REAL-TIME GLOBAL RESEARCH
Discontinuation of Coverage
Research evidence excerpt
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M
Update
August 7, 2026 04:01 PM GMT
Guangdong Aofei Data Technology Co Ltd | Asia
Pacific
Morgan Stanley Asia Limited+
Tom Tang
Equity Analyst
Discontinuation of Coverage
Effective immediately, we are discontinuing coverage of
Guangdong Aofei (300738.SZ) due to a reallocation of
resources. All prior research on Guangdong Aofei should no
longer be relied upon.
Yang Liu
Equity Analyst
Gary Yu
Equity Analyst
Our final rating is Equal-weight: We believe Aofei could expand its wholesale
capacity aggressively over the next few years and experience a faster demand
Guangdong Aofei Data Technology Co Ltd (300738.SZ,
rebound given its relatively smaller size. We believe Aofei's higher EBITDA growth
300738 CH)
justifies its valuation premium relative to Chinese peers, and hence EW.
Greater China Telecoms | China
Our final price target is HK$22: We derive our price target from a DCF valuation,
assuming a WACC of 8.0% (5% cost of debt, 12.6% cost of equity and a 45% equity
weighting) and a terminal growth rate of 3.0%.
Risks to achieving our price target: Downside – 1) Slower-than-expected data
center capacity ramp-up and sales, and 2) oversupply in data center capacity. Upside
- 1) Better-than-expected data center sales and customer move-in progress, and 2)
faster AI-driven demand growth.
Stock Rating
Industry View
Price target
Up/downside to price target (%)
Shr price, close (Aug 6, 2026)
52-Week Range
Sh out, dil, curr (mn)
Mkt cap, curr (mn)
EV, curr (mn)
Avg daily trading value (mn)
Equal-weight
In-Line
Rmb22.00
(4)
Rmb22.93
Rmb29.49-17.82
0
Rmb0
Rmb5,827
Rmb1,488
Fiscal Year Ending
12/25 12/26e 12/27e 12/28e
EPS (Rmb)**
EPS (Rmb)§
Revenue, net (Rmb mn)
EBITDA (Rmb mn)
ModelWare net inc
(Rmb mn)
P/E
P/BV
RNOA (%)
ROE (%)
EV/EBITDA
Div yld (%)
FCF yld ratio (%)**
Leverage (EOP) (%)
0.15
0.21
2,521
1,485
146
0.41
0.33
3,257
1,897
405
0.50
0.45
3,831
2,260
493
0.61
0.51
4,379
2,603
605
124.6
4.8
8.0
4.4
16.2
0.1
(10.0)
138.0
55.7
4.4
7.2
10.7
3.6
0.2
(6.7)
101.0
45.8
4.0
7.0
9.5
3.6
0.2
(3.5)
98.2
37.3
3.6
7.3
10.7
3.2
0.3
(0.1)
90.1
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare
…
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