Anhui Transport is the largest toll road operator in Anhui Province, operating over 90% of the provincial toll roads by length. It is also the province's largest passenger transport operator, accounting for a 45% market share and providing essential suburban bus transportation services.
Anhui Transport's BCA is constrained by China's evolving tariff-setting framework, including uncertainty about toll road tariff increases over time.
In addition, the company has a sizable capex program over the next three years in line with the government's plans to meet the province's growing demand for better road connectivity. This limits improvement in its financial metrics.
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