大行評級|大摩:持續喜好中國IDC板塊 上調萬國數據及世紀互聯目標價
大摩發表報吿,指持續喜好中國互聯網數據中心(IDC)板塊。即使在上升後,在房託(REITs)發行前仍有重大上行空間。高槓杆是雙刃劍,放大了基本面變動。該行稱,現時處於需求上行週期及利率下行週期。該行稱,房託可以為IDC帶來具吸引力的可持續在岸融資渠道,容許數據中心活化現有資產以助去槓桿及在AI時代為籌集未來資本開支鋪路。同時,房託可以為數據中心資產水平提供估值指標,而私人房託介乎10至13倍的企業價值對合約EBITDA範圍已經實現,將觸發市場估值重評。該行上調萬國數據及世紀互聯目標價,以反映潛在資產注入私人房託下的估值倍數。該行將萬國數據美股目標價由30美元升至39美元,世紀互聯目標價由7.4美元升至11.7美元,均予“增持”評級。該行維持首選萬國數據。在業績期前,該行亦喜好新意網集團,評級“增持”。
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