11.01.2013 18:51

Sime Darby Berhad -- Moody's assigns A3 rating to Sime Darby

February 20, 2008 Moody’s assigns A3 rating to Sime Darby Singapore, January 11, 2013 -- Moody’s Investors Service has today assigned a senior unsecured issuer rating of A3 to Sime Darby Berhad (Sime Darby). The outlook for the rating is stable. This is the first time Moody’s has assigned a rating to Sime Darby. RATINGS RATIONALE Sime Darby’s rating recognizes the strong cash flow generated by its core oil palm plantation business which has long-established operations in Malaysia and Indonesia. The remaining 45% to 50% of EBIT is primarily derived from its Industrial business – the supply of heavy equipment to the coal mining and construction sectors, with a focus on Australasia and China – and its Motors business – a blend of car assembly, distribution and dealerships with a focus on high end cars in China, Malaysia, Singapore and Hong Kong. “Sime Darby is the largest listed palm oil plantation company and it is well-balanced in terms of upstream output and downstream refining and oleochemical capacity and its crop yields are among the best in the industry”, says Alan Greene, Moody’s Vice President - Senior Credit Officer. “Relative to other agribusinesses, the credit profile of palm oil is attractive given its position as the lowest cost vegetable oil, its high resistance to pests and diseases and the relative consistency of output over a period of 10 to 15 years once the trees reach maturity”, continues Greene who is also Moody’s Lead Analyst for Sime Darby. Palm oil is a traded commodity and crude palm oil prices exhibit volatility as well as cyclicality and seasonality, although recent low prices have remained well above cash costs of production. The industry is open to regulatory uncertainty given its importance to the leading producers – Indonesia and Malaysia, in terms of export income, to the leading consumers of cooking oil – India and China, with their own agrarian industries and food price concerns and to other governments with green fuel agendas, which direct subsidies towards the production of biodiesel from palm oil. Sime Darby’s diversification of revenues by geography is well-balanced with Malaysia, Australasia and China accounting for 69% of FY2012 revenues. While the customer concentration of Sime Darby’s businesses is low, its Industrial division and its Motors division depend on maintaining their supply relationships with Caterpillar and BMW, respectively. By contrast, both the sources of Sime Darby’s EBIT and the disposition of its non-current assets (NCA) are geographically skewed, with Malaysian-based operations representing 56% and 59% of total EBIT and NCA, respectively in FY 2012. MOODY'S INVESTORS SERVICE 2 The company’s importance to Malaysia is also reflected in its current shareholding pattern which includes government linked investment companies. As at 31 December 2012, the equity was 52.3% held by Permodalan Nasional Berhad (“PNB”), both directly and through unit trust schemes managed by PNB, and 11.9% by Employees Provident Fund (“EPF”) Although we do not regard Sime Darby as a government-related issuer (GRI), we deem systemic support from Sime Darby’s key shareholders to be strong and the rating reflects the importance of Sime Darby to the Malaysian economy and its savings programs. Sime Darby has now embarked on a five year strategy to grow its businesses, having largely spent the time since Malaysia’s large plantation merger in 2007 consolidating its portfolio of businesses. “All the divisions have strategic plans likely to incorporate inorganic as well as internal drivers of growth. Those of Property (outside of Malaysia), Energy & Utilities (E&U)and Healthcare seem unlikely to be self-financing in the near-term given that they are some distance away from the market leadership positions for which they strive,” comments Greene. Following negative free cash flow in FY 2012, the next 2-3 years are also expected to be FCF negative after allowing for a continued dividend payout of 50% of net profit and only modest expansionary capex on top of fairly high replacement investment requirements. Moody’s expects gross gearing to increase from the debt to capitalization level of 27% reported at FYE June 2012, but with management keeping to its declared limit of maximum debt to equity of 60% (equivalent to a debt:capitalization level of 37.5%). Currently, Sime Darby displays credit metrics that would support a moderately higher rating. However, Moody’s A3 rating provides Sime Darby with the required flexibility to execute its expansion programme, even under somewhat weaker CPO prices, while still maintaining its credit profile. We expect credit metrics to deteriorate in moderation, with adjusted debt/EBITDA expected to increase to over 2 times in the next two years, from 1.5 times in FYE June 2012. “While Moody’s expects the strategic growth plan to be accommodated within prudent financial parameters, sufficient flexibility is needed to cope with patches of slower cash flow generation such as that seen in recent months from weaker palm oil prices and from weaker coal prices, which have led to deferrals of mining equipment deliveries and a build-up of inventory”, says Greene. The rating outlook is stable reflecting the strong current credit profile and Moody’s expectation that a more aggressive growth strategy coupled with management’s commitment to a prudent financial policy can be accommodated in the rating in the near to medium term. The rating could be upgraded if the growth strategy is delivered in a conservative fashion or if cash generation is particularly buoyed by CPO prices returning back to the high levels seen in early 2011, resulting in an early decline in net debt levels. Credit metrics supporting such an upgrade could include i) EBITDA/gross interest in excess of 9x; ii) RCF/net debt improving to 30% to 35% and debt/EBITDA under 2.0x all on a sustained basis. MOODY'S INVESTORS SERVICE 3 The rating could be downgraded if the growth strategy results in management or the financial resources of the company being over-extended, which could be accompanied by CPO prices revisiting the low levels seen in the second half of 2009. Credit metrics that could indicate a downgrade could include i) EBITDA/gross interest falling below 6x-7x, RCF/net debt falling below 25% and debt/EBITDA greater than 2.4x – 2.6x on a sustained basis. Sime Darby is a Malaysian listed conglomerate with a current market capitalization of over USD18 billion. Dating back to 1910, the company took on its current, plantation-heavy character in 2007 when a new Sime Darby was created following a merger with two larger plantation companies. Apart from palm oil plantations, Sime Darby reports five other divisions – Motors, Industrial, Property, Energy & Utilities and Healthcare. Sime Darby recorded revenues of over USD15 billion in the year ended June 2012. The principal methodology used in rating Sime Darby was the Global Business & Consumer Service Industry Rating Methodology published in October 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES The Global Scale Credit Ratings on this press release that are issued by one of Moody’s affiliates outside the EU are endorsed by Moody’s Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that has issued a particular Credit Rating is available on www.moodys.com. For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure. Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody’s Investors Service information. MOODY'S INVESTORS SERVICE 4 Moody’s considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating. Moody’s adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody’s considers to be reliable including, when appropriate, independent third-party sources. However, Moody’s is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests. Please see the ratings disclosure page on www.moodys.com for information on (A) MCO’s major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody’s Corporation; however, Moody’s has not independently verified this matter. Please see Moody’s Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery. Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody’s ratings were fully digitized and accurate data may not be available. Consequently, Moody’s provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information. Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating. Alan Greene VP - Senior Credit Officer Corporate Finance Group Moody's Investors Service Singapore Pte. Ltd. 50 Raffles Place #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (65) 6398-8308 MOODY'S INVESTORS SERVICE 5 Philipp L. Lotter MD - Corporate Finance Corporate Finance Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (65) 6398-8308 Releasing Office: Moody's Investors Service Singapore Pte. Ltd. 50 Raffles Place #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (65) 6398-8308 © 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable, including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations — Corporate Governance — Director and Shareholder Affiliation Policy." MOODY'S INVESTORS SERVICE 6 For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for retail clients to make any investment decision based on MOODY'S credit rating. If in doubt you should contact your financial or other professional adviser. ]]>

