Jinwu Finance News | Bocom Intl issued research reports, stating that GDS Holdings (09698) achieved revenue of approximately 2.966 billion yuan in the third quarter, a year-on-year increase of 17.7%, with adjusted EBITDA of 1.295 billion yuan, a year-on-year increase of 15.0%. The company maintains its annual performance guidance unchanged, expecting annual revenue to be between 11.34 billion and 11.76 billion yuan, and adjusted EBITDA to be between 4.95 billion and 5.15 billion yuan. The company adjusted its full-year CAPEX guidance for 2024, from the previous 6.5 billion yuan to 11 billion yuan (3/8 billion yuan for China/international business), to support the accelerated entry of Chinese tenants and the accelerated expansion of international business.
The bank pointed out that the company's third-quarter performance met expectations, considering its accelerated expansion in overseas markets, we give a valuation closer to international peers, raising the target price from HK$20.18 to HK$22.88, corresponding to ~14 times 2024 EV/EBITDA, maintaining a buy rating.