The Zhitong Finance APP has learned that bocom intl has released a research report stating that it raised the target price of gds holdings-SW (09698) to 22.88 Hong Kong dollars, maintaining a "buy" rating. Due to the company's third-quarter performance meeting expectations and considering its accelerated expansion in overseas markets, the valuation is closer to that of international peers.

Bocom intl stated that in the third quarter of 2024, the company's revenue is approximately 2.966 billion yuan (the same below), an increase of 17.7% year-on-year, with adjusted EBITDA at 1.295 billion yuan, a year-on-year increase of 15%. The company maintains its full-year performance guidance unchanged, expecting full-year revenue to be between 11.34 billion and 11.76 billion yuan, with adjusted EBITDA between 4.95 billion and 5.15 billion yuan. The company has raised its full-year capital expenditure guidance for 2024 from the previous 6.5 billion yuan to 11 billion yuan (3 billion yuan for china/international business), to support the accelerated entry of china tenants and the rapid expansion of international business.

Revenue from the china business in the third quarter was 2.62 billion yuan, a year-on-year increase of 6.1%, with adjusted EBITDA at 1.205 billion yuan, a year-on-year increase of 3.6%. The newly added usable area in the third quarter was 25,647 square meters, significantly accelerating compared to 20,265 square meters in the second quarter. In the third quarter, the international business signed a large sales contract on Batam Island, with a contract/reserve capacity of 34/38MW, and is expected to enter within 18 months. It was also announced that tens of billions of yuan are being invested in Thailand to acquire land for data center parks in Chonburi Province, with planned electrical capacity of 120MW.