GDS Holdings Strong 3-year bookings target; revenue expected to accelerate from 2H27

Research evidence excerpt

GDS Holdings Strong 3-year bookings target; revenue expected to accelerate from 2H27

J P M O R G A N Asia Pacific Equity Research

21 May 2026

GDS Holdings Not Rated

GDS, GDS US

Strong 3-year bookings target; revenue expected to Price (20 May 26):$36.66

accelerate from 2H27

• Ongoing robust order wins with improving visibility over the next few Technology and Telecoms

years amid strong AI demand: GDS reiterated its 2026 guidance Gokul Hariharan AC

of 500MW of new orders, and indicated potential upside given the 340MW of (852) 2800-8564

new orders year-to-date (130+MW new booking from Hyperscaler with gokul.hariharan@jpmorgan.com

77MW in Shaoguan, Guangdong and 61MW in Ulanqab, Inner Mongolia in J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

2Q26). Supported by strong AI-driven data center demand and improving Jennifer Hsieh

availability of domestic AI chips, management now guides for 500-800MW of (886-2) 2725-9868

new bookings annually over the next three years, with additional upside if jennifer.hsieh@jpmorgan.com

foreign AI chips become available in China. Management also noted that new J.P. Morgan Securities (Taiwan) Limited

bookings plus reservation commitments exceed 1GW year-to-date David Chou

(versus 200MW of new orders and 500MW+ of MOUs as of mid-March), and (886-2) 2725-9618

that the elevated reservation pipeline has a high probability of converting into david.chou@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

follow-on orders within 1-2 years.

Jason Chen

• Strong bookings set up a doubling of move-ins in 2027: GDS reported 16k (886-2) 2725-9864

sqm of move-ins in 1Q26, down 12% QoQ, and expects move-ins to decline jason.bh.chen@jpmorgan.com

further in 2Q26. Management expects move-ins to rebound to around 20k sqm J.P.