惠譽下調海底撈(06862.HK)評級至「BBB-」 展望穩定
評級機構惠譽將海底撈(06862.HK)的長期發行人違約評級和高級無抵押評級,從「BBB」下調至「BBB-」,展望穩定。另還將海底撈美元高級無抵押票據的評級,由「BBB」下調至「BBB-」。
評級下調,反映惠譽對海底撈EBITDA預測將比早前預測的水平更低,認為公司過度擴張令去年餐廳生產力下降,在去年11月及12月公司關閉表現欠佳的店舖後,料餐廳生產力自今年起將有所恢復。但由於消費者信心疲弱,競爭激烈且市場分散,加上疫情影響,預料復甦進度可能會較慢。
此外,惠譽對海底撈的穩定展望,反映了對公司逐步改善經營指標和有限擴張的預期。自2022年起,海底撈穩定至適度增長的EBITDA和顯著降低的資本支出,將支持正自由現金流,並維持經調整債務與EBITDA的槓桿率保持在2倍以下。
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