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《大行報告》瑞銀降萬國數據(GDS.US)目標價至10.5美元 評級「買入」
瑞銀發表報告指,雖然仍睇好萬國數據(GDS.US)的國際業務,並維持相關預測不變,但由於下調對其內地業務預測和加權平均資本成本上升,將其美股目標價由18美元下調至10.5美元。但維持「買入」評級,認為該股估值處於谷底。 瑞銀預計,萬國數據將實現2023年的指引目標,即收入和經調整EBITDA增長約7%。該行假設2024至2026年內地業務經調整EBITDA增長率為6%至7%,低於之前的介乎8%至10%,因為認為需求恢復仍需時, 雲計算需求仍然疲軟,惟被短視頻平台的健康需求所部分抵銷。同時,雖然過去兩年新簽訂合同的定價基本保持穩定,但2018至2020年經濟上行周期簽訂的合同在2023至2025年續簽時可能會降低定價,而且由於GPU限制和大規模企業內部IDC能力,GenAI沒有為第三方IDC帶來明顯的需求。
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