Macquarie International Infrastructure Fund

[KopiKat]

The average rate reduction from RMB0.75/km to RMB0.60/km is -20%.

Since it affects only Phase I (the unaffected Phase II is of almost equal length) and by ~20%, the overall estimated impact of 20% - 25% in Revenue to HNE seems very huge. Unless.. the tollable Slips Roads must be a lot longer than I imagined it to be or there are other factors I have not found!

the extra 10-15% should come from here:
"The notification also requires a change in the methodology used to calculate the length of slip roads1. The change effectively reduces the toll-able distance of slip roads and will affect both HNE Phase 1 and Phase 2."

double whammy

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!