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.
惠譽確認利福(01212.HK)信貸評級 下調評級展望至負面
阿思達克 12-23 16:11

評級機構惠譽發表報告,確認利福國際(01212.HK)長期發行人違約評級「BB+」,評級展望由「穩定」下調至「負面」。評級展望下調反映公司現金流生成不確定性加劇。本港自6月以來的社會不穩,對零售業帶來實質影響,料致下半年收入下滑。自由現金流生成亦受影響,但程度取決於資本開支及分派比率的速度。

報告稱在政局不穩下,料香港零售業經營環境持續富挑戰。惠譽料利福今年收入跌13.9%,看齊整體零售市場。今年8月零售銷售跌22.9%,10月亦跌24.3%。此外,內地訪港旅客是零售銷售的主要支柱,自7月起開始減少,10月按年跌幅達46%,屬2003年5月沙士以來最大跌幅。

惠譽表示,由於本港零售經營環境困難,料利福現金流生成轉弱。自由現金流亦受影響,撇除社會不穩外,亦源於今年就啟德項目的10億元資本開支及10億元股息分派,與歷史水平相符。不過,倘開支減少將有助保留現金。

報告料在2022年啟德項目竣工前,利福經營現金流(FFO)淨槓桿維持高企。FFO淨槓桿料由去年的4.3倍升至2019年料錄5.9倍。但由於債務主要與啟德項目有關,因此毛債務料不會有重大變化。惠譽亦料利福在啟德項目竣工前,即使槓桿高企,仍有足夠財政資源;利福旗下地產物業亦支持其評級。

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