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穆迪授予美团(03690.HK)拟发行可换股债券「Baa3」评级
阿思达克 04-20 11:54
评级机构穆迪授予美团(03690.HK)拟发行的可换股债券「Baa3」评级,并将其视为债务性证券。

穆迪企业融资部副总裁/高级分析师王颖表示,美团去年底止现金及短期投资约为610亿元人民币,发行可转债以及股权融资将进一步增强流动性缓冲,支持未来几年业务发展,拓宽服务范围,使收入来源更为多元化,并增强其竞争优势,预计今年美团将进行大量投资,新业务特别是社区电商板块的运营亏损,将抵消外卖、到店、酒店和旅游业务板块的稳健EBITDA增长。

穆迪估计,美团的外卖及到店、酒店和旅游服务及外卖业务现金流稳健,可利用战略股东腾讯(00700.HK)庞大活跃用户基础作交叉销售,加上用户持群续增长、变现率提高,将带动今年收入增长近80%。

王颖预计,随着社区电商业务形成一定规模,亏损收窄,明年美团较弱的信贷指标将得以改善。穆迪表示,若美团可在实现增长目标的同时,维持强劲财务状况,并有效管理新业务发展和行业竞争风险,评级展望可能恢复为稳定。

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