China Merchant Pacific is a China Toll Road operator listed in Singapore currently spotting a high dividend yield of 6.1%

This morning I went to its AGM and this evening it release its Q1 report. You can view the report here.

Here is a review of the investment thesis and some updates from the AGM.

Before reading this, you may want to revisit some older articles on China Merchant Pacific (CMHP)

• Investing in the economic moat of toll roads: CMHP
• CMHP: Dividend Yield on Track
• Purchase of Beilun
• Purchase of Jiu Rui

Forecast Annual Net Profit

Net profit for the quarter attributable is HKD$ 128 mil versus HKD$ 112 mil last year.

While is dangerous to annualize we should be looking at an estimate of  HKD$ 512 mil full year net profit.

If convertible bond is converted (see below), this will save HKD$ 14 mil in interest expense. This ...