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穆迪授予美團(03690.HK)擬發行可換股債券「Baa3」評級
阿思達克 04-20 11:54
評級機構穆迪授予美團(03690.HK)擬發行的可換股債券「Baa3」評級,並將其視為債務性證券。

穆迪企業融資部副總裁/高級分析師王穎表示,美團去年底止現金及短期投資約為610億元人民幣,發行可轉債以及股權融資將進一步增強流動性緩衝,支持未來幾年業務發展,拓寬服務範圍,使收入來源更為多元化,並增強其競爭優勢,預計今年美團將進行大量投資,新業務特別是社區電商板塊的運營虧損,將抵消外賣、到店、酒店和旅游業務板塊的穩健EBITDA增長。

穆迪估計,美團的外賣及到店、酒店和旅游服務及外賣業務現金流穩健,可利用戰略股東騰訊(00700.HK)龐大活躍用戶基礎作交叉銷售,加上用戶持群續增長、變現率提高,將帶動今年收入增長近80%。

王穎預計,隨著社區電商業務形成一定規模,虧損收窄,明年美團較弱的信貸指標將得以改善。穆迪表示,若美團可在實現增長目標的同時,維持強勁財務狀況,並有效管理新業務發展和行業競爭風險,評級展望可能恢復為穩定。

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