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惠誉首予睿见教育(06068.HK)「BB-」评级 展望稳定
阿思达克 12-15 16:40
评级机构惠誉日前(12月8日)首予睿见教育(06068.HK)「BB-」的长期发行人违约评级和「BB-」的高级无抵押评级。长期发行人违约评级展望稳定。该行称,睿见教育的评级反映了其作为领先民办教育企业所拥有的强劲市场地位。该公司的评级受到其稳定的经常性现金流以及良好增长前景的支持,但有限的经营规模以及地域集中度的制约了评级。

惠誉称,现金流可预测性高,其较高的营收和现金流可预测性、有限的价格敏感性以及高转换成本巩固了睿见教育强劲的业务状况。该公司采用预收学费的模式,且现金流稳定(在新冠肺炎疫情下亦然),几乎没有学费退款。睿见教育运营超过五年的成熟校区招生人数一直处於高位,为其提供稳定的现金流。睿见教育计划未来四年将学生容量扩大50%以上,以及截至2020年9月该公司现有学校约10%的未使用容量,将推动其营收增长。

此外,该行称,睿见教育盈利能力强劲,提高学费的能力以及有效的成本管控令其EBITDA利润率处於约40%的高位。惠誉预计,得益於规模效益的扩大以及新开学校进入爬坡期,睿见教育的盈利能力将温和提升。但是,监管环境的变化可能令该公司为提高学费及配套服务收费获得地方政府批准遇到困难。

惠誉称,因新建学校而发生的资本支出,令过去几年睿见教育的杠杆率有所上升,而且截至2020年8月的财年(2020财年)内该公司的FFO调整後净杠杆率从2017财年的1.5倍升至2.6倍。尽管睿见教育的评级空间有限,但惠誉预计现金流的改善将支持该公司的杠杆率在未来几年保持在可能导致惠誉采取负面评级行动的阀值(3.0倍)以内,支持因素有新开学校进入爬坡期,资本支出的项目有所减少,且监管限制下无大规模收购活动。

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