Two posts that I would like to link to that is of concern to China Merchant Pacific Holdings (CMHP)
The first post have been broadcast in not just one media but also Channel News Asia > Operators of Chinese Expressways live life in the fast lane
It talks about the expressways in China that are state owned racked up huge amount of losses. Yet, the 19 listed expressways racked up record profits and great margins. This is not something new. Even in the AGM, the former CEO Jiang Yan Fei reflected on the gearing of CMHP to be conservative and that when asked whether toll rates can be cut, he said it is possible definitely, but in that scenario the other state owned expressway will basically have a seriously tough time.
I guess this report sort of validates this.
However, the general narrative seems to be that the toll ......