惠譽確認小米-W(01810.HK)「BBB」信貸評級 展望穩定
評級機構惠譽表示,確認小米-W(01810.HK)長期外幣和本幣發行人違約評級及高級無抵押評級為「BBB」,展望穩定。同時確認小米全資子公司Xiaomi Best Time International Limited所發行的存續高級無抵押票據的評級為「BBB」。該票據由集團提供無條件及不可撤銷的擔保。
惠譽預期,小米中期內將保持其在全球智能手機市場的優勢地位,繼續擴大高端智能手機業務,並在物聯網(IoT)及互聯網服務業務領域實現穩定增長,但提醒全球經濟放緩導致消費者情緒疲軟,加上集團的電動汽車業務或將大幅削弱公司信用狀況,預料會為小米帶來挑戰。
經營指標方面,惠譽預計小米手頭淨現金將維持充裕,今明兩年達到220億至370億元人民幣,並預期集團會將非金融業務EBITDA槓桿率今年將升至1.8倍,明年回落至1.4倍,不過假如小米未能成功躋身中國高度競爭的電動汽車市場,則或會對槓桿比率控制及自由現金流水平帶來影響,進而引發負面評級行動的可能性。
在未獲得關於電動汽車業務表現及公司可承擔損失詳細信息的情況下,惠譽認為小米的評級緩衝空間有限,電動汽車業務存在較高執行風險。
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