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大行評級丨大和:下調萬國數據目標價至44港元 下調每股盈利預測

大和表示,對萬國數據在2025年第二至第四季的息稅折舊攤銷前利潤(EBITDA)增長持更樂觀態度,並認爲其全年EBITDA指引有上行空間,這將推動公司進一步去槓桿化。與此同時,該行看到2025年第一季對數據中心DayOne的強勁需求爲未來融資輪次鋪平道路。該行認爲當前水平的風險回報比具有吸引力,因萬國數據中國的隱含估值,低於萬國數據自身的估值倍數以及萬國數據同行即將推出的房地產投資信託基金(REIT)IPO的估值倍數。

該行認爲,股票的關鍵催化劑包括C-REIT IPO、香港主要上市地位變更等。大和將萬國數據2025至2027年預測EBITDA上調1%至3%,但因股本增加,將2026至2027年每股盈利預測下調6%至10%。該行重申對其“買入”評級,將其12個月目標價由49港元下調至44港元。

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