RT ColinTrades (@colintrades1)$GLXY likely doubles their power approved for their Helios data centre by end of year which would make it one of the largest data centres for high performance compute (AI) in the world.They already supply 50% of CRWV’s powerAnalysts conservatively estimate the EBITDA generated from this approval (one of many) would 3x the stock price ...

Investment Rating - The report maintains a "Buy" rating for GDS, VNET, and SUNeVision, with target prices raised to USD42.80 for GDS, USD11.40 for VNET, and HKD10.10 for SUNeVision [4][8][29]. Core Insights - The GDS C-REIT IPO, which was 166 times oversubscribed and priced at 16.9x EV/2026 projected EBITDA, is driving a re-rating of the data center sector in China [2][8]. - The report highlights that while earnings visibility through 1H26 is well understood, additional catalysts such as new large wholesale orders and easing GPU export restrictions from the US could lead to upward revisions in earnings estimates [2][8]. - The report identifies VNET as the preferred investment due to its favorable positioning to benefit from AI demand growth in China, trading at a lower EV/2026e EBITDA multiple compared to GDS and SUNeVision [3]. Summary by Sections GDS Holdings - GDS's target price has been increased from USD34.70 to USD42.80, reflecting a 26% upside potential [4][34]. - The company is expected to maintain a net debt/adjusted EBITDA ratio below 6.5x by the end of 2025, improving from 7.2x at the end of 2024 [2]. - Revenue projections for GDS show a growth trajectory from CNY10,322 million in 2024 to CNY14,294 million by 2027, with an EBITDA margin expected to stabilize around 41.4% to 41.7% [9][10]. VNET Group - VNET's target price has been raised from USD10.40 to USD11.40, indicating a 47.1% upside potential [4][21]. - The company is projected to see revenue growth from CNY8,259 million in 2024 to CNY13,584 million by 2027, with an EBITDA margin improving from 27.5% to 31.6% over the same period [17][18]. SUNeVision - SUNeVision's target price remains at HKD10.10, with a 27.2% upside potential [4][29]. - Revenue is expected to grow from HKD2,674 million in 2024 to HKD5,387 million by 2027, with a consistent EBITDA margin around 71% [25][26].