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.
馬來亞銀行投資銀行有限公司（Maybank IB）重申了對YTL Power International Bhd的買入呼籲，目標價（TP）不變，爲4.70令吉，這得益於有利的風險回報動態和潛在的再評級催化劑，例如對威塞克斯中期復甦及其人工智能（AI）計算業務進展的肯定。
該研究機構強調，該公司在柔佛州數據中心園區的數據中心（DC）開發進展令人稱道，這表明其不斷增長的投資組合的長期前景樂觀。
柔佛數據中心公園位於古來，佔地664公頃，從Boustead Plantation Bhd收購，計劃分六個階段裝機負荷超過400兆瓦（MW）。第一階段，即柔佛州數據中心1（JDC 1），自2024年5月開始運營，48兆瓦的IT負載專用於託管服務，可擴展至72兆瓦。一位主要租戶已經承諾提供32兆瓦，這表明對該設施的強勁需求。
第二階段目前正在建設中，計劃的 It 負載爲 20MW，另外還有 80MW，旨在支持 AI 服務器。最初的20兆瓦計劃移交給專注於人工智能計算服務的姊妹公司YTL AI Cloud。分析師指出，Nvidia Corp的人工智能圖形處理單元的時間表仍在談判中，這些單元是這一階段不可或缺的。
同時，第三階段（JDC 3）也在開發中，計劃爲承諾的超大規模客戶提供40兆瓦的IT負載，另外40兆瓦的託管服務負載。儘管已經提出了建造現場太陽能發電場的計劃，但該部分的建設尚未開始。
馬來亞銀行維持了對YTL Power的收益預期，預計威塞克斯水務將進一步復甦，以抵消PowerSeraya逐漸減少的捐款。該研究機構將DC和AI板塊的估值定爲每股47仙，根據各部分總和的方法，這兩個板塊共佔公司目標的12％。他們預計，華盛頓特區業務需要兩到三年的時間才能增加淨利潤，到26財年，人工智能計算服務可能會增加收入。
Maybank Ib憑藉其遍佈六個國家的多元化公用事業投資組合，以及對DC和人工智能等高增長領域的持續投資，認爲YTL Power處於有利地位，可以爲股東創造可持續的價值。
