Outstanding No of Shares: 1064 mil Current Share price: SG$ 1.18 Current Dividend per share: SG$0.07 (5.9% dividend yield) China Merchant Pacific Holdings (CMHP), a toll road operator whose parents are the Chinese state owned enterprise China Merchant Holdings, announced their first quarter results on Thursday, after their annual general meeting. I manage to attend the AGM, and while there weren’t much questions officially asked, I manage to observed some questions that Mr Jiang Yan Fei, the ex-CEO was able to answer. I will firstly review their first quarter results, and then share some of the points explained by Mr Jiang.

First Quarter Earnings and Cash Flow

In terms of overall profitability, there weren’t much difference. Results were rather flat. In terms of administrative expenses and interest expenses there were not much changes as well. Traffic results was rather subdued. We didn’t see the ......