-- 标普全球将BRP（DOO.TO）的评级从BB上调至BB+，理由是其业务风险状况改善，展望稳定。 标普表示，此次评级调整取消了对BRP的负面评级调整，原因是贝恩资本持有BRP的股份比例下降——截至去年12月，贝恩资本持有BRP的股份为11%，拥有约20%的投票权。 标普指出，BRP在雪地摩托和个人水上摩托艇领域拥有50%-55%的市场份额，并在越野车（ORV）领域稳居第二。此外，BRP还调整了其2026财年末的库存规模，北美地区的库存水平较上年同期下降了17%。2026财年第四季度业绩强劲，在大多数产品类别（包括越野车（ATV和SSV）以及雪地摩托）中均优于动力运动行业平均水平。 标普表示：“我们认为BRP已做好充分准备补充库存，并预测其2027财年营收将增长6%-7%。我们还预计，由于出货量较上年有所增长，BRP 2027财年的营收将增加4亿至5亿加元。全年畅销产品的持续强劲表现以及零部件和配件的稳定需求，将进一步提升营收。” 标普预计，BRP 2027财年的EBITDA利润率将提升至约13.8%，主要得益于产品组合优化（高利润率的ORV产品增长）以及固定成本吸收率的提高（资产利用率从65%提升至70%）。 标普预计BRP将“审慎”管理资本，并预测未来12-24个月的年度资本支出约为4亿至4.5亿加元。预计该公司每年的自由经营现金流（FOCF）为4亿至5亿加元。 标普表示：“稳定的展望反映了我们的观点，即随着收入和EBITDA从2026财年的低谷中回升，BRP在2027财年将保持净债务与EBITDA之比约为2倍。”
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
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$^TASI$SASE:2380$SASE:4012