Gds Holdings Ltd. · HKEX:9698
Gds — Q4 2023 Earnings Presentation
61 slides from Gds's earnings presentation, Mar 26, 2024
Slide 1: 4Q23&FY23 Earnings Call
4Q23&FY23 Earnings Call 26 March 2024 NASDAQ: GDS HKEX: 9698 © GDS 2016 0
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such a
Slide 3: Business Strategy & Performance Highlights
Business Strategy & Performance Highlights William Huang, Chairman & CEO © GDS 2016
Slide 4: FY23 Highlights
FY23 HIGHLIGHTS (1) Customer Commitments • New customer commitments (net) of +40,259 sqm • Total area committed increased by 6.4% y/y to 670,975 sqm Customer Move-In • Additional area utilized (net) of +48,201 sqm • Total area utilized of 418,748 sqm, +13.0% y/y, and utilization rate of 73.1% Financ
Slide 5: 4Q23 Highlights
4Q23 HIGHLIGHTS (1) Customer Commitments • New customer commitments (net) of +17,242 sqm • Total area committed increased by 6.4% y/y to 670,975 sqm Customer Move-In • Additional area utilized (net) of +20,074 sqm • Total area utilized of 418,748 sqm, +13.0% y/y, and utilization rate of 73.1% Financ
Slide 6: Snapshot Of Current Portfolio
Snapshot Of Current Portfolio Total IT Power Capacity, Customers Commitments / Reservations, & Utilization (MW) China (1) International (2) Total In Service 1,201 88 1,289 Under Construction 332 242 (3) 574 Total Capacity 1,533 330 1,863 Total Commitments & Reservations 1,355 202 1,558 Total Utilize
Slide 7: Strategic Priorities – China
Strategic Priorities – China Financial Objectives & How We Get There Selectively target new business Increase asset utilization by delivering backlog STEADY EBITDA GROWTH Incur capex as needed for customer move-in DE-LEVER TO BELOW 5 TIMES Monetize assets when market allows © GDS 2016 6
Slide 8: Strategic Priorities – International
Strategic Priorities – International Strategic Priorities Snapshot Of Current Portfolio (MW) n Create 2nd growth engine Singapore Market Hong Kong Johor Total Batam n Emulate success in China Capacity In Service & 34 296 330 (1) n Initial focus on regional hub markets Under Construction n Anticipate
Slide 9: Gross Additional Area Committed (Organic Only)
Gross Additional Area Committed (Organic Only) By Quarter (Sqm) By Year (Sqm) China International (1) China International (1) 21,499 99,197 95,362 19,154 4,085 80,506 16,098 68,098 68,419 14,066 7,440 28,331 11,669 5,792 19,617 21,499 99,197 91,277 6,385 68,098 14,066 11,714 52,175 10,306 48,802 5,2
Slide 10: Net Additional Area Committed
Net Additional Area Committed By Quarter (Sqm) By Year (Sqm) (1) (1) China - Organic China - B-O-T China - Acquisition International China - Organic China - B-O-T China - Acquisition International 161,558 17,242 27,911 16,072 118,722 4,085 12,347 7,440 38,006 92,800 22,864 9,045 3,440 73,894 16,665
Slide 11: Largest Hyperscale Orders In 4Q23
Largest Hyperscale Orders In 4Q23 SH18 – 5,981 sqm / 10.9 MW TJ1 – 3,268 sqm / 5.9 MW HK2 – 7,440 sqm / 16.0 MW (1) Notes: 1. Include 6MW reserved. © GDS 2016 10
Slide 12: Gross Additional Area Utilized
Gross Additional Area Utilized By Quarter (Sqm) By Year (Sqm) China International China International 86,929 20,781 20,676 80,630 923 3,632 68,884 7,997 14,854 12,412 55,937 12,573 783 12,192 48,623 111 86,006 80,630 17,149 14,071 55,826 56,472 12,192 12,573 12,679 48,623 4Q22 1Q23 2Q23 3Q23 4Q23 FY
