高盛：亚太数据中心-概念化人工智能对数据中心的影响

Investment Rating - The report assigns a "Buy" rating for the data center sector, indicating a positive outlook for investment opportunities in this industry [1]. Core Insights - The report emphasizes that technology development, particularly AI and cloud transformation, is driving demand for data centers, with a forecasted 60% increase in demand by 2027, compared to only 10% growth in logistics demand [3][71]. - It highlights that the data center sector is currently mispriced, with average valuations correcting to 20x 1Y forward EV/Ebitda, which is at the lower end of the logistics range of 20-30x, suggesting potential for re-rating based on earnings delivery and monetization [3][71][106]. Summary by Sections Lessons from E-commerce Boom on Logistics Assets - The e-commerce boom during 2020-2024 led to a doubling of e-commerce value in Singapore and Australia, significantly impacting logistics fundamentals, with rental growth of 23% in Singapore and 100% in Sydney [2][20]. - The share prices of logistics-related stocks approximately doubled from the Covid trough, with EV/Ebitda expanding from 20x to 30x before correcting back to around 20x [2][20]. Applying Lessons to Data Centers - Data center demand growth is driven by cloud transformation and AI adoption, with a forecast of 60% increase in demand by 2027 [3][71]. - The report indicates that data center vacancy rates are expected to remain below historical averages until 1Q28, with stronger rental growth anticipated in markets with tight vacancies starting in 2024 [3][71]. Buy Recommendations - Keppel is well-positioned as a data center sponsor with a projected 4.7% dividend yield for 2026 and strong balance sheet capacity for acquisitions [4]. - Goodman Group is noted for its strategic assets and positive pivot towards data centers, while NextDC is highlighted for its first-mover advantage in Australia [4]. - DigiCo REIT is recognized for its favorable supply/demand dynamics in the US and Australia [4].