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惠誉授予美团(03690.HK)「BBB」长期发行人违约评级及高级无抵押评级
阿思达克 11-02 18:04
惠誉评级授予美团(03690.HK)「BBB」的长期发行人违约评级和高级无抵押评级。长期发行人违约评级展望稳定。惠誉同时授予美团拟发行美元高级无抵押票据「BBB」的评级,美团计划将该票据募集的资金用於营运成本、资本支出及债务再融资。

惠誉指,美团的评级反映公司作为一家消费服务电商平台所占据的领先地位。公司强劲的品牌知名度,尤其是在中国外卖市场遥遥领先的占有率,令其拥有约4.6亿的庞大用户群,以及逾600万的年活跃商家。惠誉预计,消费者将对美团的服务产生黏性,进而可能推动公司的网络覆盖及其平台上其他服务交叉销售快速增长。

惠誉又称,美团评级的支持因素还在於公司到店酒旅业务成熟度和盈利能力的增强,以及可观的净现金头寸,令其具有可投资於潜在增长机会的财务灵活度。至於美团评级的制约因素在於,盈利记录有限且现金生成能力存在不确定性。

惠誉认为,外卖行业的竞争环境已企稳,但美团改善盈利的能力可能发生变化,取决於商家持续促销的需求或议价能力的提高。此外,美团处於高增长的行业,其平台可能提供很多其他附加服务,但公司面临与这些新业务的执行,及构建这些服务可能需要的投资力度有关的风险。美团计划扩大共享单车业务且短期内其资本支出将多用於该业务,但对新扩张机会的增量投资可能影响其持续生成自由现金流的能力。

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