惠誉确认西部水泥(02233.HK)信贷评级BB-展望上调至正面
评级机构惠誉发表报告,确认西部水泥(02233.HK)长期发行人违约评级「BB-」,展望由「稳定」上调至「正面」。据该行标准,「BB-」属非投资级别。
报告指,正面展望反映惠誉预期西部水泥将於2019至2022年持续去杠杆,因该行预期水泥行业基本面仍维持稳固。惠誉另称,确认「BB-」评级反映其稳定业务及财务状况,受到其本地市场定位强劲及资本开支下降所支持。
惠誉表示,自2015年起西泥经营EBITDA利润率持续扩张。2017及2018年改善受到销售均价上升支持,源於供给侧改革及陕西省强劲需求,致市场基本面改善所致。西泥每吨水泥产品毛利由2017年的62元人民币(下同)提升至去年的109元,源於去年销售均价按年升30%至每吨325元。因此,西泥经营EBITDA利润率由2017年的35%扩大至去年的40.3%。
报告续称,料今年西泥经营EBITDA利润率续扩张至41.8%,受到销售均价上升支持,并料未来两至三年维持介乎37%至41%水平。
惠誉另说,西泥去年产生13.9亿元自由现金流,料在EBITDA强劲及有限资本开支承担支持下,料续产生自由现金流。该行料2019至2022年间,西泥年度资本开支介乎8亿至15亿元,主要是陕西及新疆的产能置换项目。因此,惠誉料西泥经自由现金流调整的净杠杆在2019至2020年间维持低於1倍水平。
最後,惠誉补充,料西泥与海螺水泥(00914.HK)的持续协作,可帮助西泥进一步改善其经营效率及强化其在陕西市场地位。
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