1、 September 24,2024 THIS REPORT HAS BEEN PREPARED BY MAYBANK RESEARCH PTE LTD SEE PAGE 43 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS ASEAN Data Centre Ride The Multi-Year Data Centre Wave September 24,2024 2 ASEAN Data Centre ASEAN Data Centre Ride the Multi-Year Data Centre Wave Conflux of

2、 positive factors creating a perfect storm We expect data centre demand in ASEAN to increase at 20%CAGR and a potential data centre TAM of USD11b/year till 2028.Our high expectations is underscored by:1)ASEAN is 55-70%underpenetrated in data centre supply vs more evolved markets like the US,China,So

3、uth Korea and Japan;2)rise of AI adding another leg of data centre demand growth,which also helps ASEAN companies in the global supply chain;3)geopolitics,conducive upstream supply and favourable unit economics as tailwinds for ASEAN to emerge as a global data-centre hub.Risk of overbuild/supply is

4、overhyped as actual capital commitment is just 40%of the theoretical new capacity announcements.Drawing insights from our analysts across sectors,economics and ESG teams,we highlight key opportunities and stock picks across the entire data centre value chain.Potential for ASEAN to punch above its we

5、ight Beyond data centre demand for its own need,we see potential for ASEAN to emerge as a hub for meeting broader Asian/global data centre needs.ASEAN is emerging as a favourable destination for data centres and subsea cable builds owing to its neutral geopolitical stance and US-China trade tensions

6、.While power/water remains a major concern globally,ASEAN is placed favourably with higher power-reserve margins and water-stress levels in line with the global average.Renewable-energy-addition targets are 10 x of incremental demand for green data centres.On capex/opex economics,ASEAN(ex SG)is 20%b