標普降海底撈(06862.HK)信貸評級展望至「負面」
評級機構標普全球評級發表報告,確認海底撈(06862.HK)長期發行人信貸評級「BBB」,評級展望由「穩定」降至「負面」。
報告料海底撈更新了的開店策略有執行上風險,包括更長的起動期及翻檯率放慢;並指倘未能改善新開火鍋店經營或放慢整體擴張,或使槓桿在未來一年升至觸發降級的門檻水平。負面展望反映海底撈改善新店經營的努力或未奏效;難以在明年將槓桿在基本情況降至1.5倍水平或以下。倘未能放慢整體擴張,則或窒礙公司去槓桿努力。
報告又指,未來兩至三年公司每年斥資45億至60億元人民幣以開設新店。該行料海底撈將因應市場狀況調整開店速度。這將有助公司自由經營現金流由今年不足10億元人民幣,升至明年料逾30億元人民幣;又相信公司在併購上將持審慎取態。
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