KLCI Stock - PLUS / 5052 - 2010 Quarter 3

PLUS EXPRESSWAYS BERHAD

Company Description

PLUS EXPRESSWAYS BERHAD is involved in investment holding and the provision of expressway operation services. Its wholly owned subsidiary company, Projek Lebuhraya Utara-Selatan Berhad (PLUS) is involved in the operation and maintenance of a tolled expressway network comprising the North-South Interurban Toll Expressway (NSE), the New Klang Valley Expressway (NKVE), a section of Federal Highway Route 2 (FHR2) between Subang and Klang, and the Seremban-Port Dickson Highway (SPDH) in Peninsular Malaysia. On July 13, 2007, the Company acquired a foreign subsidiary, PT Lintas Marga Sedaya (LMS). On December 18, 2007, the Company acquired two local subsidiaries: Expressway Lingkaran Tengah Sdn Bhd (ELITE) and Linkedua Malaysia Berhad (LINKEDUA).

Company Info

Listing Date	2002-07-17
Market Capital (Capital Size)	22,850,000,000 (Very Large)
Par Value	RM 0.25
Board	Main
Sector	Trading/Services
Major Industry	Expressway Operation Services
Sub Industry	Toll Collection
Website	http://www.plus.com.my

My Analysis

Forecast P/E now	(4.57-0.175)/0.28 = 15.70 (Moderate)
Target Price	4.48+0.175 = 4.66 (PE 16.0, EPS 0.28, DPS 0.175)
Decision	NOT BUY unless RM26b bid deal
Comment	Revenue are second consecutive quarter increasing and highest since FY06Q4, eps are second consecutive increasing and highest since FY08Q1, free cash flow and net cash flow increasing, liquidity ratio decreased but still high level now, gearing ratio increasing to very high now, all accouting period are acceptable compared to historical quarter, high traffic volume, RM26b bid
First Support Price	4.35
Second Support Price	4.1
Risk Rating	LOW

Research House

ECM Target Price	5.2 (2010-12-21)
OSK Target Price	5.2 (2010-12-21)
RHB Target Price	5.2 (2010-12-21)
Maybank Target Price	4.7 (2010-12-24)

Accounting Ratio

Return on Equity	21.57%
Dividend Yield	3.83%
Profit Margin	49.95%
Tax Rate	20.07%
Asset Turnover	0.1814
Net Asset Value Per Share	1.17
Net Tangible Asset per share	1.17
Price/Net Tangible Asset Per Share	3.76
Cash Per Share	0.62
Liquidity Current Ratio	2.9563
Liquidity Quick Ratio	2.9562
Liquidity Cash Ratio	2.6707
Gearing Debt to Equity Ratio	2.1944
Gearing Debt to Asset Ratio	0.6849
Working capital per thousand Ringgit sale	66.3%
Days to sell the inventory	-
Days to collect the receivables	29
Days to pay the payables	118

My notes based on 2010 quarter 3 report (number in '000):-
- The Group's toll collection for the third quarter 2010 (as set out in Remark 1 to the was higher by RM39.6 million or 6.5% as compared to the third quarter 2009. The increase was mainly due to increase in PLUS‟s toll collection by RM25.9 million. For the nine months ended 30 September 2010, the Group's toll collection of RM1,897.1 million was 9.6% higher than the preceding year corresponding period of RM1,731.7 million. The increase was mainly attributed by higher toll collection by PLUS of RM120.4 million driven by traffic growth of 7.4%

- The Group's total revenue and profit before tax also recorded similar growth trend. Total revenue for the current quarter of RM872.6 million was RM57.4 million or 7.0% higher than the preceding year corresponding quarter of RM815.2 million. The growth was primarily attributable to higher toll collection (as explained above) and higher toll compensation of RM12.6 million in line with higher traffic volume. For the nine months ended 30 September 2010, total revenue of RM2,545.6 million was RM220.4 million or 9.5% higher than the same period in 2009 of RM2,325.2 million. The increase was mainly due to higher toll collection (as explained above) and higher toll compensation of RM47.4 million

