[ET Net News Agency, 12 March 2021] Daiwa Research trimmed its target price for GDS
Holdings (09698) to HK$97 from HK$116 and maintained its "outperform" rating.
The research house said GDS reported in-line 4Q and 2020 results. Given back-end loaded
capacity expansion in 2021, Daiwa sees some projects being postponed to 2022-23 and
expects 42% EBITDA growth for 2021.
However, on the back of aggressive organic growth and external acquisitions, it expects
the enlarged pipeline capacity to strongly underpin business growth momentum over 2022-23
and sees further upside risk to its 2021-22 capex on incremental M&A deals.
Daiwa lowered its 2021-22 revenue by 2-3% and adjusted EBITDA by 5-6% on postponed
capacity addition in 2021. (KL)
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09698 GDS-SW
Nominal 
7.370 +0.460 (+6.657%) Research Report
12/03/2021 11:32
{I-bank focus}Daiwa trims GDS Holdings (09698) to HK$97
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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