GDS Holdings Ltd Class A

09698: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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GDS Earnings: Medium-Term Capex Accelerated to Meet AI Demand; Fair Value Up 16% to HKD 37

Dan Baker

May 25, 2026

GDS reported solid first-quarter results, with revenue up 23% and adjusted EBITDA up 47%. Excluding one-time items and adjusted for developed asset sales, pro forma revenue and EBITDA grew 12%-13%.

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GDS Holdings Ltd Class A

GDS Earnings: Medium-Term Capex Accelerated to Meet AI Demand; Fair Value Up 16% to HKD 37

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