Equity Research Analyst - Long-Short

Raj S, CA, CFA

I am Raj - CA and CFA. A Buy-side analyst.

I cover BFSI, Autos, Tech, AI and several other sectors across geographies.
   
I am a CA and CFA, with 10+ years experience in fundamental equity research across buy-side and sell-side and across geographies.

My research process is primarily focused on the catalysts which would have a direct impact on a stocks fundamental performance and market valuation. These days, I look for names which have a clear mis-pricing evident in its valuation vs. fundamental business moats/ growth/ NAV. Fortunately, there are always such stories around. More importantly, the timeline of when the mis-pricing is resolved and what triggers this resolution is what interests me.

GDS Holdings (GDS US): Best Play on China AI Infra With Chips-Geo Clarity and Hyperscaler Capex

VNET: A Leader in IDC Market, Transforming from a Traditional Operator to Wholesale Operator

GDS: The Leading Data Center Provider in China, Riding the AI Mega Trend – BUY

Equity Bottom-Up

<ul>
<li>Policy clarity and domestic GPU shift remove key overhangs; China’s AI build-out proceeding under self-reliance base case.</li>
<li>AI token usage doubling every 3–6 months makes hyperscaler capex upgrades inevitable over the coming quarters - a key catalyst driving order wins.</li>
<li>VNET’s 400 MW annual additions and REIT monetisation support 25–30% EBITDA CAGR per consensus; re-rating to 13-15x EV/ EBITDA from current 11x EV/EBITDA implies potential of 90% upside.</li>
</ul>


Policy clarity and domestic GPU shift remove key overhangs; China’s AI build-out proceeding under self-reliance base case.
AI token usage doubling every 3–6 months makes hyperscaler capex upgrades inevitable over the coming quarters - a key catalyst driving order wins.
VNET’s 400 MW annual additions and REIT monetisation support 25–30% EBITDA CAGR per consensus; re-rating to 13-15x EV/ EBITDA from current 11x EV/EBITDA implies potential of 90% upside.


VNET Group (VNET US) - Re-Rating On: Clarity on Chips, Geopolitics, and Hyperscaler Capex