YTL Power's DC And AI Strategy Offer Significant Value To Investors
YTL Power's DC And AI Strategy Offer Significant Value To Investors
Phase two, currently under construction, features a planned IT load of 20MW plus an additional 80MW designed to support AI servers. The initial 20MW is slated for handover to YTL AI Cloud, a sister company focusing on AI compute services. Analysts noted that the timelines for Nvidia Corp's AI graphic processing units, which are integral to this phase, remain under negotiation.Maybank Investment Bank Bhd (Maybank IB) has reiterated its BUY call on YTL Power International Bhd with an unchanged target price (TP) of RM4.70, underpinned by favourable risk-reward dynamics and potential re-rating catalysts such as the affirmation of Wessex's medium-term recovery and progress in its artificial intelligence (AI) compute business.
馬來亞銀行投資銀行有限公司（馬來亞銀行IB）重申了對YTL能源國際有限公司的買入看漲，目標價（TP）保持在RM4.70，基於有利的風險收益動態和潛在的重新評級催化劑，例如對威塞克斯的中期復甦的確認以及其人工智能（AI）計算業務的進展。
The research house highlighted the company's data centre (DC) development at its Johor Data Center Park is progressing commendably, signalling positive long-term prospects for its growing portfolio.
研究機構強調，公司在柔佛的數據中心（DC）開發進展順利，預示着其不斷擴展的投資組合有着良好的長期前景。
The Johor Data Center Park, situated in Kulai, spans 664ha of land acquired from Boustead Plantation Bhd and has a planned IT load of over 400 megawatts (MW) across six phases. The first phase, Johor Data Center 1 (JDC 1), has been operational since May 2024, with an IT load of 48MW dedicated to co-location services, expandable to 72MW. An anchor tenant has already committed to 32MW, demonstrating strong demand for the facility.
位於古來柔佛數據中心公園，佔地664公頃，土地來自寶德新加坡，計劃總負荷超過400兆瓦（MW），分爲六個階段。第一階段，柔佛數據中心1（JDC 1），自2024年5月起投入運營，IT負荷爲48MW，專用於共建服務，最大可擴展至72MW。已有一位主租戶承諾使用32MW，顯示出對該設施的強勁需求。
Phase two, currently under construction, features a planned IT load of 20MW plus an additional 80MW designed to support AI servers. The initial 20MW is slated for handover to YTL AI Cloud, a sister company focusing on AI compute services. Analysts noted that the timelines for Nvidia Corp's AI graphic processing units, which are integral to this phase, remain under negotiation.
第二階段目前正在施工中，計劃IT負荷爲20MW，以及額外設計的80MW，以支持人工智能服務器。最初的20MW計劃交付給YTL人工智能雲，一個專注於人工智能計算服務的姐妹公司。分析師指出，Nvidia公司的人工智能圖形處理單元的時間表仍在協商中，這對於這一階段至關重要。
Concurrently, phase three (JDC 3), with a planned IT load of 40MW for a committed hyperscale customer and another 40MW for co-location services, is also under development. While plans for an on-site solar farm have been proposed, construction on this component has yet to commence.
與此同時，第三階段（JDC 3）正處於開發中，計劃IT負荷爲40MW，供一位已承諾的超大規模客戶使用，另40MW用於共建服務。雖然已經提出了在現場建設太陽能農場的計劃，但該部分的施工尚未開始。
Maybank IB maintained its earnings forecasts for YTL Power, anticipating further recovery at Wessex Water to offset tapering contributions from PowerSeraya. The research house assigned a valuation of 47 sen per share for the DC and AI segments, which collectively represent 12% of the company's TP based on a sum-of-parts methodology. They expect the DC business to take two to three years to become net profit accretive, with AI compute services likely contributing to revenue by FY26.
馬銀行維護了對YTL電力的盈利預測，預計Wessex Water的進一步復甦將抵消來自PowerSeraya的貢獻減少。研究機構爲數據中心和人工智能板塊分配了每股47仙的估值，這兩者共同佔公司目標價的12%，基於部分總和法。他們預計，數據中心業務在未來兩到三年內將實現淨利潤貢獻，人工智能計算服務有望在2026財年爲營業收入作出貢獻。
With its diversified portfolio of utilities across six countries and ongoing investments in high-growth areas like DCs and AI, Maybank IB views YTL Power as well-positioned to deliver sustainable value to shareholders.
憑藉其在六個國家擁有的多元化公用事業組合以及在如idc概念和人工智能等高增長領域的持續投資，馬銀行認爲YTL電力有望爲股東提供可持續的價值。
譯文內容由第三人軟體翻譯。
