穆迪上調美團-W(03690.HK)評級至「BBB」 料本地商業業務保持強勁趨勢
評級機構穆迪指,美團-W(03690.HK)核心本地商業業務表現強勁,受惠內地餐飲及本地出行需求增長,新業務虧損亦收窄,支持EBITDA及自由營運現金流增強,預期在困難的經濟環境下,集團將聚焦於提升營運效益及盈利能力。該行將美團長期發行人信貸評級及高級無擔保票據評級,由「BBB-」上調至「BBB」,前景穩定,反映該行認為本地商業業務的強勁勢頭將會持續。
穆迪指,美團的餐飲配送業務利潤率提升,受惠規模效益及擁有大量送遞員供應,預期今年核心本地商業業務的經營利潤率達20%,明年中開始需為送遞員安排社保,因此明年經營利潤率將會溫和下跌至16%。
該行預期,在基本假設下,美團今明兩年的EBITDA分別增至276億元及304億元人民幣,對比去年為113億元人民幣。今年餘下時間,收入及利潤率溫和增長,反映內地消費信心疲弱及第三季的天雨影響。
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