Potential Rerating For YTL Power Over Wessex Recovery
Potential Rerating For YTL Power Over Wessex Recovery
Maybank IB visited YTL Power's Kulai site and reaffirmed the commendable progress achieved thus far with regards to data centre construction. The house said it continues to view YTLP's risk-reward favourably and has reiterated a BUY call with an unchanged SOP-based TP of MYR4.70. Potential re-rating catalysts include 1) affirmation of Wessex's recovery over the medium-term, and 2) positive progress on its AI compute business.
Maybank Ib訪問了YTL Power的Kulai基地,並重申了迄今爲止在數據中心建設方面取得的值得稱道的進展。衆議院表示,它繼續對YTLP的風險回報持積極看法,並重申了買入看漲期權,標準股權目標價爲4.70令吉不變。潛在的重新評級催化劑包括1)確認Wessex的中期復甦,以及2)其人工智能計算業務的積極進展。
Phase 1 is operational
The Johor Data Center Park is located in Kulai on a 664ha of land previously acquired from Boustead. The entire park has a planned IT load of >400MW, spread over 6 phases. There are plans for an on-site solar farm. The first phase, Johor Data Center 1 (JDC 1) with a prevailing IT load of 48MW for co-location (expandable to 72MW), has already been operational since May 2024, with an anchor tenant taking up 32MW.Subsequent phases under construction
第 1 階段已投入運行
柔佛數據中心公園位於古來一塊664公頃的土地上,此前曾從Boustead手中收購。整個園區的計劃負荷超過400兆瓦,分爲6個階段。計劃在現場建造一個太陽能發電場。第一階段,柔佛數據中心1(JDC 1)自2024年5月以來已經投入運營,主要租戶佔用32兆瓦,其主機託管負荷爲48兆瓦(可擴展至72兆瓦)。後續階段正在建設中
Meanwhile, phase 2 (JDC 2) with a planned IT load of 20MW + 80MW to house AI servers, is currently being constructed, with the initial 20MW ready for handover to sister company YTL AI Cloud (which will offer AI compute services). As highlighted in YTLP's recent results call, delivery timelines of Nvidia's AI GPUs are still being negotiated. Separately, phase 3 (JDC 3) with a planned IT load of 40MW (committed hyperscale customer) 40MW for colocation, is also being constructed. The team has not yet begun work on the solar farm.
同時,第二階段(JDC 2)目前正在建設中,計劃負載爲20兆瓦+80兆瓦以容納人工智能服務器,最初的20兆瓦已準備好移交給姊妹公司YTL AI Cloud(該公司將提供人工智能計算服務)。正如YTLP最近的業績電話會議所強調的那樣,Nvidia的人工智能GPU的交付時間表仍在協商中。另外,第三階段(JDC 3)也在建設中,計劃託管的IT負載爲40兆瓦(承諾的超大規模客戶)40兆瓦。該團隊尚未開始在太陽能發電場上工作。
Maintaining forecasts
For FY25E, Maybank said it continue to expect further Wessex recovery to offset PowerSeraya tapering. The earnings forecasts and MYR4.70 TP for YTLP (based on a sum-of-parts, with the operating entities each valued by DCF) are unchanged, with data centre / AI accounting for MYR0.47/share (12% IRR on MYR15b capex). The house notes that data centres typically require 2-3
years to be net profit accretive. Meanwhile, AI computing would realistically only begin contributing to revenue earliest in FY26E.
維持預測
對於 FY25E,馬來亞銀行表示,它繼續預計威塞克斯的進一步復甦將抵消PowerSeraya的縮減規模。YTLP的收益預測和4.70令吉(按各部分總和計算,各運營實體均按DCF估值)保持不變,數據中心/人工智能佔每股0.47令吉(按150令吉資本支出計算的12%IRR)。衆議院指出,數據中心通常需要2-3個
幾年才能實現淨利潤增長。同時,實際上,人工智能計算只能在 FY26E 中最早開始爲收入做出貢獻。
譯文內容由第三人軟體翻譯。