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标普降煤气(00003.HK)信贷评级至「A-」 展望稳定
阿思达克 06-07 10:20
标普将香港中华煤气(00003.HK)长期发行人评级由「A」降至「A-」,展望稳定,反映仍预期公司可受惠香港煤气业务强劲及稳定的表现,内地盈利能力料将复苏等。该行估计2021至2023年公司经营现金流与债务比例将维持在30%以下的水平,主要因为公司资本开支及派息庞大等。

该行指出公司核心香港煤气业务风险及财务表现均较稳定,不过公司在内地公用事业接触面增加,加上非燃气业务投放提升,意味盈利波动性将更大。

该行估计,2021至2023年公司将每年投放76亿至85亿元资本开支以满足其智慧能源及太阳能项目的五年发展计划。到2025年项目总投资料达500亿元人民币,加上未来两至三年每年料派息70亿至75亿元,因此该行估计公司2021至2023年净债务将增至410亿至450亿元,而公司去年资本开支73亿元亦较该行预测高10亿元,主要用於内地燃气及新能源项目。

去年香港煤气销售跌2.7%主要因为自2019年以来的社会不稳及2020年疫情带来的负面影响,该行估计2021至22年销量将复苏1%至1.5%,另一方面考虑到餐饮、酒店行业在疫後经济复苏中环境较困难,公司2021年未有加价,下一次加价料将在2022年,意味2021年公司香港业务收入将跌约2%,该行估计相关影响仅一次性。

内地业务方面标普料今年公司将有快速复苏,今年首季其内地业务销量按年增33%,虽然去年同期受疫情影响基数较低,不过去年全年计销量仍升5%,维持每平方米0.6元人民币的利润,该行估计内地燃气需求增长势头将在未来两至三年持续,主要因为内地期望减碳并达到能源转换的目标。

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