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.
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.
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.
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.
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.
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.
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.
马来亚银行投资银行有限公司（马来亚银行IB）重申了对YTL能源国际有限公司的买入看涨，目标价（TP）保持在RM4.70，基于有利的风险收益动态和潜在的重新评级催化剂，例如对威塞克斯的中期复苏的确认以及其人工智能（AI）计算业务的进展。
研究机构强调，公司在柔佛的数据中心（DC）开发进展顺利，预示着其不断扩展的投资组合有着良好的长期前景。
位于古来柔佛数据中心公园，占地664公顷，土地来自宝德新加坡，计划总负荷超过400兆瓦（MW），分为六个阶段。第一阶段，柔佛数据中心1（JDC 1），自2024年5月起投入运营，IT负荷为48MW，专用于共建服务，最大可扩展至72MW。已有一位主租户承诺使用32MW，显示出对该设施的强劲需求。
第二阶段目前正在施工中，计划IT负荷为20MW，以及额外设计的80MW，以支持人工智能服务器。最初的20MW计划交付给YTL人工智能云，一个专注于人工智能计算服务的姐妹公司。分析师指出，Nvidia公司的人工智能图形处理单元的时间表仍在协商中，这对于这一阶段至关重要。
与此同时，第三阶段（JDC 3）正处于开发中，计划IT负荷为40MW，供一位已承诺的超大规模客户使用，另40MW用于共建服务。虽然已经提出了在现场建设太阳能农场的计划，但该部分的施工尚未开始。
马银行维护了对YTL电力的盈利预测，预计Wessex Water的进一步复苏将抵消来自PowerSeraya的贡献减少。研究机构为数据中心和人工智能板块分配了每股47仙的估值，这两者共同占公司目标价的12%，基于部分总和法。他们预计，数据中心业务在未来两到三年内将实现净利润贡献，人工智能计算服务有望在2026财年为营业收入作出贡献。
凭借其在六个国家拥有的多元化公用事业组合以及在如idc概念和人工智能等高增长领域的持续投资，马银行认为YTL电力有望为股东提供可持续的价值。
