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惠誉重申对药明康德(02359.HK)BBB-评级 展望升至正面
阿思达克 10-30 18:09
评级机构惠誉发表报告,重申对药明康德(02359.HK)长远发行人BBB-评级,展望由稳定升至正面。

该行指,展望修订反映了对公司市场份额持续增长和规模快速扩张的预期,相信收入可於未来2-3年维持在20%以上。同时预期其扩张和稳定的盈利能力,有助提升明年EBITDA至50亿元人民币以上。

该行又指,公司於今年完成配股,有利流动性,提供扩张业务,包括潜在收购能力,相信全球市占率可提升,上半年收入在去年增长34%後,再录增长23%。

该行表示,需求强劲的展望可抵销今年的经营影响,内地虽然受封城政策影响,令首季收入增长只有15%,但第二季起见强劲复苏,故相信疫情影响有限,同时可有助抵销美国业务的盈利能力放慢。另外,公司目前亦会持续高资本开支策略,因目前仍处於增长期,需捉紧机遇,但将造成现金流未来2-3年续录负数。

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