Major Bank Ratings | Citi: GDS Holdings' Last Year Performance and This Year's Guidance Largely in Line with Expectations, Rated "Buy"

格隆汇 March 18｜Citibank released a research report stating that GDS Holdings’ revenue in the fourth quarter of last year increased by 1.2% quarter-on-quarter and 8.6% year-on-year, reaching 2.92 billions RMB, in line with expectations. The total revenue for the whole year reached 11.4 billions RMB, up 10.8% year-on-year, matching the midpoint of the guidance range. For the outlook and guidance for 2026, the company expects full-year revenue to be between 12.4 billions and 12.9 billions RMB, representing a year-on-year increase of 8.5% to 12.8%, with market consensus at 12.7 billions RMB; adjusted EBITDA is expected to be between 5.75 billions and 6 billions RMB, higher than the market consensus of 5.7 billions RMB; capital expenditure target is 9 billions RMB, reflecting strong demand. The bank sets a target price of USD 51.2 for GDS Holdings’ US shares, with a “Buy” rating.