JSMR’s revenue improved during 3Q/20, with an increase of +45.3% QoQ. The toll road segment contributed 62.3% to the revenue, with a growth of 70.1% QoQ vs -45.5% in 2Q/20. We project that the toll segment revenue in 4Q/20 will grow limited due to the curbing of the Christmas and New Year holidays at the end of 2020.
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