Pujiang International Group Limited (Initial Issuer Report)

The Issuer Rating reflects Pujiang International Group Limited’s (2060.HK) (“Pujiang” or “the company”) established track record and leading position in the bridge cables and pre-stressed materials markets, and its stable margins. However, the rating is constrained by Pujiang’s limited operating scale and working capital intensive business model with a moderately weak liquidity profile.

The Stable Outlook reflects our expectation that Pujiang will continue to maintain its market position and revenue growth, especially with successfully bidding of key large projects, while remaining prudent on its expansion pace with demonstrated efforts to manage its working capital needs and improve its financial leverage.