Sunevision Holdings Ltd. · HKEX:1686
Sunevision — 1H FY2024/25 Earnings Presentation
23 slides from Sunevision's earnings presentation, February 2025
Slide 1: 1H24/25 Results Presentation
1H24/25 RESULTS PRESENTATION (HKSE: 1686) February 2025
Slide 2: Disclaimer
DISCLAIMER The information contained in these materials is intended for reference and general information purposes only. Neither the information nor any opinion contained in these materials constitutes an offer or advice, or a solicitation, recommendation or suggestion by SUNEVISION Holdings Limited
Slide 3: Agenda
AGENDA •Financial Review •Business Review •Outlook 3
Slide 4: Financial Overview
FINANCIAL OVERVIEW Noel Lok Chief Financial Officer
Slide 5: Strong Revenue Growth with Healthy Operating Cash Inflow
STRONG REVENUE GROWTH WITH HEALTHY OPERATING CASH INFLOW • Revenue increased 14% YoY to HK$1,470mn – Revenue from data centre and IT facilities increased 15% YoY to HK$1,361mn – Growth driven by contribution from new sites1 (in particular MEGA IDC Phase One) and steady growth from existing sites2 •
Slide 6: Strong Revenue Growth Driven by Capacity Expansion
STRONG REVENUE GROWTH DRIVEN BY CAPACITY EXPANSION Strong revenue growth of 14% YoY to HK$1,470mn reflecting the launch of MEGA IDC Phase One as well as continuing growth from existing sites1 Revenue Designed IT Capacity up to 280MW 2 ~70MW ~78MW ~80MW ~87MW ~91MW ~101MW ~103MW IT Capacity 3 ~87% ~8
Slide 7: Growing Revenues from Both Existing and New Sites
GROWING REVENUES FROM BOTH EXISTING AND NEW SITES New sites ramp up contributing to revenue growth with solid organic growth from news sites2 and existing sites3 driven by power and pricing increments Revenue Mix1 (HK$mn) Recurring revenue from existing sites Recurring revenue from new sites One-off
Slide 8: Strong EBITDA Growth with NPAT Offset by Higher Interest
STRONG EBITDA GROWTH WITH NPAT OFFSET BY HIGHER INTEREST EBITDA increased 17% YoY to HK$1,053mn and NPAT increased 11% to HK$484mn. EBITDA margins increased to 72% due to improving mix of rental and NPAT margin decreased slightly due to lower interest capitalisation upon launch of MEGA IDC Phase One
Slide 9: Capex to Support Further Capacity Expansion
CAPEX TO SUPPORT FURTHER CAPACITY EXPANSION Strong cashflow generation from existing data centres with 37% YoY growth with future investments more targeted on just-in-time deployment of customer-related fit-outs and the development of Phase Two of MEGA IDC Operating Cash Flows1 Net Cash used in Inve
Slide 10: Strong Shareholder Support with Secured Funding
STRONG SHAREHOLDER SUPPORT WITH SECURED FUNDING Major shareholder extended shareholder loan and fully supportive to fund expansion pipeline; no refinancing needed until 2026. Adjusted gearing ratios1 remain healthy at 52% with shareholder's loans or 37% excluding Total Debt Shareholder Support HK$3.
Slide 11: Business Overview
BUSINESS OVERVIEW Helen Lo Director, Commercial
Slide 12: The Beginning of a New Digital Era
THE BEGINNING OF A NEW DIGITAL ERA • Recent development of Generative AI has clearly induced massive transformation. • SUNeVision is in a very good position to capture this potential. – Demand for large-scale training models might be impacted, but that’s not what we do in Hong Kong. – There will be
Slide 13: Solid Growth in 1H25
SOLID GROWTH IN 1H25 Substantial data centre space taken up by both hyperscale and financial institutions, together with connectivity demands expected to grow in upcoming months 1H25 Business Mix YoY Growth Description • MEGA-i remains to be the primary growth engine in the sector, with three major
Slide 14: Customers Are Very Positive About AI's Potential to Boost Demand in Hong Kong
CUSTOMERS ARE VERY POSITIVE ABOUT AI'S POTENTIAL TO BOOST DEMAND IN HONG KONG What we heard from customers… Early indicators in recent months… • Large AI training models are rare in Hong Kong • A hyperscale customer revised design specifications anyways by increasing its power density by 36% on the
Slide 15: Abundant Power Provision
ABUNDANT POWER PROVISION SUNeVision is well-positioned to capture the burgeoning AI demand with the abundant power committed by CLP Top 6 Upcoming Data Centres in Hong Kong (by MW)1 Initial phase Future phases 180 MEGA IDC: the single largest DC in HK 130 84 70 50 50 70 40 64 17.5 25 50 30 32.5 25 1
Slide 16: MEGA IDC Well-Positioned to Capture AI Growth
MEGA IDC WELL-POSITIONED TO CAPTURE AI GROWTH MEGA IDC Phase 1 (~500,000 sqft) MEGA IDC Phase 2 (~350,000 sqft) MEGA IDC MEGA IDC Phase 1 Phase 2 (Construction in progress) • Construction for MEGA IDC Phase 2 commenced in • Launched in 1Q 2024 Dec 2024, to be ready for sale in 2026/2027 • ~30% of GF
Slide 17: Well-Balanced Portfolio
WELL-BALANCED PORTFOLIO Well-balanced portfolio with a healthy diversity of customers to capture growth from the East and the West Customer Mix1 • International Cloud & Tech: • Continue to expand in existing availability zones in HK; expect to increase power density as AI inference take up • Put the
Slide 18: Serving High End Demand with Superior Infrastructure
SERVING HIGH END DEMAND WITH SUPERIOR INFRASTRUCTURE Global leading revenue and EBITDA economics on the back of unrivalled infrastructure and service Revenue economics comparison among global peers EBITDA economics comparison among global peers (HK$/kW/month) (HK$/kW/month) ~2,500 Equivalent to over
Slide 19: ESG Remains a Key Focus for SUNeVision
ESG REMAINS A KEY FOCUS FOR SUNEVISION COLLABORATION WITH SHKP AND CLP POWER Environmental Social Governance Bringing positive Embed diversity, Committed to be carbon impact to the society equality and inclusion neutral in 2050 and community in the business • Sun Hung Kai Properties (SHKP) and its •
Slide 20: Outlook
OUTLOOK Allen Fung Vice Chairman & Executive Director
Slide 21: Outlook
OUTLOOK • Strong demand with robust pipeline especially in new sites such as MEGA IDC • Serving high end demand with superior infrastructure and operational excellence • Well-balanced portfolio with a healthy diversity of customers to capture growth from the East and the West • Emergence of DeepSeek
Slide 22: Q&A
Q&A
Slide 23: Thank You
THANK YOU mle,
SUNeVision Holdings — 1H FY2024/25 Earnings Presentation on 6ix