Glonghui, May 24 | UBS published a research report showing that GDS's total revenue for the first quarter increased 9.1% year-on-year to 2.63 billion yuan, and adjusted EBITDA increased 4.7% to 1.18 billion yuan, all in line with market expectations and full-year guidelines. During the period, the Group's total expenditure fell 27% year-on-year to $1.6 billion, accounting for 25% of the annual guideline. Of these, China's and international capital expenses were $894 million and $703 million respectively. UBS said that due to strong customer demand, international revenue for the first quarter was 206 million yuan, an increase of 580% year-on-year. Management anticipates that its international business will receive more and larger customer orders over the next 12 months. The bank raised its adjusted EBITDA forecast of 0 to 2% for the 2024-26 fiscal year to reflect the expected better international business performance. The target price was raised from $11.3 to $12.4, reaffirming the “buy” rating.