Yamato: Lowered Wan Guo's target price to 44 Hong Kong dollars and lowered earnings per share forecast.

Daiwa expressed a more optimistic outlook on the profit growth of Wanguo Data in the second to fourth quarters of 2025 before interest, tax, depreciation, and amortization, and believes that there is room for upside in its full-year EBITDA guidance, which will drive the company to further deleverage. At the same time, the bank sees strong demand for Data Center DayOne in the first quarter of 2025 paving the way for future financing rounds. The bank believes that the current risk-return ratio is attractive, as the implied valuation of Wanguo Data in China is lower than its own valuation multiples and the valuation multiples of the real estate investment trust fund IPO that Wanguo Data's peers are about to launch. The bank believes that key catalysts for the stock include the C-REIT IPO and changes in Wanguo Data's major listing status in Hong Kong. Daiwa has raised its forecast for Wanguo Data's EBITDA from 2025 to 2027 by 1% to 3%, but due to the increase in share capital, it has lowered its earnings per share forecast for 2026 to 2027 by 6% to 10%. The bank reiterated its "buy" rating and lowered its 12-month target price from HK$49 to HK$44.