惠譽確認碧桂園服務(06098.HK)「BBB-」評級 展望穩定
惠譽評級確認碧桂園服務(06098.HK)長期發行人違約評級(IDR)為「BBB-」,展望穩定,認為公司作為中國領先的物業管理商,具有強勁財務能力及淨現金水平,在去年充滿挑戰的經營環境中,仍依靠穩定輕資產業務持續產生自由現金流,通過過去兩年幾次大規模收購,其EBITDA幾乎翻倍。
截至2022年6月底,碧桂園服務收費管理總建築面積增長至8.43億平方米。惠譽表示,憑藉其品牌知名度及服務能力,碧桂園服務正通過品牌內生擴張來實現增長。
考慮到行業仍具不確定性,惠譽預計公司去年下半年EBITDA利潤率將從上半年的21%水平進一步下滑,但期中國重新開放及社區增值服務需求回暖,短期內物管業務利潤率將回穩。
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