惠譽確認西部水泥(02233.HK)信貸評級BB-展望上調至正面
評級機構惠譽發表報告,確認西部水泥(02233.HK)長期發行人違約評級「BB-」,展望由「穩定」上調至「正面」。據該行標準,「BB-」屬非投資級別。
報告指,正面展望反映惠譽預期西部水泥將於2019至2022年持續去槓桿,因該行預期水泥行業基本面仍維持穩固。惠譽另稱,確認「BB-」評級反映其穩定業務及財務狀況,受到其本地市場定位強勁及資本開支下降所支持。
惠譽表示,自2015年起西泥經營EBITDA利潤率持續擴張。2017及2018年改善受到銷售均價上升支持,源於供給側改革及陝西省強勁需求,致市場基本面改善所致。西泥每噸水泥產品毛利由2017年的62元人民幣(下同)提升至去年的109元,源於去年銷售均價按年升30%至每噸325元。因此,西泥經營EBITDA利潤率由2017年的35%擴大至去年的40.3%。
報告續稱,料今年西泥經營EBITDA利潤率續擴張至41.8%,受到銷售均價上升支持,並料未來兩至三年維持介乎37%至41%水平。
惠譽另說,西泥去年產生13.9億元自由現金流,料在EBITDA強勁及有限資本開支承擔支持下,料續產生自由現金流。該行料2019至2022年間,西泥年度資本開支介乎8億至15億元,主要是陝西及新疆的產能置換項目。因此,惠譽料西泥經自由現金流調整的淨槓桿在2019至2020年間維持低於1倍水平。
最後,惠譽補充,料西泥與海螺水泥(00914.HK)的持續協作,可幫助西泥進一步改善其經營效率及強化其在陝西市場地位。
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