLUS Expressways, Southeast Asia's largest toll operator, with a target price of RM3.80.
PLUS reported fiscal 2009 earnings of RM1.19 billion, up 9.8 per cent from the previous year, in line with consensus expectations.
The results have confirmed, in RBS' view, its reputation for delivering solid and steady earnings growth with few surprises.
Profit growth was driven by 7.1 per cent traffic volume growth, stringent cost controls and the start of a new toll operation in India, noted the stockbroker.
"The catalyst that we believe will push PLUS' stock price towards our target price …
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