大行評級|大和:上調萬國數據目標價至46港元 指公司處於高速增長早期階段
大和發表研報指,渠道調研顯示萬國數據今年首季從阿里手中取得廊坊數據中心約140兆瓦的訂單,新訂單佔萬國數據已使用容量的約15%,亦反映出核心城市推理運算需求正在增長,預料推動2026年收入增長超越預期,有信心在各企業承諾加大對雲計算的投資下,萬國數據有機會從其他互聯網企業手中取得更多新訂單,把握今明兩年行業需求增長趨勢。該行又指,萬國數據房地產投資信託基金(REIT)即將上市,將成熟資產注入REIT上市預期將加快其去槓桿及增設新融資渠道,相信該公司目前正處於高速增長的早期階段。考慮到今年首季起不再合併DayOne業績,大和將其2025至2026年收入預測下調25%至30%,EBITDA預測下調18%至21%,重申“買入”評級,目標價從39港元上調至46港元。
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