Slide 13: Net Additional Area Utilized
Net Additional Area Utilized By Quarter (Sqm) By Year (Sqm) China International China International 84,744 78,709 20,074 923 15,878 7,997 51,073 3,632 47,696 48,200 111 10,685 83,821 12,412 78,709 6,085 6,163 50,962 12,246 47,696 783 12,077 10,685 35,788 6,085 5,380 4Q22 1Q23 2Q23 3Q23 4Q23 FY19 FY2
Slide 14: Capacity Expansion
Capacity Expansion Net Additional Area In Service By Year (Sqm) Data Centers Which Entered Service In 2023 China International Data Center Utilization Rate At 4Q23 154,030 BJ14 Phase 2 53.0% LF13 Phase 1 65.9% 104,002 LF15 61.3% 69,495 154,030 SZ10 20.0% 56,767 HK1 Phase 1 79.3% 104,002 23,058 69,49
Slide 15: Area Under Construction & Pre-Commitment Rate
Area Under Construction & Pre-Commitment Rate By Quarter (Sqm) By Year (Sqm) 74.4% 74.8% 76.1% 76.4% 77.4% 76.4% 71.5% 71.5% 66.5% 61.3% 192,713 196,858 196,702 192,713 189,585 182,746 182,746 40,434 46,819 49,962 158,035 161,515 40,434 39,469 31,144 31,144 14,501 7,061 97,610 7,061 152,279 150,039
Slide 16: Capacity Delivery Schedule
Capacity Delivery Schedule Capacity To Be Delivered Data Centers Entering Service In 2024 Data Center Commitment Rate China International SH17 Phase 3 83.8% SH18 Phase 2 100% 81,403 CS2 Phase 3 100% BJ13 Phase 2 100% 23,705 LF5 Phase 2 100% LF13 Phase 2 100% 50,668 50,678 LF16 Phase 1 100% 7,440 LF1
Slide 17: Financial & Operating Review
Financial & Operating Review Dan Newman, CFO © GDS 2016
Slide 18: GDSI US$587 Mn Equity Capital Raise
GDSI US$587 Mn Equity Capital Raise Financial Implications Deal Summary n US$750 mn pre-money equity valuation Form of Share Capital Series A convertible preferred shares n Implies US$3.92 per GDSH ADS Ownership Post Closing GDSH Ordinary Shares 56.1% Series A Investors 43.9% n US$2.3 bn post money
Slide 19: 4Q23&FY23 P&L Analysis
4Q23&FY23 P&L Analysis Quarterly Financial Review Rmb‘000 (Unless Indicated) 4Q22 3Q23 4Q23 Y/Y Q/Q FY22 FY23 Y/Y Service Revenue 2,404,034 2,518,978 2,556,490 6.3% 1.5% 9,317,891 9,955,937 6.8% Equipment Sales 0 55 0 N/A (100.0%) 7,740 564 (92.7%) Total Net Revenue 2,404,034 2,519,033 2,556,490 6.3
Slide 20: Revenue & Area Utilized By Year
Revenue & Area Utilized By Year Total Revenue (Rmb Mn) Gross / Net Additional Area Utilized (Sqm) & MSR China - Net Add International - Net Add Churn 9,956.5 86,929 80,630 9,325.6 1,921 2,186 68,884 923 48,623 55,937 20,684 7,818.7 927 4,864 111 78,709 83,820 12,412 47,696 50,962 48,200 35,788 5,739
Slide 21: Revenue & Area Utilized By Quarter
Revenue & Area Utilized By Quarter Total Revenue (Rmb Mn) Gross / Net Additional Area Utilized (Sqm) & MSR China - Net Add International - Net Add Churn 2,519.0 2,556.5 2,404.0 2,409.0 2,472.0 20,781 20,676 602 14,854 4,903 7,997 12,192 12,573 3,632 1,507 8,691 6,488 783 12,246 12,077 10,685 6,085 5
Slide 22: Total Area Utilized & Utilization Rate
Total Area Utilized & Utilization Rate By Quarter (Sqm) By Year (Sqm) 72.6% 73.1% 73.1% 71.8% 72.1% 71.9% 70.3% 71.8% 67.9% 65.5% 418,748 418,748 398,674 13,446 376,632 382,796 13,446 370,547 370,547 5,449 1,817 1,034 1,034 1,034 319,475 923 234,731 375,598 380,979 393,225 405,302 156,022 369,513 40
Slide 23: Adjusted GP & EBITDA By Year
