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穆迪維持阿里-SW(09988.HK)「A1」信貸評級 展望穩定
評級機構穆迪表示,維持阿里-SW(09988.HK)(BABA.US)的「A1」發行人評級及高級無抵押品評級,展望維持穩定。 穆迪高級副總裁Lina Choi表示,相關評級反映出阿里品牌知名度、在電商行業的領先地位、穩定現金流生成、手頭現金狀況及審慎的財務政策,預期可應對日益激烈的競爭及監管挑戰提供強大緩衝,預期阿里憑藉龐大的用戶群可穩步增長,同時相信新業務可產生協同效應。 穆迪又指,宏觀經濟放緩及消費意願減弱,阿里核心業務增長將放緩,估計集團將繼續拓展新業務領域,包括本地消費服務及雲端業務,相關業務利潤率較低,雖然可帶來收入增長動力,但低利潤率亦將影響阿里的綜合盈利能力。 因此穆迪預計阿里在未來12至18個月收入增長率將放緩至介乎6%至8%,對比2022年3月底止三年平均收入增長率為31%,預計綜合EBITDA利潤率將下降至介乎約16%至18%,EBITDA則在在未來一至兩年內保持在介乎1,500億至1,700億元人民幣水平,足以應付短期債務、資本支出和投資需求。
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