Home Credit Ratings and Research S&P Global Ratings’ Credit Research China Hongqiao Group Ltd.

China Hongqiao Group Ltd.

Published May 09, 2021

11 pages (873 words) — Published May 09, 2021

Price US$ 500.00 | Buy this Report Now

About This Report

Abstract:

Sound market position as the world's largest aluminum producer. Integrated business model that supports low cash costs. Gradual reduction in debt as capex moderates. Volatile and cyclical aluminum demand and prices. Geographic concentration in China's Shandong province. Execution risk related to ramp-up and cost of production in the capacity relocation project to Yunnan province. Resilient aluminum prices and higher production volumes will support China Hongqiao Group Ltd. (Hongqiao)'s strong EBITDA and operating cash flow generation. We expect Hongqiao's annual EBITDA to reach Chinese renminbi (RMB) 20 billion–RMB23 billion in 2021 and 2022, from RMB21.9 billion in 2020. A robust recovery in global aluminum demand will likely support aluminum prices over the next 24 months. We expect production ramp-up at Hongqiao's

Brief Excerpt:

STANDARD & POOR'S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor's Financial Services LLC. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or...

Report Type:

Full Report

Issuer

China Hongqiao Group Ltd.

GICS

Aluminum (15104010)

Sector

Global Issuers

Country

Cayman Islands

Region

Latin America

Format:

PDF

China Hongqiao's Proposed U.S. Dollar Senior Unsecured Notes Assigned 'B+' Rating – 2021/05/31 – US$ 150.00

Bulletin: China Hongqiao Improves Maturity Profile With Better Capital Market Access – 2021/08/23 – Free

Research Update: China Hongqiao Outlook Revised To Positive Amid Deleveraging Trend, Favorable Industry Conditions; 'BB-' Rating Affirmed – 2022/04/07 – US$ 225.00

China Hongqiao Group Ltd. – 2022/05/12 – US$ 500.00

Research Update: China Hongqiao Outlook Revised To Stable From Positive On Moderating Profitability; 'BB-' Rating Affirmed – 2023/06/07 – US$ 225.00

China Hongqiao Upgraded To 'BB-' On Improved Financial Discipline; Outlook Stable – 2021/04/20 – US$ 150.00

Research Update: China Hongqiao Upgraded To 'BB-' On Improved Financial Discipline; Outlook Stable – 2021/04/20 – US$ 225.00

Bulletin: Robust Industry Outlook Will Help China Hongqiao Deleverage – 2021/03/09 – Free

China Hongqiao Group Ltd. – 2020/09/15 – US$ 500.00

Aluminum Producer China Hongqiao Outlook Revised To Stable From Positive On Weaker Demand; 'B+' Rating Affirmed – 2020/04/27 – US$ 150.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "China Hongqiao Group Ltd." May 09, 2021. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/China-Hongqiao-Group-Ltd-2643944>

APA:	S&P Global Ratings’ Credit Research. (). China Hongqiao Group Ltd. May 09, 2021. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/China-Hongqiao-Group-Ltd-2643944>

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