- Profit before income tax for the current quarter of RM435.9 million was RM13.9 million or 3.3% higher than the preceding year corresponding quarter of RM422.0 million, primarily attributable to higher toll revenue (as explained above), mitigated by higher finance costs as well as amortisation and depreciation charges. For the nine months ended 30 September 2010, profit before income tax was higher by RM109.6 million or 9.2% as compared to the same period in of RM1,187.4 million. This was mainly due to higher revenue mitigated by higher amortisation of concession assets by RM18.8 million, as well as increase in operating expenditure and higher finance costs of RM51.2 million

- Toll collection for the current quarter of RM644.2 million was lower by RM1.5 million as compared to the immediate preceding quarter of RM645.7 million following the effects of adopting IC Intepretation 13: Customer Loyalty Programmes. Without taking into effect the adjustment under IC Interpretation 13, toll collection for the current quarter was higher by RM0.4 million as compared to the immediate preceding quarter

- Total revenue for the current quarter of RM872.6 million was 1.5% or RM13.0 million higher than immediate preceding quarter of RM859.7 million mainly due to higher toll compensation in line with the traffic growth and inclusion of revenue from TERAS and INIPPL following the acquisitions in June 2010

- Profit before income tax for the current quarter of RM435.9 million was RM7.7 million or 1.7% lower than the immediate preceding quarter of RM443.6 million, mainly due to higher operating expenditure despite higher revenue

- Estimate next 4Q eps after 2010 Q3 result announced = 0.07*4 = 0.28, estimate PE on current price 4.57 = 15.7(DPS 0.175)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.249*1.1 = 0.2739, estimate highest/lowest PE = 15.75/13.64 (DPS 0.175)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2414*1.1 = 0.2655, estimate highest/lowest PE = 14.56/11.43 (DPS 0.165)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.2373*1.1 = 0.261, estimate highest/lowest PE = 12.82/11.74 (DPS 0.165)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.2335*1.1 = 0.2569, estimate highest/lowest PE = 12.85/11.79 (DPS 0.16)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.2196*1.1 = 0.2416, estimate highest/lowest PE = 13.37/12.79 (DPS 0.16)

PLUS latest news (English)

PLUS latest news (Chinese)

Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2010-11-24	2010	3	N/A	N/A	-	5.92%	16.40%	872645	2545590	435893	1296952	349673	968365	0.0699	0.1937	18744415	12838084	55935	5906331	1642702	282805	1158920	2883799	1359897	200977	3084776	5000000	5000000	22000000	2010-09-30	49.95%	20.07%	0.1814	-	1.17	1.17	3.76	0.62	2.9563	2.9562	2.6707	2.1944	0.6849	66.3%	-	29	118
2010-08-19	2010	2	4.49	3.91	0.075	5.38%	10.42%	859743	1672945	443571	861059	319562	618692	0.0639	0.1237	18618711	12683057	58104	5935654	1006340	277243	757306	2882761	729097	28209	2854552	5000000	5000000	19900000	2010-06-30	51.59%	28.08%	0.1795	-	1.18	1.17	3.4	0.59	3.7551	3.7549	3.3258	2.1579	0.6812	72.7%	-	37	94
2010-05-21	2010	1	4.03	3.2	-	4.91%	4.91%	813202	813202	417488	417488	299130	299130	0.0598	0.0598	18594790	12508466	20545	6086324	490626	66787	17430	2883047	423839	406409	3289456	5000000	5000000	16700000	2010-03-31	51.34%	28.41%	0.175	-	1.21	1.21	2.76	0.68	4.0701	4.0699	3.7958	2.0621	0.6727	84.5%	-	27	104
2010-02-23	2009	4	3.51	3.23	0.1	5.17%	19.45%	853835	3179022	436402	1623572	315002	1186378	0.0630	0.2373	18368320	12269843	21000	6098477	2075255	447785	983970	2240030	1627470	643500	2883530	5000000	5000000	16850000	2009-12-31	51.11%	28.22%	0.1731	14.2029	1.22	1.21	2.79	0.6	3.717	3.7169	3.4831	2.0189	0.668	73.9%	-	23	94
2009-11-20	2009	3	3.46	3.19	-	5.39%	15.08%	815177	2325187	422010	1187381	311577	871587	0.0623	0.1743	17860794	12079247	22387	5781547	1567365	286024	855854	2239850	1281341	425487	2665337	5000000	5000000	16500000	2009-09-30	51.77%	26.13%	0.1746	-	1.15	1.15	2.87	0.54	3.1739	3.1737	3.004	2.0974	0.6763	62.3%	-	17	112
2009-08-20	2009	2	3.39	3.25	0.065	4.86%	9.67%	772248	1510010	394498	765371	281399	560010	0.0563	0.1120	18063749	12270834	21534	5792915	1076796	228550	45783	2237993	848246	802463	3040456	5000000	5000000	16400000	2009-06-30	51.08%	28.64%	0.1672	-	1.15	1.15	2.85	0.62	2.4652	2.4651	2.4106	2.1262	0.6793	62.6%	-	8	84
2009-05-28	2009	1	3.38	3.12	-	4.66%	4.66%	737762	737762	370873	370873	278611	278611	0.0557	0.0557	17667736	11691852	19529	5975884	418325	148325	126994	2234148	270000	396994	2631142	5000000	5000000	16500000	2009-03-31	50.27%	24.82%	0.169	-	1.19	1.19	2.77	0.54	3.0827	3.0827	2.8337	1.9629	0.6618	66.9%	-	29	107
2009-02-26	2008	4	3.38	2.85	0.095	5.20%	18.95%	793177	2967958	410028	1515702	295984	1079333	0.0592	0.2159	17021031	11324079	19344	5696952	1813551	874368	1115028	2410275	939183	175845	2234430	5000000	5000000	14750000	2008-12-31	51.69%	27.65%	0.1744	13.6658	1.14	1.13	2.61	0.46	1.9996	1.9996	1.8537	1.9945	0.6653	41.7%	-	22	98
2008-11-17	2008	3	3.12	2.63	-	4.47%	14.49%	717153	2174781	341075	1105674	241756	783349	0.0484	0.1567	16522925	11118563	10024	5404362	1293787	778248	1002553	2418462	515539	487014	1931448	5000000	5000000	13450000	2008-09-30	47.56%	29.11%	0.17	-	1.08	1.08	2.49	0.4	1.7237	1.7236	1.6213	2.0612	0.6729	32.1%	-	16	113
2008-08-21	2008	2	2.9	2.51	0.065	4.85%	9.87%	738210	1457628	380522	764599	266047	541593	0.0532	0.1083	16830112	11342142	9742	5487970	888171	486470	245256	2416922	401701	156445	2573367	5000000	5000000	13500000	2008-06-30	51.55%	30.06%	0.1572	-	1.1	1.1	2.45	0.53	1.6372	1.6372	1.5977	2.0704	0.6739	39.7%	-	9	113
2008-05-27	2008	1	3.12	2.49	-	4.90%	4.90%	719418	719418	384077	384077	275546	275546	0.0551	0.0551	16681016	11058888	9253	5622128	390803	250550	99829	2417084	140253	240082	2657166	5000000	5000000	15200000	2008-03-31	53.39%	28.28%	0.1485	-	1.12	1.12	2.71	0.54	1.3698	1.3697	1.3115	1.9703	0.663	30.8%	-	18	151
2008-02-26	2007	4	3.28	2.62	0.08	7.34%	23.33%	634473	2282010	433360	1307990	392694	1247843	0.0785	0.2496	15893005	10543297	9510	5349708	1429491	1356477	237457	2582065	73014	164443	2417622	5000000	5000000	16300000	2007-12-31	68.30%	9.40%	0.1436	13.0625	1.07	1.07	3.05	0.5	1.3849	1.3848	1.3487	1.9743	0.6634	31.0%	-	11	150
2007-11-27	2007	3	3.32	3.08	-	5.77%	17.24%	553892	1647537	291882	874630	286231	855149	0.0572	0.1710	12465668	7505932	10172	4959736	1012472	572665	1051669	2582749	439807	611862	1970887	5000000	5000000	16400000	2007-09-30	52.70%	1.96%	0.1774	-	0.99	0.99	3.31	0.41	2.0744	2.0743	2.0109	1.5165	0.6021	49.3%	-	11	121
2007-08-22	2007	2	3.38	3.14	0.06	6.25%	11.46%	569653	1093645	316878	582748	310401	568918	0.0621	0.1138	12537045	7571696	1522	4965349	649437	318312	755565	2582715	331125	424440	2158275	5000000	5000000	15300000	2007-06-30	55.63%	2.06%	0.1322	-	0.99	0.99	3.09	0.45	2.0529	2.0529	1.979	1.5254	0.6039	72.3%	-	18	107
2007-05-29	2007	1	N/A	N/A	-	5.41%	5.41%	523992	523992	265870	265870	258517	258517	0.0517	0.0517	13001527	8224770	480	4776757	342129	59980	17291	2584491	282149	299440	2883931	5000000	5000000	15100000	2007-03-31	50.74%	2.77%	0.0836	-	0.96	0.95	3.18	0.58	2.2348	2.2348	2.1723	1.722	0.6326	150.8%	-	28	266
2007-02-27	2006	4	N/A	N/A	0.025	6.64%	24.45%	563281	2090636	298155	1107712	300005	1104873	0.0600	0.2210	12588363	8069876	495	4518487	1318345	425076	843786	2535026	893269	49483	2584509	5000000	5000000	14050000	2006-12-31	52.93%	-	0.0447	12.7164	0.9	0.9	3.12	0.53	2.1902	2.1901	2.1248	1.7862	0.6411	262.0%	-	53	342

