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S&P moves WuXi AppTec view to positive
S&P said it revised the outlook for WuXi AppTec Co. Ltd. to positive from stable, citing better-than-expected performance.
“Our outlook revision reflects WuXi AppTec's stronger-than-expected revenue growth and margins, and the improvement in the company's rating buffer following its recent RMB 12.9 billion equity issuance. We have revised our assessment of WuXi AppTec's liquidity to strong from adequate. We now expect the company to remain in a net cash position over the next 12-18 months, supported by its conservative financial policy. This is despite its increasing capital expenditure (capex) and acquisitions,” S&P said in a press release.
S&P said it forecasts WuXi AppTec's revenue will rise 25%-30%, and its EBITDA margin will remain at 26%-28% in the coming two years.
Concurrently, the agency affirmed WuXi’s BBB- issuer rating.
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