惠譽確認濰柴(02338.HK)信貸評級BBB+ 展望穩定
評級機構惠譽發表報告,確認濰柴動力(02338.HK)長期外幣發行人違約評級「BBB+」,展望穩定。按該行準則,「BBB+」屬投資級別。報告指,這反映其財務及經營現金流收益率穩定、低槓桿、流動性健康及債務覆蓋率高。評級受公司在數個核心市場的領導地位,管理層保守財政政策及策略實踐往績所支持。惟評級受限於其定位遜於具更分散業務組合的環球同業。
報告稱,濰柴在數個市場具領導地位,它是內地最大重型貨車引擎生產商及第四大重型貨車生產商。透過對德國叉車生產商KION的控制,它亦是歐洲叉車市場龍頭,全球叉車市場佔比則位居次席。濰柴目標發展其技術,強化分銷及服務網絡,以為市場新加入者帶來更高准入門檻。
惠譽表示,濰柴財政狀況與獲「A-」評級的分散製造及資本品生產商有可比較性。報告料濰柴經營現金流及自由現金流收益率,中期將維持分別高於8%及4%。其經營現金流收益率在2013至2018年間維持最少10%水平,該行料濰柴經調整淨槓桿在正常年份將維持低於一倍。
報告稱,在撇除KION後,濰柴在多個行業周期持續維持淨現金。該行分析撇除KION主因濰柴並不直接觸及KION的現金。該行認為,這引證濰柴業務穩定及管理層作風保守。作為國企,濰柴具強勁外部融資渠道,包括在岸及離岸銀行及資本市場。
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