Financial Quarter Balance Sheet

year	qrt	Concession assets (A-0)	Deferred tax assets (A-0)	Fixed deposits (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Land held for property development (A-0)	Other investments (A-0)	Property, plant and equipment (A-0)	Toll compensation recoverable from the Government (A-0)	Amount due from associated companies (A-1)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables, deposits and prepayments (A-1)	Toll compensation receivable from the Government (A-1)	Trade receivables (A-1)	Amount due to Government (L-0)	Amount due to holding corporation (L-0)	Deferred income (L-0)	Deferred liabilities (L-0)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Long term payables (L-0)	Other financial liabilities (L-0)	Retirement benefits obligations (L-0)	Amount due to associated companies (L-1)	Amount due to immediate holding company (L-1)	Amount received from the Government for Additional Works (L-1)	Current tax liabilities (L-1)	Deferred income (L-1)	Deferred liabilities (L-1)	Dividend payable (L-1)	Financial liabilities (L-1)	Liabilities directly associated with assets classified as held for sale (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2010	3	12653642	2367	20970	4115	34809	27831	160161	55264	2380853	8473	17011	31766	26559	3043418	195	15005	60383	167568	34025	38096	3373	41509	73127	904556	1883100	92	8725566	17104	99000	4772	19535	2117	3085	7278	-	746933	68	29376	176127	63270	55935
2010	2	12643591	10016	22521	3956	33721	27831	159834	52048	2352877	9214	22542	32530	8375	2807153	171	103975	89832	221611	16913	38096	3324	42277	73488	934632	1864276	95	8828151	16622	83360	6237	19417	1986	3122	7260	-	557994	70	28390	115426	58834	58104
2010	1	12384843	9128	492	3638	-	27831	159511	49233	2315026	3302	68707	-	5702	3220749	152	109964	63512	173000	-	38096	3093	43037	74556	921922	1668996	96	8846917	16180	72371	4788	19311	1388	3158	6938	-	557955	-	24402	173232	32030	20545
2009	4	12417516	8316	501	3729	-	27831	159192	49146	2486189	1937	32124	-	4812	2851406	118	129936	77688	117879	-	38096	6885	43789	76001	806779	1654284	97	8763035	15698	86406	4255	19216	807	3194	6920	-	557917	-	23947	127063	35454	21000
2009	3	12406855	8021	489	3766	-	27058	198864	48411	2330160	9196	19825	-	6552	2645512	140	19968	78007	57970	-	38095	6885	-	122033	689359	1634573	-	8679084	15312	102197	6841	19118	84	-	2597	-	557877	-	18780	153802	32610	22387
2009	2	12432082	7709	500	3817	-	27128	182204	48306	2182206	12471	23093	-	5943	3017363	122	68859	34690	17256	-	38096	6885	-	124268	583067	1609102	-	8604598	14959	89953	6017	20715	186	-	2000	475000	554997	-	15139	93820	32032	21534
2009	1	12414598	7327	488	4118	-	27199	166336	49189	2042846	13309	24955	-	5524	2606187	10	85724	65313	154613	-	38096	6885	-	123387	475113	1569687	-	8505521	14394	96656	7616	20615	174	-	1410	-	639979	-	11327	150421	30571	19529
2008	4	12380531	7154	483	3667	-	27269	165925	47855	1909498	7568	25306	-	5575	2209124	27	63389	63391	104269	-	38096	6885	46622	73224	388239	1551694	59	7965604	14071	91073	1338	20445	125	1187	6473	-	623132	-	332801	135680	27331	19344
2008	3	12354193	4129	506	2941	-	27339	165021	48091	1772762	8230	16998	-	757	1914450	43	88959	70477	48029	-	38096	6885	-	104035	276348	1534993	-	7898323	13739	100276	1622	12271	90	-	-	-	620000	-	333966	147642	30277	10024
2008	2	12230158	5739	517	2886	-	27410	165110	46901	1651479	7275	28439	-	344	2544928	27	61371	57528	-	-	38096	6885	-	104372	184861	1516200	-	7829113	13523	79284	46501	36649	258	-	-	400000	620000	-	333022	102578	30800	9742
2008	1	12121052	5355	518	3195	-	27480	115066	61053	1520069	8306	41840	-	-	2615326	49	49917	66756	45034	-	38096	6885	-	105430	75992	1500911	-	7254373	13167	81533	39669	45781	1380	-	-	-	620000	-	1078197	168303	29171	9253
2007	4	11723486	37667	547	2824	-	27550	115244	45487	1392650	8194	39487	-	-	2378135	49	63322	58363	-	-	38096	6885	-	51441	11494	1486683	65	7096256	12822	103883	39880	44638	415	-	-	-	592838	-	904347	135847	17707	9510
2007	3	8836172	71398	558	2255	-	27069	95424	42650	1283607	30192	15981	-	217	1954906	44	71199	33996	-	-	-	6885	-	46309	-	86099	-	6338841	12297	46484	49342	213671	15907	-	-	-	-	-	550000	125452	14645	10172
2007	2	8798419	70125	553	2344	-	27323	75599	42782	1182786	38901	18773	-	547	2139502	67	94726	44598	-	-	-	6885	-	46010	-	82055	-	6286295	12016	33395	39700	422369	11046	-	-	-	-	-	550000	71349	10576	1522
2007	1	8765889	72222	517	2563	-	27577	70737	43779	1050896	45956	16216	-	-	2867715	37	355	37068	-	-	-	6885	-	-	46159	47340	-	6784933	11667	45363	41779	510259	7132	-	-	-	-	-	550000	165068	8185	480
2006	4	8747231	71508	520	2831	-	27832	20912	43300	958360	57517	19112	-	-	2565397	60	50255	23528	-	-	-	6885	-	46507	-	30203	-	6734853	11403	33004	49802	518284	202	-	-	-	550000	-	-	80096	8637	495

