bocom intl released a report stating that gds holdings (09698.HK) performed in line with expectations in the third quarter, raising its full-year capital expenditure guidance. The company achieved revenue of approximately 2.966 billion yuan in the third quarter, a 17.7% year-on-year increase. Adjusted EBITDA was 1.295 billion yuan, a 15% year-on-year increase, representing approximately 26.7% of the bank's previous full-year forecast of 4.85 billion yuan.

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 a year-on-year growth rate of 13.9% to 18.1%. Adjusted EBITDA is expected to be between 4.95 billion and 5.15 billion yuan, with a year-on-year growth rate of 7% to 11.4%. The company adjusted its full-year capital expenditure guidance, increasing it from the previous 6.5 billion yuan to 11 billion yuan, to support faster entry of Chinese tenants and accelerate the expansion of international business.

bocom intl maintains a 'buy' rating on gds holdings, with the target price raised to 22.88 yuan, considering the accelerated expansion in overseas markets and providing a valuation closer to international peers.