Adjusted GP & EBITDA By Year Adjusted GP (Rmb Mn) & Margin Adjusted EBITDA (Rmb Mn) & Margin (1) 52.5% 53.5% 53.3% 51.2% 51.2% 44.2% 46.7% 47.4% (2) 45.6% 46.4% 5,097.4 4,624.1 4,773.0 4,251.4 4,166.4 3,703.4 3,071.7 2,680.6 2,163.4 1,824.0 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 Note 1. E
Slide 24: Adjusted GP & EBITDA By Quarter
Adjusted GP & EBITDA By Quarter Adjusted GP (Rmb Mn) & Margin Adjusted EBITDA (Rmb Mn) & Margin (1) (2) 50.9% 52.3% 53.4% 49.5% 49.7% 44.6% 46.9% 50.0% 44.7% 44.3% 1,259.4 1,319.8 1,270.9 1,224.7 1,247.3 1,235.1 1,071.5 1,130.0 1,132.6 1,126.3 4Q22 1Q23 2Q23 3Q23 4Q23 4Q22 1Q23 2Q23 3Q23 4Q23 Note 1
Slide 25: Capex Paid
Capex Paid (1) China (2) (Rmb Mn) International (Rmb Mn) 12,695.2 4,000.0 9,234.2 9,294.1 2,827.9 1,980.8 4,345.1 3,497.7 2,500.0 996.3 786.1 143.8 FY19 FY20 FY21 FY22 FY23 FY24 FY19 FY20 FY21 FY22 FY23 FY24 Guidance Guidance Notes: 1. Refers to net cash used in investing activities, including premi
Slide 26: Cash Flow Before Financing
Cash Flow Before Financing GDS Holdings Excluding International International Standalone Rmb Mn FY23 Rmb Mn FY23 Operating Cash Flow 2,383.7 Operating Cash Flow (318.4) Investment Cash Flow (3,497.8) Investment Cash Flow (2,827.9) Cash Flow Before Financing (1,114.1) Cash Flow Before Financing (3,14
Slide 27: Financing Obligations & Liquidity
Financing Obligations & Liquidity GDS Holdings Consolidated (Rmb Mn Unless Indicated) 4Q22 1Q23 2Q23 3Q23 4Q23 Total Loan 27,142.0 27,957.3 28,581.9 29,134.9 29,540.2 Convertible Bond 6,378.8 10,230.5 8,597.1 8,546.3 8,434.8 Finance Lease 9,370.1 8,632.8 8,834.1 8,530.3 8,442.0 Gross Debt 42,890.9 4
Slide 28: Pro Forma Net Debt & Leverage
Pro Forma Net Debt & Leverage Pro Forma GDSH Excluding International Pro Forma International Standalone (Rmb Mn Unless Indicated) 4Q23 (US$ Mn Unless Indicated) 4Q23 GDSH Total Net Debt 38,706.3 GDSI Gross External Debt 546.4 External Net Debt - International 3,461.1 Shareholder Loan Due To GDSH 183
Slide 29: Loan Maturity Schedule
Loan Maturity Schedule At 4Q23 (Rmb Mn) (1) Project Loan - China Working Capital Convertible Bond Project Loan - International (2) 6,614 6,278 6,089 5,310 2,041 4,465 3,929 4,391 4,108 45 1,624 2,874 2,685 6,089 260 1- 330 2,284 3,884 3,269 2,684 2,841 2,223 2,170 2024 2025 2026 2027 2028 2029 2030
Slide 30: Business Outlook
Business Outlook FY24 Guidance Rmb Mn FY23 Actual FY24 Guidance Implied Y/Y Total Revenue 9,956.5 11,340 – 11,760 +13.9% – +18.1% Adjusted EBITDA 4,624.1 4,950 – 5,150 +7.0% – +11.4% Capex (1) 6,325.6 6,500 +2.8% Notes: 1. Refers to net cash used in investing activities, including premium paid for a
Slide 31: Questions & Answers
Questions & Answers www.gds-services.com ir@gds-services.com © GDS 2016
Slide 32: Appendix
Appendix © GDS 2016
Slide 33: Our Data Center Portfolio – Beijing & Shanghai Markets
Our Data Center Portfolio – Beijing & Shanghai Markets Self-Developed Data Centers In Service & Under Construction In Tier 1 Markets (4Q23) Beijing – Tianjin – Hebei: 44 DCs (1) Yangtze River Delta: 30 DCs (1) BJ5/10/11/12/15/16/20/21/22/23 CS1/2/3 SH1/2/3/4/6/7/8/9/ BJ4/6 10/11/12/14/15/19 BJ13/14
Slide 34: Our Data Center Portfolio – Greater Bay Area & Chengdu / Chongqing