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Cost of sales	Finance/interest costs	Other income/expenses	Administrative/Operating expenses	Minority interest	Finance/interest income	Share of profit/ (loss) of associates
2010	3	872645	87488	258723	191441	35782	23458	1268	-	1088
2010	2	859743	124572	244669	188469	36784	20132	563	-	314
2010	1	813202	118603	224879	187904	36397	19328	245	-	-
2009	4	853835	123171	256223	179135	20621	22433	1771	19737	-
2009	3	815177	110282	229251	174828	30842	19930	151	-	-
2009	2	772248	112973	211963	177249	30764	19302	126	-	-
2009	1	737762	92034	217498	164518	32769	17642	228	-	-
2008	4	793177	113391	232419	165602	12516	18843	653	21199	-
2008	3	717153	99283	228852	163910	13536	20057	36	23205	-
2008	2	738210	114374	219656	158848	13917	20095	101	26994	-
2008	1	719418	108614	198582	156839	16207	20593	83	24466	-
2007	4	634473	40736	185808	113695	96635	12571	70	14326	-
2007	3	553892	5710	165994	111261	10816	13876	59	18305	-
2007	2	569653	6526	161245	114543	13320	11677	49	21370	-
2007	1	523992	7370	163265	115175	10633	11124	17	20809	-
2006	4	563281	1850	169108	115643	14940	14153	-	18838	-

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables

CURRENT

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●CHANGES IN SHAREHOLDING
●ANNUAL REPORTS

HISTORICAL

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●CHANGES IN SHAREHOLDING

ARCHIVES

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●CHANGES IN SHAREHOLDING

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1-Year Historical Daily Chart


5-Year Historical Weekly Chart