You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
惠誉确认潍柴(02338.HK)信贷评级BBB+ 展望稳定
阿思达克 09-24 15:09

评级机构惠誉发表报告,确认潍柴动力(02338.HK)长期外币发行人违约评级「BBB+」,展望稳定。按该行准则,「BBB+」属投资级别。报告指,这反映其财务及经营现金流收益率稳定、低杠杆、流动性健康及债务覆盖率高。评级受公司在数个核心市场的领导地位,管理层保守财政政策及策略实践往绩所支持。惟评级受限於其定位逊於具更分散业务组合的环球同业。

报告称,潍柴在数个市场具领导地位,它是内地最大重型货车引擎生产商及第四大重型货车生产商。透过对德国叉车生产商KION的控制,它亦是欧洲叉车市场龙头,全球叉车市场占比则位居次席。潍柴目标发展其技术,强化分销及服务网络,以为市场新加入者带来更高准入门槛。

惠誉表示,潍柴财政状况与获「A-」评级的分散制造及资本品生产商有可比较性。报告料潍柴经营现金流及自由现金流收益率,中期将维持分别高於8%及4%。其经营现金流收益率在2013至2018年间维持最少10%水平,该行料潍柴经调整净杠杆在正常年份将维持低於一倍。

报告称,在撇除KION後,潍柴在多个行业周期持续维持净现金。该行分析撇除KION主因潍柴并不直接触及KION的现金。该行认为,这引证潍柴业务稳定及管理层作风保守。作为国企,潍柴具强劲外部融资渠道,包括在岸及离岸银行及资本市场。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account