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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分析師將目標價下調32%，理由是宏觀壓力下復甦放緩
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
  • 加拿大皇家銀行資本分析師喬納森·阿特金堅持認為萬國數據(納斯達克：GDS)與板塊表現一致，並將目標價從22美元下調至15美元。
  • GDS公佈了穩健的第三季度財務業績，並維持了此前提供的指導，最近租賃的權重更大，前中國。
  • 管理層概述了2023年的資本支出和資金計劃，以支持中國和國際業務。
  • 由於宏觀相關壓力和更為保守的估值參數，他在復甦較慢的階段下調了目標價。
  • 管理層預計2022年的預訂量將超過7萬平方米的目標，並基於客户需求復甦的初步跡象，相信它可以在未來幾個季度保持勢頭，包括2023年雲需求的温和復甦。
  • 根據客户討論，管理層對積壓訂單的承諾程度感到滿意。
  • 一些相當大的中國雲和互聯網客户已經要求將遷入期從兩年延長到三年。
  • 管理層認為，遷入率可能會在中期有所改善，因為一些大型互聯網訂單的遷入期短於兩年。
  • 在中國，管理層專注於交付積壓的訂單，並對新業務進行挑剔。
  • 管理層專注於將國際擴張作為次要增長動力，並得到尋求國際產能的現有客户的支持。
  • 管理層預計，到2023年，大陸中國的總用途將達到55億加元，總來源將超過60億加元，其中包括內部產生的現金、與主權財富基金的認購協議以及部分SLB。
  • 價格行動：在週二的最後一次檢查中，GDS股價上漲15.46%，至13.52美元。
  • 照片通過公司
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