Macquarie International Infrastructure Fund

(31-05-2012, 12:21 PM)KopiKat Wrote: That's why I said the Slip Roads must be very very long to have such a huge impact! Note that it's just a difference in methodology in calculating the length of the Slip Roads. So, unless MIIF had over-calculated the length by a significant amount and these Slip Roads are also a significant length vs the actual Expressway, I'm still amazed by the huge impact!

"Slips roads are roads which allow vehicles to access HNE", that opens you to many possibilities.

at around 10-15% adjustment, the slip road reduction should be at least 3-4km.

(31-05-2012, 01:14 PM)shanrui_91 Wrote:

(31-05-2012, 12:21 PM)KopiKat Wrote: That's why I said the Slip Roads must be very very long to have such a huge impact! Note that it's just a difference in methodology in calculating the length of the Slip Roads. So, unless MIIF had over-calculated the length by a significant amount and these Slip Roads are also a significant length vs the actual Expressway, I'm still amazed by the huge impact!

"Slips roads are roads which allow vehicles to access HNE", that opens you to many possibilities.

at around 10-15% adjustment, the slip road reduction should be at least 3-4km.

angmo fund manager doing deals in China - i think their track record speaks for themselves. China toll roads - u are better off with CM Pac. Angmo rules and regulations simply not workable in China.

(31-05-2012, 09:52 PM)greengiraffe Wrote: angmo fund manager doing deals in China - i think their track record speaks for themselves. China toll roads - u are better off with CM Pac. Angmo rules and regulations simply not workable in China.

If you want to do deals with the PRC govt successfully, you better have good parentage.another example is CAO, a SOE

A potential outcome is a sharp boost to traffic volume due to cheaper toll rates (on this well connected toll road) which may outweigh any decline in revenue ? We have to see 3Q 2012 results to judge the impact.

Cash compensation is important though. It can ease the loan amortization going forward.

(Not Vested)

Haiz... Can't control my itchy fingers... Some more mkt is so weak and tomorrow is likely to be yet another Fearful Friday..

(31-05-2012, 10:05 PM)Jacmar Wrote: If you want to do deals with the PRC govt successfully, you better have good parentage.another example is CAO, a SOE

Indeed, even our government has learnt it first hand from the Suzhou Industrial Park

From Wiki,
"After incurring losses of some US$90 million over 5 years, the Singapore consortium lowered its stake to 35 percent, raising the Chinese consortium's stake to 65 percent from 35 percent and reducing the Singaporean share from a planned 70 sq.km. to just 8 sq.km. The Chinese side appointed Wang Jinhua, vice-mayor of Suzhou and the former manager of the New District, as the new chief executive. 　In 2001, one year after Singapore lowered its stake, the park made its first profit of $3.8 million."

MIIF: Toll rate cut overhang removed (DBSV)

http://kfc1973-stock.blogspot.sg/2012/06...moved.html

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Guangdong to standardize controversial freeway tolls

Staff Reporter
2012-06-02
16:16 (GMT+8)

Freeway tolls in southern China's Guangdong province will be standardized on June 1 to end the long controversial problem of overcharging, reports the First Financial Daily in Shanghai.

Zeng Zhaogeng, director of the provincial communications department, said that tolls on all freeways in Guangdong will be charged at 0.45 yuan (US$0.07) per kilometer on four-lane freeways and 0.6 yuan (US$0.09) per kilometer on six-lane roads.

The toll rates of seven freeways opened in the province before July 2001 were higher than the government regulations, with two coming under particular criticism: the Guangshen Expressway between Guangzhou and Shenzhen and the Huanan Expressway across the Pearl river, which has been called the most expensive freeway in the world.

Drivers have had to pay 1.25 yuan (US$0.20) per kilometer on the six-lane Huanan Expressway, which will be cut to less than half under the new tariff. Revenues from the Guangshen route have come to more than 35 billion yuan (US$5.5 billion), triple its original construction costs of 12.2 billion (US$1.9 billion). The road has therefore been dubbed the "most profitable freeway in China."

Full Article - http://www.wantchinatimes.com/news-subcl...0602000067


MIIF is currently trading at 50.5 cents which implies nearly 10% yield if dividend is slashed to 5.0 cents per year. The key question is how much compensation will HNE receive from the Provincial Government (if any) ?

(Not Vested)

I wonder what has fundamentally changed today such that there was such a strong demand which pushed it to an intraday high of $0.555 (closed @ $0.545, +1.5ct), total volume = 5310 lots.

Share Buy-Back? Re-rating? HNE fears over-done? Collecting in advance (reporting on 8-Aug AM) for 1H DPU = 2.75ct (maybe last time?)?
God knows.. who cares.. take some profit 1st!

Pan United released their 1H results today and as majority shareholder of CXP, it is always interesting to hear what they have to say:

Quote:Although the Port division handled lower volume of steel and other general cargoes, the volume of its other core cargoes of logs, pulp and paper had increased. However, a normalised corporate tax rate of 25%, which took effect from 1 January 2012 following the expiry of a 10-year concessionary tax rate of 12% in FY 2011, higher staff and maintenance costs reduced its profitability.

Coupled with HNE toll rate reduction from 1 June 2012, the proportionate EBITDA for 2Q 2012 may not be in great shape. Looks like it is up to TBC to save the day !

(Not Vested)