Core Viewpoint - ST Telemedia is considering the full sale of its stake in GDS Holdings (09698.HK) amid rising stock prices, which may complicate finding buyers for its shares [3][4][5] - KKR is in talks to acquire STT Global Data Centres, potentially valuing the deal at over $5 billion, indicating a strategic shift for STT [3][5][6] Group 1: ST Telemedia's Strategic Moves - STT holds approximately 34% of GDS's Class A shares, with about 20% of total voting rights, providing a strong control foundation [4] - The recent rebound in GDS's stock price prompts strategic shareholders to evaluate the timing for realizing long-term gains [4][5] - Selling part of GDS's stake could be seen as an asset reallocation strategy, especially as GDS has successfully advanced capital operations like REITs [5][6] Group 2: KKR's Acquisition and Its Implications - KKR's potential acquisition of STT GDC may lead STT to focus on direct operations of data centers while divesting non-core equity investments [5][6][7] - The two transactions, while independent, are highly related in terms of capital strategy, suggesting a comprehensive exit from global data center assets [6][7] - KKR's expertise in asset restructuring may drive STT to prioritize the disposal of non-core assets, including GDS shares [7] Group 3: GDS Holdings' Financial Performance - GDS reported a 12.4% year-on-year increase in net revenue for Q2 2025, reaching 2.9 billion yuan, despite a net loss of 70.6 million yuan [8][9] - For the first half of the year, GDS achieved approximately 5.623 billion yuan in revenue, a 12.2% increase, with a net profit of about 664 million yuan [8][9] - Despite current operational success, market forecasts for GDS's profitability in 2025 and 2026 are pessimistic, predicting losses of 750 million yuan and 435 million yuan, respectively [9][10] Group 4: Market Dynamics and Future Outlook - GDS's financial structure reflects typical characteristics of expanding IDC companies, with high depreciation and interest expenses impacting profit performance [9][10] - The company plans significant capital expenditures of 4.3 billion yuan in 2025 for new order deliveries, which may increase financial pressure [10] - GDS's subsidiary DayOne is expanding in Southeast Asia, achieving significant progress in operational and financial aspects, with new data center contracts signed [10]
万国数据或被外资减持 业绩预期较为悲观