惠譽重申對藥明康德(02359.HK)BBB-評級 展望升至正面
評級機構惠譽發表報告,重申對藥明康德(02359.HK)長遠發行人BBB-評級,展望由穩定升至正面。
該行指,展望修訂反映了對公司市場份額持續增長和規模快速擴張的預期,相信收入可於未來2-3年維持在20%以上。同時預期其擴張和穩定的盈利能力,有助提升明年EBITDA至50億元人民幣以上。
該行又指,公司於今年完成配股,有利流動性,提供擴張業務,包括潛在收購能力,相信全球市佔率可提升,上半年收入在去年增長34%後,再錄增長23%。
該行表示,需求強勁的展望可抵銷今年的經營影響,內地雖然受封城政策影響,令首季收入增長只有15%,但第二季起見強勁復甦,故相信疫情影響有限,同時可有助抵銷美國業務的盈利能力放慢。另外,公司目前亦會持續高資本開支策略,因目前仍處於增長期,需捉緊機遇,但將造成現金流未來2-3年續錄負數。
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