Please provid your basis for 15% reduction in the divident yield. Last year the first half the divident is already 2.75cts. Just consider the revenue for the HuaNan expressway, for last year 1H and this year 1H, the revenue have increase by 6.8% and EBITDA 6.4%, remember the HuaNan new Toll rate have already partially included in the 1H of this year result. Even it as per MIIF report of 25% revenue reduction, consider 37% attribution of portfolio for HuaNan expressway in MIIF and EBITDA margin it only workout to be 11.4% the worst case. Thus please provide your calculation and proof for deduce the 15%reduction.
