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惠譽上調金鷹商貿(03308.HK)發行人違約評級至「BB+」 展望穩定
阿思達克 05-21 12:11
評級機構惠譽發表報告,將金鷹商貿(03308.HK)長期發行人違約評級和高級無抵押等級自「BB」上調至「BB +」,展望穩定。

該行指,公司在新冠肺炎疫情下仍維持強勁財務狀況的能力,且其2020年列報全面營收及EBITDA在2020年上半年業務運營受疫情嚴重衝擊的情況下仍錄得增長。自由現金流持續為正值,表明其在低迷的零售環境中仍具韌性,繼而提供了充裕的評級空間。

惠譽預計,金鷹商貿穩定的零售經營業績表現和有節制的房地產開發將令其應付賬款調整後營運現金流(FFO)淨槓桿率維持在3倍以下。預期2021至24年間EBITDA利潤率會維持在42至43%,自由現金流持續為正值,營收來源豐富,同時線上業務將輔助線下發展。

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