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標普:海螺水泥長期評級A 現金流足夠支撐擴張計劃
格隆匯 04-21 16:12

標普全球評級宣佈,確認海螺水泥(0914.HK)長期主體信用評級為A,展望穩定。標普表示,海螺水泥充足的現金餘額、在中國水泥市場的領先地位、與銀行的牢固關係以及審慎的風險管理進一步鞏固了其本已強勁的流動性水平。儘管新冠疫情對行業帶來一定不利影響,但預計得益於公司自身強勁的經營性現金流水平、較低的債務規模以及審慎的資本開支,海螺水泥仍將在未來兩年內保持淨現金頭寸。

報告指出,由於疫情導致建築活動延期,2020年第一季度中國的水泥銷量同比下降24%。同期海螺水泥的水泥銷量也可能受到前述市場擾動的不利影響。但是,由於目前國內疫情已基本得到控制,且經濟活動正在逐漸恢復,銷量下滑將是短期現象。此外,中國政府可能會通過增加基建投資來託底經濟,預計海螺水泥2020年的水泥售價和銷量將下降5%左右。

標普稱,海螺水泥或將加快海外擴張以強化自身業務狀況。公司海外自產水泥銷售額在其總自產水泥收入中的佔比從2018年的1.5%提升至2019年的2.2%。儘管如此,公司或將在管理海外業務及進行大規模投資方面保持審慎。標普預計,海螺水泥產生的經營性現金流將足夠支撐其擴張計劃。

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