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惠譽:監管風險及新業務令美團(03690.HK)評級空間承壓
阿思達克 03-15 13:02
惠譽評級表示,中國電商企業美團(03690.HK)(BBB-/負面)的評級空間將受到監管變化及該公司對其新業務止損能力的影響。 如果美團2022年全年的經營性EBITDA未有恢復至中性的跡象,惠譽可能會採取進一步的負面評級行動。 美團的投資級評級基於該公司餐飲外賣及到店酒旅業務的強勁市場地位及產生的現金流。但是這些業務產生的現金流可能會因不利的監管變化而減少,進而會壓縮美團的評級空間。惠譽認爲美團近期緊隨政府促進服務業發展的若幹政策而出臺的助力商家措施表明其面臨較高監管風險。 與此同時,惠譽還在關注美團新業務(尤其是零售業務)的盈利能力,以及回報率低於預期的情況下其投資審慎度。通過擴大規模、提升客單價和經營效率,美團可提高其零售業務的回報率。
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