Core Viewpoint - Bank of America Securities reports that GDS Holdings' management indicated accelerated customer onboarding in Q3, driven by large-scale order deliveries, with an expected internal growth area of 23,000 square meters, maintaining similar levels in Q4 [1] Group 1: Financial Performance - GDS anticipates a year-on-year decline of 3% to 4% in service revenue per square meter for FY2026, primarily due to contract renewal pricing reductions and dilution effects from new orders [1] - The firm has raised its earnings per share forecast for GDS from HKD 4.13 to HKD 10.82 for 2025, factoring in proceeds from the issuance of C-REIT [1] - Adjusted EBITDA forecasts for 2026 and 2027 have been lowered by 2% to 4% due to expected service revenue declines [1] Group 2: Market Outlook - Despite the anticipated decline in service revenue, the firm expects the internal rate of return for new projects to remain resilient, supported by decreasing data center construction costs [1] - Strong demand for AI is projected to drive robust order growth in 2026 [1] Group 3: Price Target Adjustments - The target price for GDS's H-shares has been reduced from HKD 52.8 to HKD 49.1, while the target price for its US shares has been adjusted from USD 53.8 to USD 50 [1] - The firm maintains a "Buy" rating on GDS [1]
大行评级丨美银：看好AI需求带动万国数据明年订单增长 目标价则降至50美元