穆迪維持騰訊(00700.HK)「A1」評級 展望穩定
評級機構穆迪宣布維持騰訊控股(00700.HK)的「A1」發行人評級及高級無抵押債務評級,以及「(P)A1」的高級無抵押中期票據計劃評級,評級展望仍為穩定。
穆迪高級副總裁兼經理蔡慧表示,維持評級反映騰訊在疫情衝擊和監管挑戰下保持穩定的營運和財務運作,以及穩健財務狀況的能力,同時看好騰訊具有業務靈活性,具體表現為在具有挑戰性的經營環境下,實現收入來源的多元化及採取積極的成本優化措施。
她指出,維持評級亦考慮到騰訊在不削弱其穩固的現金狀況下投資滿足增長需求,同時實現股東回報要求的均衡策略,相信手頭現金可繼續提供信用緩衝。
穆迪預計受惠於利潤率較高的視頻號業務變現,未來12至18個月騰訊EBITDA利潤率將從2022年的28%,提高至30%左右,同期EBITDA總額料穩定在1,700億至1,900億元人民幣。隨著收入和盈利溫和增長,同時總債務基本持平,穆迪預測未來12至18個月騰訊以調整後債務/EBITDA比率衡量的槓桿率,將從截至2022年12月31日的2.3倍下降,並維持在2倍以下。
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