Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Current Stock Price**: US$36.37 (as of August 8, 2025) - **Market Capitalization**: Rmb51,663 million - **Price Target**: US$52.00, indicating a 43% upside potential Key Points Positive Developments 1. **C-REIT Performance**: GDS's C-REIT gained 30% on its first trading day, establishing a new valuation benchmark with an EV/EBITDA multiple of approximately 22x, leading to a dividend yield of around 4% [2][1] 2. **MSCI China Index Inclusion**: GDS was re-added to the MSCI China Standard Index after 18 months, which is expected to attract passive and long-only investors, potentially reducing share price volatility [3][1] 3. **NV H20 Licensing**: The US Government granted a license for NV H20, with indications that new orders are being placed with TSMC, suggesting ongoing production and inventory management [4][1] Future Expectations 4. **Strong Order Growth**: Anticipation of strong new orders for DayOne's international business in the upcoming 2Q25 earnings report, supported by solid 2Q earnings from US hyperscalers and upward capex revisions [5][1] 5. **Revenue and EBITDA Growth**: Expected revenue growth of 9-10% YoY, with EBITDA growth tracking similarly, despite the deconsolidation of private REIT assets [5][1] Financial Projections 6. **2Q25 Earnings Preview**: Forecasted revenue growth of 8.7% YoY to Rmb2.8 billion and EBITDA growth of 9.5% YoY to Rmb1.4 billion [9][1] 7. **Long-term Projections**: For 2026, GDS's China business is projected to have an EV/EBITDA multiple of 15x, while the international segment is expected to have a multiple of 17.5x [12][1] Risks and Considerations 8. **Market Risks**: Potential risks include reduced capex from hyperscalers, increased competition, and a reversal of the downward trend in interest rates [12][1] Additional Insights 9. **Management's Strategy**: Management indicated readiness to inject a second batch of assets into the REIT, with a project size of Rmb2 billion and Rmb4 billion, contingent on market conditions [2][1] 10. **Analyst Ratings**: GDS is rated as "Overweight" by Morgan Stanley, reflecting a positive outlook on the company's performance relative to its peers [7][1] This summary encapsulates the critical insights and projections regarding GDS Holdings Ltd, highlighting both the positive developments and potential risks in the current market landscape.

不过，华侨银行分析师也提示了相关风险。报告称，新加坡邮政的核心业务正面临结构性挑战，其国内 邮政业务因数字化趋势面临信件量下滑的结构性衰退，而国际业务的经营环境依然低迷。此外，公司正 经历董事会更新和管理层变动，其新的战略增长计划尚不明朗。 总体而言，新加坡邮政正努力从传统的邮政服务商向全球物流企业转型。分析师认为，未来市场的潜在 催化剂包括区域内的增值性收购、确保国内邮政业务长期商业可持续性的可行结构性解决方案，以及将 房地产资产注入房地产投资信托基金（REIT）的可能性。 （文章来源：新华财经） 新华财经新加坡8月1日电 新加坡华侨银行1日发布报告，基于估值理由，将新加坡邮政（SPOST）的评 级由"持有"上调至"买入"（BUY），但提醒投资者审慎行事。报告将其公允价值（Fair Value）目标从 0.605新元微调至0.590新元。 报告指出，新加坡邮政在剥离非核心资产方面取得进展。公司于7月22日宣布，以1.779亿新元的价格整 体出售其货运代理业务，此次交易预计将实现约1050万新元的处置收益，并为公司释放约1.04亿新元的 现金。此前，新加坡邮政已于2025年3月剥离了其澳大利亚业务。 该机构分 ...