· Very high level of government support as a public policy state-owned enterprise
· Expanding network with growing importance in the public transport sector
· Large-scale expansion pressures financial metrics and raises high construction risks
· Non-metro operations may lead to earning volatility
· Peer comparison with rated Chinese metro companies
Vivian Tsang, Associate Managing Director, Public, Project and Infrastructure Finance Group
Ada Li, Vice President - Senior Analyst, Public, Project and Infrastructure Finance Group
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