|Bid||3.970 x 0|
|Ask||3.990 x 0|
|Day's Range||3.980 - 3.980|
|52 Week Range||1.920 - 4.020|
|Beta (5Y Monthly)||0.80|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 18, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||8.14|
Revenue from used-vehicle sales is likely to decline about 5% from the level last year as the company expands its fleet by retaining more of its existing vehicles.Consequently, Moody's expects CAR's debt leverage, as measured by adjusted debt/EBITDA, will remain stable at about 3.6x over the next 12 months, compared with about 3.6x as of 31 December 2020, reflecting a higher EBITDA level that will offset a moderate increase in debt compared with the same period a year ago. As of 31 December 2020, its cash balance of RMB2.2 billion -- including restricted cash of RMB12 million -- was insufficient to cover its short-term debt of RMB3.6 billion, which includes a RMB750 million bond due in April 2021.Nonetheless, Moody's expects CAR can meet its upcoming maturities. Moody's also expects the company's financial flexibility and funding access will improve as a result of the emergence of its new majority shareholder.CAR's senior unsecured rating is not affected by subordination to claims at the operating company level, because the latter is not seen as material, especially as Moody's expects the majority of claims will remain at the holding company.Moody's credit assessment also takes into account the following environmental, social and governance (ESG) considerations.Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety.
Rating Action: Moody's affirms CAR's Caa1 ratings, changes outlook to positive from negativeGlobal Credit Research - 19 Feb 2021Hong Kong, February 19, 2021 -- Moody's Investors Service has affirmed CAR Inc.'s Caa1 corporate family rating (CFR) and senior unsecured rating.At the same time, Moody's has changed the outlook on the ratings to positive from negative.On 18 February, CAR announced that Indigo Glamour Company Limited, a subsidiary of MBK Partners Fund IV, a private investment fund managed by MBK Partners, has received acceptances for more than 50% of the issued share capital and voting rights in CAR. As of 30 June 2020, its cash balance of RMB927 million -- including restricted cash of RMB9 million -- was not sufficient to cover its short-term debt of RMB5.2 billion, which includes a $300 million bond that was due in February 2021 and a RMB750 million bond that is due in April 2021.Nonetheless, Moody's expects CAR can meet its upcoming maturities.
Moody's Investors Service says that UCAR Inc.'s completion of the sale of its stake in CAR Inc. (Caa1 negative) is credit positive, reducing concerns over CAR's refinancing and governance risks. On 15 December, CAR announced that UCAR had completed the sale of its stake in CAR to Indigo Glamour Company Limited, resulting in Indigo Glamour holding about 20.9% of the total issued share capital of CAR. Indigo Glamour is a subsidiary of MBK Partners Fund IV, a private investment fund managed by MBK Partners.