惠譽授予美團(03690.HK)「BBB」長期發行人違約評級及高級無抵押評級
惠譽評級授予美團(03690.HK)「BBB」的長期發行人違約評級和高級無抵押評級。長期發行人違約評級展望穩定。惠譽同時授予美團擬發行美元高級無抵押票據「BBB」的評級,美團計劃將該票據募集的資金用於營運成本、資本支出及債務再融資。
惠譽指,美團的評級反映公司作為一家消費服務電商平台所佔據的領先地位。公司強勁的品牌知名度,尤其是在中國外賣市場遙遙領先的佔有率,令其擁有約4.6億的龐大用戶群,以及逾600萬的年活躍商家。惠譽預計,消費者將對美團的服務產生黏性,進而可能推動公司的網絡覆蓋及其平台上其他服務交叉銷售快速增長。
惠譽又稱,美團評級的支持因素還在於公司到店酒旅業務成熟度和盈利能力的增強,以及可觀的淨現金頭寸,令其具有可投資於潛在增長機會的財務靈活度。至於美團評級的制約因素在於,盈利記錄有限且現金生成能力存在不確定性。
惠譽認為,外賣行業的競爭環境已企穩,但美團改善盈利的能力可能發生變化,取決於商家持續促銷的需求或議價能力的提高。此外,美團處於高增長的行業,其平台可能提供很多其他附加服務,但公司面臨與這些新業務的執行,及構建這些服務可能需要的投資力度有關的風險。美團計劃擴大共享單車業務且短期內其資本支出將多用於該業務,但對新擴張機會的增量投資可能影響其持續生成自由現金流的能力。
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