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GDS Analyst Trims Price Target By 32% Citing Slower Recovery Amid Macro Pressures

GDS Analyst Trims Price Target By 32% Citing Slower Recovery Amid Macro Pressures

GDS分析师将目标价下调32%，理由是宏观压力下复苏放缓
Benzinga Real-time News ·  2022/11/29 13:14
  • RBC Capital analyst Jonathan Atkin maintained GDS Holdings Ltd (NASDAQ:GDS) with a Sector Perform and lowered the price target from $22 to $15.
  • GDS reported solid Q3 financial results and maintained previously provided guidance, with recent leasing more weighted ex-China.
  • Management outlined its capex and funding plans for 2023 to support China and international operations.
  • He cut the price target on a slower recovery ramp from macro-related pressures and more conservative valuation parameters.
  • Management expects to surpass its 70K sqm bookings target for 2022 and believes, based on early signs of recovery in customer demand, that it can maintain momentum in the next few quarters, including a modest recovery in cloud demand in 2023.
  • Based on customer discussions, management is comfortable with the level of commitment for the backlog.
  • A few sizeable Chinese cloud and Internet customers have requested an elongation of the move-in period to three years from two years.
  • Management believes move-in rates could improve mid-term as some large Internet orders have move-in periods shorter than two years.
  • In China, management is focused on delivering the backlog and is selective about new business.
  • Management is focused on international expansion as a secondary growth driver, supported by existing customers seeking capacity internationally.
  • Management expects total uses for mainland China in 2023 of ~C¥5.5 billion and total sources of over C¥6 billion, including internally generated cash, a subscription agreement with an SWF, and a partial SLB.
  • Price Action: GDS shares traded higher by 15.46% at $13.52 on the last check Tuesday.
  • Photo Via Company
  • 加拿大皇家银行资本分析师乔纳森·阿特金坚持认为万国数据(纳斯达克：GDS)与板块表现一致，并将目标价从22美元下调至15美元。
  • GDS公布了稳健的第三季度财务业绩，并维持了此前提供的指导，最近租赁的权重更大，前中国。
  • 管理层概述了2023年的资本支出和资金计划，以支持中国和国际业务。
  • 由于宏观相关压力和更为保守的估值参数，他在复苏较慢的阶段下调了目标价。
  • 管理层预计2022年的预订量将超过7万平方米的目标，并基于客户需求复苏的初步迹象，相信它可以在未来几个季度保持势头，包括2023年云需求的温和复苏。
  • 根据客户讨论，管理层对积压订单的承诺程度感到满意。
  • 一些相当大的中国云和互联网客户已经要求将迁入期从两年延长到三年。
  • 管理层认为，迁入率可能会在中期有所改善，因为一些大型互联网订单的迁入期短于两年。
  • 在中国，管理层专注于交付积压的订单，并对新业务进行挑剔。
  • 管理层专注于将国际扩张作为次要增长动力，并得到寻求国际产能的现有客户的支持。
  • 管理层预计，到2023年，大陆中国的总用途将达到55亿加元，总来源将超过60亿加元，其中包括内部产生的现金、与主权财富基金的认购协议以及部分SLB。
  • 价格行动：在周二的最后一次检查中，GDS股价上涨15.46%，至13.52美元。
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