Core Viewpoint - JPMorgan's research report indicates that GDS Holdings' Q3 performance largely met expectations, including a one-time gain from the spin-off of data centers to C-REIT [1] Financial Performance - GDS Holdings' management anticipates challenges in 2026 due to weaker-than-expected new order performance since Q2 of this year, and potential further declines in Monthly Service Revenue (MSR) as existing contracts are renewed [1] - The firm expects an acceleration in order momentum for GDS Holdings in 2026, driven by improvements in the supply of domestic AI chips in China [1] Growth Drivers - Approximately 65% of new orders this year are AI-related, which is expected to drive double-digit revenue growth in 2027 [1] - The company's international investment performance remains strong, with robust growth in the commitment to power purchase agreements from major clients [1] Target Price Adjustment - JPMorgan has lowered the target price for GDS Holdings' U.S. stock from $46 to $40 while maintaining an "Overweight" rating [1]
大行评级丨摩根大通：下调万国数据目标价至40美元 维持“增持”评级