Our Data Center Portfolio – Greater Bay Area & Chengdu / Chongqing Self-Developed Data Centers In Service & Under Construction In Tier 1 Markets (4Q23) Greater Bay Area: 17 DCs (1) Chengdu – Chongqing: 3 DCs (1) SZ5 SZ8 GZ1/2/3/6 SZ4 HZ1 GZ4 SZ6/9/10 SZ11 SZ1/2/3 CD1/2 CQ1 Notes: 1. HY1 is not shown
Slide 35: Our Data Center Portfolio – International
Our Data Center Portfolio – International Self-Developed Data Centers In Service & Under Construction in Hong Kong & South East Asia (4Q23) Hong Kong – 2 DCs South East Asia – 5 DCs NTP1/2/3/4 HK1/2 NDP1 © GDS 2016 34
Slide 36: Total Area Committed
Total Area Committed By Quarter (Sqm) By Year (Sqm) China International China International 653,732 670,975 670,975 630,716 633,611 637,661 630,716 52,033 52,033 44,593 32,416 38,801 44,593 32,416 556,822 4,085 438,100 598,300 594,810 593,068 609,139 618,942 276,542 598,300 618,942 552,737 438,100 2
Slide 37: Backlog For Area In Service
Backlog For Area In Service By Quarter (Sqm) By Year (Sqm) China International China International 122,285 138,364 110,448 110,845 112,563 122,285 111 107,808 111 112,563 8,155 10,757 111 1,294 10,757 81,063 138,364 122,174 110,337 106,514 55,582 122,174 102,690 101,806 101,806 81,063 55,582 4Q22 1Q
Slide 38: Backlog For Area Under Construction
Backlog For Area Under Construction By Quarter (Sqm) By Year (Sqm) China International China International 146,531 147,057 144,214 137,884 139,664 137,884 139,664 37,656 30,988 122,306 41,481 27,830 27,830 31,271 31,271 98,983 3,162 64,939 122,306 113,226 111,834 111,834 106,613 108,875 105,576 106,
Slide 39: Area In Service & Commitment Rate
Area In Service & Commitment Rate By Quarter (Sqm) By Year (Sqm) 95.5% 93.9% 92.8% 94.6% 93.8% 95.5% 92.8% 92.4% 91.9% 92.1% 572,555 554,210 572,555 518,517 531,216 515,787 515,787 24,203 487,883 24,203 13,605 3,112 1,145 1,145 1,145 923 333,853 528,104 540,605 548,352 229,851 514,642 548,352 514,64
Slide 40: Key Operating KPIs
Key Operating KPIs Past 8 Quarters As At 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 Area In Service (Sqm) 492,344 504,383 510,511 515,787 518,517 531,216 554,210 572,555 Area Under Construction (Sqm) 168,128 163,102 182,355 192,713 196,858 196,702 189,585 182,746 Total Capacity (Sqm) 660,473 667,485 69
Slide 41: Data Center Summary By Market
Data Center Summary By Market At 31/12/23 (Sqm, Unless Indicated) (1) Area Held for Pre- # of Self- Area In Area Under Total Future Area Area Pre- Total Area Commitment Utilization Area Utilized Commitment Market Developed Service Construction Capacity Development ( Committed Committed Committed Rat
Slide 42: Self-Developed Data Centers In Service – Beijing / Tianjin / Hebei
Self-Developed Data Centers In Service – Beijing / Tianjin / Hebei At 31/12/23 (Sqm, Unless Indicated) Data Center Ready For Service Type Tenure Area In Service Area Committed Commitment Rate Area Utilized Utilization Rate BJ1 2H15 Convert Lease 2,435 2,423 99.5% 2,369 97.3% BJ2 2H17 Convert Lease 5
Slide 43: Self-Developed Data Centers In Service – Yangtze River Delta
Self-Developed Data Centers In Service – Yangtze River Delta At 31/12/23 (Sqm, Unless Indicated) Data Center Ready For Service Type Tenure Area In Service Area Committed Commitment Rate Area Utilized Utilization Rate SH1 2H11 Purpose-Built Lease 6,432 6,071 94.4% 5,638 87.7% SH2 2H15 Purpose-Built L
Slide 44: Self-Developed Data Centers In Service – Greater Bay Area