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Nachrichten zu BMW AG

  • Relevant
  • Alle
  • vom Unternehmen
  • Peer Group
  • ?

Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen

Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen

vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden

Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

Analysen zu BMW AG

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
21.02.2018BMW HoldHSBC
14.02.2018BMW UnderweightMorgan Stanley
14.02.2018BMW buyDeutsche Bank AG
14.02.2018BMW market-performBernstein Research
13.02.2018BMW accumulateequinet AG
14.02.2018BMW buyDeutsche Bank AG
13.02.2018BMW accumulateequinet AG
05.02.2018BMW overweightBarclays Capital
30.01.2018BMW overweightBarclays Capital
23.01.2018BMW buyDeutsche Bank AG
21.02.2018BMW HoldHSBC
14.02.2018BMW market-performBernstein Research
09.02.2018BMW market-performBernstein Research
31.01.2018BMW HoldJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
30.01.2018BMW HaltenIndependent Research GmbH
14.02.2018BMW UnderweightMorgan Stanley
12.02.2018BMW UnderweightMorgan Stanley
12.02.2018BMW ReduceKepler Cheuvreux
26.01.2018BMW UnderweightMorgan Stanley
25.01.2018BMW UnderweightMorgan Stanley

Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für BMW AG nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen

Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"

Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"

Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"
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