惠譽料第四季水泥需求有望復甦 西部水泥(02233.HK)全年業績有望優於上半年
惠譽評級預料,西部水泥(02233.HK)2022年全年的財務業績將優於上半年,因為得益於政府加大基礎設施投資和維持經濟增長的舉措,第四季水泥需求有望恢復。
惠譽認為,2022年下半年,煤炭成本仍將維持高位,但不太可能大幅上漲,或將略低於2021年下半年的高峰水平。
該行預期,2022年全年和上半年西部水泥的營收將分別縮減中單位數和10%左右,同時期該公司毛利率分別為28%和27%,較2021年的30%有所下降。
惠譽認為,長期而言西部水泥在開展海外投資,將提升其地域多元化,但短期而言將推遲其去槓桿進程。惠譽預期,2022-2024年間西部水泥的資本支出將維持在每年20億至30億元人民幣,期間該公司的淨債務/EBITDA比率將維持在2.5倍左右,隨後將於2025年自由現金流轉正且所有海外項目投運之後降至2倍左右。上述槓桿率水平為西部水泥「BB」的評級提供支撐,但也將其評級限制在當前水平。
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.