GDS Holdings (GDS.O): What‘s New from Citi‘s 2026 Property & Financials Conference

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GDS Holdings (GDS.O): What‘s New from Citi‘s 2026 Property & Financials Conference

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23 Jun 2026 09:42:28 ET │ 11 pages

GDS Holdings (GDS.O)

What’s New from Citi’s 2026 Property & Financials Conference

CITI’S TAKE

GDS attended Citi’s 2026 Property & Financials Conference on 23 June.

Buy Key discussions included: 1) Company’s client base dominated by

Price (22 Jun 26 16:00) US$31.71 hyperscalers, with AI-native clients emerging as a major incremental

demand driver. Company reiterated that chip supply is the primary Target price US$58.10

bottleneck constraining domestic DC market growth. 2) Company Expected share price return 83.2%

observed that 2026E domestic industry-wide signed orders could reach Expected dividend yield 0.0%

~3–4GW, with market potential expanding to 6–8GW by 2027E; GDS Expected total return 83.2%

could occupy 500-800MW this year. 3) Supply/demand dynamics have Market Cap US$6,354M

fundamentally rebalanced; AI-driven utilization >90% for new capacity. 4)

DC operations evolving rapidly: rack density rising and liquid cooling

selectively deployed. 5) Company is actively executing its C-REITs asset

rotation strategy to improve overall asset investment return. Kyna WongAC

+852-2868-7820

Hyperscaler-Dominated Client Profile kyna.wong@citi.com

Yiming Li, CFA

Large internet giants collectively represent 55–60% of GDS’ domestic IDC demand,

with 15–20 other major internet firms making up company’s >80% bookings share. Kevin Chen

AI-native clients have emerged as a powerful new cohort, with single orders now Karen Huang

reaching hundreds of MW — far exceeding the ~20MW scale of the CPU era. On

clients’ chips, 2027 rack deployments will be anchored by domestic chips with

upgrading compatibility retained for flexibility.