【行业研究报告】万国数据-Lockdowns add uncertainty to move-in schedule

GDSreportedin-lineFY1Q22resultswithrevenue/adj.EBITDAgrowthof+32%/
+29%YoYrespectively.ThecompanymaintaineditsFY22Eguidanceand
reiteratedits+90korganicnetaddstargetalthoughmove-inschedulehasbeen
delayedbecauseoflockdown.WecutFY22Eadj.EBITDAby3%onlower
utilizedareawhilelargelymaintainingourFY23-24Eforecast.MaintainBUY.
FY1Q22in-line.GDSreportedin-line1Q22resultswithrevenueof
RMB2,244mn(+32%YoY)andadj.EBITDAofRMB1,051mn(+29%YoY).
RMB2,244mn(+32%YoY)andadj.EBITDAofRMB1,051mn(+29%YoY).
NetlosswidenedtoRMB574mn.GPMdeclinedQoQto21.7%(-0.6pctpts
QoQ)onhigherutilityprice(+10%QoQ).Onaperkwhbasis,GDSispaying
around15%morecomparedtocoupleofquartersago.Companyexpects2Q
tarifftostabilizeatcurrentlevel.Adj.EBITDAmarginwasat46.9%(-0.1pct
ptsQoQ).
UnchangedFY22Eguidancealthoughmove-inschedulebeingdisturbed
bylockdownin1H.Lockdownhasresultedinmove-inscheduleadjustment
althoughtheoperationsofexistingdatacentersarenotbeinginterrupted.
GDSmaintaineditsFY22Erevenue/adj.EBITDAgrowthguidanceof
+22%/+18%YoY,assumingprogressiverelaxationoflockdownsoverthenext
1-2monthsandthatcapacitymove-inwillbeskewedtowards2H(~80%).
Customermixchangetocontinueasinternetcustomersareturning
cautiousincloudspending.GDSmaintaineditsfullyeartargetof+90ksqm
organicnetaddsincommittedarea.In1Q22,GDSachieved20%offullyear
target(+18.1ksqm).However,growthrateoftotalareacommittedbytoptwo
customers,AlibabaandTencentinourview,continuedtoslowdownto+31%/
-5%YoY(vs.+44%/-5%YoYin4Q21)respectively.Thesetwocustomers
contributed45%ofrevenuein1Q22.Weexpectlargeenterprise/FSIrevenue
contributiontoincreasegradually.Thesecustomersaccountedfor45%of
1Q22bookings.
MaintainBUY.WetrimmedFY22Eadj.EBITDAby-3%whilelargely
maintainingourFY23-24Eforecasttoreflectacapacitymove-indelayby
internetcustomersinFY22E.MaintainBUYwithatargetpriceofUS$46.00
basedonlowered18x(prior20x)FY22EEV/EBITDAduetomacro/pandemic
uncertainty.Catalystsincludeeasinglockdownrestrictions,newM&Aand
customerwin.