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1、 Watchlist the stock on Insights Direct to receive prompt updates ed-JS/sa-CS/AH CREIT a viable channel for value-unlocking?First data centre C-REIT is expected to launch as early as 3Q25-a long-awaited sector catalyst GDS C-REIT indicative IPO yield at 6%or 14x EV/EBITDA,value-neutral to GDS at lau

2、nch Future asset injections post IPO could be value accretive,with potential yield compression to 4%+,implying upside potential for VNET C-REIT We estimate 30/48%of GDS/VNETs wholesale portfolios are suitable for C-REIT injection,indicating a long runway for capital recycling;VNET remains our top pi

3、ck First data First data centre Ccentre C-REIT launchREIT launch by 3Q25by 3Q25,with yields,with yields expected to expected to convergconverge e totowardswards Warehouse CWarehouse C-REIT REIT levels.levels.Asset spin-offs via CREIT has been a long-awaited catalyst by the market for data centre(DC)

4、operators as investor envisions the potential it offers for value-unlocking and deleveraging.Enthusiasm was ignited when GDS and Range filed their IPO applications in Mar25.Referencing the timeline of other asset classes,we believe the first batch of DC CREIT may make their debuts as early as 3Q25.C

5、urrent indicative yield of 6.2-6.3%(or c.13.6x EV/EBITDA)looks wide compared to other land use right CREIT of c.3.8%,a gap we believe will gradually narrow as the market recognises DCs favourable operational features.Plenty of room for value accretionPlenty of room for value accretion.We expect size

6、able gains from asset monetisation,as cost is usually 8x stable EBITDA.While the first GDS C-REIT IPO at Kunshun is expected to be value-neutral initially,subsequent asset injections(after one year)should be value accretive due to yield compression.A potential VNET C-REIT in Hebei(application filed)