According to a research report published by Nomura, GDS's second-quarter service revenue and adjusted EBITDA increased 6.5% and 2.5%, respectively, over the same period last year, which is generally in line with market expectations. 263 megawatts of new contracts were recorded in the second quarter, and the total number of orders received in the first half of the year reached 471 megawatts. Management further raised this year's new reservation target to 1 GW, and also expects customers to reserve 1 GW of electricity by the end of this year. The company raised this year's revenue guidelines to $12.7 billion to $13 billion, and adjusted EBITDA guidelines were also raised to $5.9 billion to reflect one-off projects in the first quarter. The bank raised its 2026-2028 revenue forecast by 1.4% to 4.7% to reflect better-than-expected orders. It is now estimated that the new annual commitment for the three years will be 1 gigawatt, and an additional 710 MW and 950 MW will be taken into account when customers move in 2027 and 2028. At the same time, due to changes in the market mix and increased contributions from new market projects, the bank lowered the adjusted EBITDA profit margin forecast by 1.8 to 3.7 percentage points for the same period, and the adjusted EBITDA forecast was lowered by 2.6% to 6.8%. The bank reiterated its “buy” rating, but lowered its target price for US stocks from $48.4 to $45.7, based on the 2027 forecast EV/EBITDA of about 18.8 times, which is in line with the company's historical average.

According to a research report published by Nomura, GDS's second-quarter service revenue and adjusted EBITDA increased 6.5% and 2.5%, respectively, over the same period last year, which is generally in line with market expectations. 263 megawatts of new contracts were recorded in the second quarter, and the total number of orders received in the first half of the year reached 471 megawatts. Management further raised this year's new reservation target to 1 GW, and also expects customers to reserve 1 GW of electricity by the end of this year. The company raised this year's revenue guidelines to $12.7 billion to $13 billion, and adjusted EBITDA guidelines were also raised to $5.9 billion to reflect one-off projects in the first quarter. The bank raised its 2026-2028 revenue forecast by 1.4% to 4.7% to reflect better-than-expected orders. It is now estimated that the new annual commitment for the three years will be 1 gigawatt, and an additional 710 MW and 950 MW will be taken into account when customers move in 2027 and 2028. At the same time, due to changes in the market mix and increased contributions from new market projects, the bank lowered the adjusted EBITDA profit margin forecast by 1.8 to 3.7 percentage points for the same period, and the adjusted EBITDA forecast was lowered by 2.6% to 6.8%. The bank reiterated its “buy” rating, but lowered its target price for US stocks from $48.4 to $45.7, based on the 2027 forecast EV/EBITDA of about 18.8 times, which is in line with the company's historical average.