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惠譽首予碧桂園服務(06098.HK)信貸評級「BBB-」 展望穩定
阿思達克 03-20 15:34
評級機構惠譽發表報告,首予碧桂園服務(06098.HK)長期外幣發行人違約評級「BBB-」,展望穩定。據該行準則,「BBB-」屬投資級別。評級反映碧桂園服務在內地蓬勃發展的物管市場具領導地位。而展望穩定反映該行預期公司將維持穩定經常性現金流及財政狀況。評級受限制於碧桂園服務較其他投資級別同業相對較小的規模。

報告稱,碧桂園服務屬內地三大物管龍頭之一,未來數年收入料續錄雙位數增長,受惠於管理樓面穩定擴張及社區增值服務需求增加。

惠譽認為,公司屬行業整合的受惠者,大型公司透過併購擴張。百大物管公司市佔率由2017年32.4%,擴至208年38.9%。大型物管公司增加提供增值服務,亦逼走了小型物管公司。

報告表示,碧桂園服務評級受穩定利潤率及持續淨現金狀況支持。在2016至2018年間,其EBITDA利潤率維持介乎20%至22%,料2019年表現相若。其計劃維持溫和派息比率約25%,因此,該行料其在2019年及之後可以維持淨現金狀況。

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