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標普:海底撈(6862.HK)大幅調整擴張腳步,展望為“負面”
格隆匯 11-10 11:01

標普全球評級表示,在新冠疫情期間消費者減少支出並改變消費習慣的情況下,海底撈(6862.HK)放緩擴張步伐並關閉門店,令其增長潛力蒙陰,但削減資本支出對海底撈的信用指標是一項短期利好。標普予海底撈“BBB”評級,評級展望為“負面”。

標普指,海底撈關閉盈利不佳的門店,應有助其到2022年將債務對EBITDA比率降至下調評級的分界水平1.5倍以下,但該公司的表現不及其最初的預期,之前考慮到海底撈的市場領軍地位、強大的品牌優勢和良好的翻枱率記錄,其曾預計過去一年其EBITDA會有更強勁的增長。

標普認為,信用方面的考驗在於關停門店將對其業務模式、經營和員工文化造成何種影響。其中包括在不影響客户滿意度的情況下,將餐廳翻枱率提高至4倍以上的挑戰。標普認為,客户服務高標準是海底撈的人氣和快速增長的關鍵所在,其學徒模式基於公司的持續增長,因而此類調整將面臨執行風險。

海底撈提升新開店面設施的努力可能受挫,導致其無法在2022年將債務槓桿降至其基本假設1.5倍以下,因而其展望為“負面”。

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