《大行報告》匯豐研究降萬國數據(GDS.US)目標價至14.5美元 評級「買入」
匯豐研究發表報告指出,萬國數據(09698.HK)(GDS.US)第三季於內地已獲客戶簽約及預簽約的總面積淨增1.6萬平方米,較第二季淨減少1.7萬平方米顯著改善,主要受直播及短視頻領域互聯網客戶的兩筆大訂單所推動。不過,該行認為公司的大客戶仍在消化庫存,因此尚未出現廣泛復甦。
該行認為,萬國數據於內地業務目標仍是融資前實現正現金流,事實上有關目標已於今年第三季實現,儘管在2025年之前可能不會每個季度都保持正面勢頭。
此外,該行指萬國數據海外利用率快速提升,並在馬來西亞收購新工廠,以及在印尼設立合資公司,認為公司具海外增長潛力,雖然內地市場疲弱,但隨著國際業務的增長,估計公司今年第四季及明年收入仍按年增長7%及11%,經調整EBITDA利潤率分別按年跌3.2個百分點及持平,各至41.4%與46%。該行維持對萬國數據(GDS.US)「買入」評級,目標價由15.7美元下調至14.5美元。
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