You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》摩通料海底撈(06862.HK)2022年自由現金流轉正 為去槓桿帶來空間
阿思達克 09-01 14:26
摩根大通發表的研究報告指,標普將海底撈(06862.HK)信貸評級展望降至「負面」,維持「BBB」信貸評級,認為公司快速擴張面對執行風險,包括是增長放慢及翻檯率減慢等。該行上周將其債券評級升至「增持」,認為風險回報吸引,認為其債價已反映降級的影響,維持其看法認為最壞情況已過去,假如下半年復甦到位,緩和評級下降的壓力,其債券孳息料可輕易自現水平回落30至50個基點(意味債價上升),該行會繼續密切留意新開分店的情況,以及下半年分店開張步伐。 該行指出上半年業績弱勢已早有預期,期內翻檯率由去年同期的3.3次降至3次,主要受新開分店拖累,儘管收入升7%,EBITDA仍較去年下半年跌23%,主要因為大量分店於去年下半年開張導致經營開支上升,加上回本期延長及疫情持續影響海外業務等。此外公司亦有加薪留住人才,令員工成本與收入比提升5.9個百分點。公司早前未有在盈利預告中公布現金流情況,不過其經調整淨債務計及租賃等增長36億元人民幣,故自由現金流維持負數,而債務與EBITDA比例維持高於2倍。 摩通相信公司自由現金流可在2022年轉正,主要受惠收入基礎提升,為去槓桿帶來空間。過去12個月開張的分店料將帶來貢獻並支持EBITDA增長,此外分店開張比例改善等亦可助自由現金流轉正,值得留意的是標普在評級報告中指出未有預期公司會發債支持2022年的擴張,估計將有助去槓桿。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account