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.
惠譽:若美團(03690.HK)失淨現金頭寸且槓桿率持續逾3倍或採負面評級行動
阿思達克 06-10 15:36
惠譽表示,美團(03690.HK)在2022年上半年的到店和餐飲外賣業務仍受到中國新冠疫情封控措施的影響,不過惠譽認為美團能夠通過降低新業務虧損來恢復其經營性EBITDA,認為其致力於恢復正常化經營下的盈利,是決定美團評級的重要因素。 惠譽測算,2022年3月末,美團經應付項目調整並折算理財資金後的淨現金頭寸約130億元人民幣;第一季度的營運虧損導致美團的淨現金頭寸進一步下降,狀況壓縮了美團的評級空間,因為若美團失去淨現金頭寸,且營運資金槓桿率持續高於3倍,惠譽或將採取負面評級行動。不過惠譽預計,美團將在避免進行大規模擴張性資本支出的同時專注於逐步恢復EBITDA,以保持2022年的現金流。 惠譽預計2022年第二季度美團到店酒旅業務的交易量和營業收入在其三大業務板塊中受影響最大,考慮到美團可通過減少促銷和激勵措施來削減成本,預計該業務的毛利率不會出現大幅下滑,一旦國內旅遊和消費恢復,以國內市場為業務重心的美團或可把握需求反彈的機會。 惠譽預計,美團將繼續擴大其即時性配送服務美團閃購和美團買菜業務,這兩項業務因用戶無法進行線下購物時需求深受促進,鑑於美團閃購的營運效率正在不斷提高,且美團買菜僅在高線城市營運,預計這兩項業務的損失較為可控。
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