穆迪將西部水泥(02233.HK)公司家族評級下調至「Ba3」 展望負面
評級機構穆迪於周一(9日)將西部水泥(02233.HK)的公司家族評級及優先無抵押債務評級從「Ba2」下調至「Ba3」,展望維持負面。
穆迪副總裁兼高級分析師張興昀表示,評級下調及負面展望反映槓桿上升與對短期債務依賴度提高,削弱西部水泥的信貸及流動性狀況,指出該公司業務策略激進,造成海外項目資本支出持續高企,具有較高風險,同時亦計及國內水泥業務面臨的嚴峻的經營環境,但相信西部水泥在陝西省的強大市場地位有助緩和相關影響。
房地產銷售低迷造成的需求疲軟,影響西部水泥的國內業務,平均售價下降亦導致營收及利潤率下降。穆迪預計未來12至18個月中國市場環境仍將面臨挑戰,原因是房地產需求不太可能強勁反彈,需求疲軟和產能過剩將限制中國水泥生產商的利潤率復甦。
穆迪最新評級亦已考慮到西部水泥拓展中國境外新市場帶來的業務多樣性的提高,以及與海螺水泥(00914.HK)之間的業務協同效應。西部水泥2023年上半年海外收入增長157%,其中在非洲的海外項目的收入增長基本抵銷國內業務的下滑。
截至2023年6月底,該公司的現金和類現金資源約17億元人民幣,穆迪預計其在手現金與營運現金流不足以應付未來12至18個月的到期債務、分紅和資本支出。
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