Self-Developed Data Centers In Service – Greater Bay Area At 31/12/23 (Sqm, Unless Indicated) Ready For Data Center Type Tenure Area In Service Area Committed Commitment Rate Area Utilized Utilization Rate Service SZ1 2H14 Convert Lease 4,286 4,271 99.7% 4,072 95.0% SZ2 1H16 Convert Lease 4,308 4,30
Slide 45: Self-Developed Data Centers In Service – China Other
Self-Developed Data Centers In Service – China Other At 31/12/23 (Sqm, Unless Indicated) Ready For Area Commitment Market Data Center Type Tenure Area In Service Area Utilized Utilization Rate Service Committed Rate CD1 1H17 Purpose-Built Own 6,262 5,917 94.5% 3,341 53.4% Chengdu – 8,250 8,250 100%
Slide 46: Self-Developed Data Centers In Service – International
Self-Developed Data Centers In Service – International At 31/12/23 (Sqm, Unless Indicated) Ready For Area Commitment Market Data Center Type Tenure Area In Service Area Utilized Utilization Rate Service Committed Rate Hong Kong HK1 Phase 1 1H23 Purpose-Built Own 2,420 2,420 100% 1,919 79.5% NTP1 2H2
Slide 47: Self-Developed Data Centers Under Construction
Self-Developed Data Centers Under Construction At 31/12/23 (Sqm, Unless Indicated) Area Under Market Data Center Ready For Service Type Tenure Area Pre-Committed Pre-Commitment Rate Construction BJ13 Phase 2 1H24 Purpose-Built Own 8,404 8,404 100% BJ14 Phase 1 2025 Purpose-Built Own 8,140 8,140 100%
Slide 48: B-O-T Projects
B-O-T Projects At 31/12/23 Market Data Center RFS Status GDS Ownership Net Floor Area Utilization Rate ZB1 1H18 In Service 100% 5,132 94.9% ZB2 2H18 In Service 100% 4,662 94.7% ZB3 2H18 In Service 100% 4,662 94.6% Beijing – Tianjin – ZB4 1H20 In Service 100% 4,012 97.6% Hebei LF10 1H21 In Service 10
Slide 49: Self-Developed Data Center Capacity By Tenure
Self-Developed Data Center Capacity By Tenure At 31/12/23 Held For Future Total Developed & Sqm Area In Service Area Under Construction Development Developable Capacity Lease 305,871 39,253 20,662 365,786 Own 190,280 140,053 437,668 768,001 B-O-T 68,910 3,440 - 72,350 3 rd Party 7,493 - - 7,493 Tota
Slide 50: Customer Franchise Development
Customer Franchise Development Total Area Committed By Segment (Sqm) (3Q23) Hyperscale Customer Additions (1) 2011 – 2016 FSI & Large Enterprises 75,841 (2) 11.3% 2017 2018 Large Internet 864 2019 (3) 217,760 Customers 32.5% 377,374 58.0% 2020 2021 Cloud Service Providers 2022 Notes: . 1. Excludes c
Slide 51: Top 5 Customers
Top 5 Customers By Total Area Committed (1)(2) By Revenue (1) % Of Total Area Committed End User End User % Of 4Q23 Total Net Revenue As At 4Q23 Customer 1 34.0% Customer 1 26.7% Customer 2 13.7% Customer 2 14.6% Customer 3 9.9% Customer 3 5.4% Customer 4 7.4% Customer 4 4.9% Customer 5 3.6% Custome
Slide 52: Forthcoming Contract Renewals
Forthcoming Contract Renewals Contract Renewal Schedule Period Sqm % of Total Area Committed FY24 92,923 13.8% FY25 68,482 10.2% FY26 64,733 9.6% FY27 97,062 14.5% FY28 69,024 10.3% Thereafter 278,751 41.5% Total Area Committed At 31/12/23 670,975 100% © GDS 2016 51
Slide 53: Principal Shareholders
Principal Shareholders At 31/12/23 Pro Forma Ordinary Shares (1) Equivalent ADS Equivalent ADS % of Total ADS Change (3) William Huang (2) 53,725,848 6,715,731 6,715,731 3.6% Directors & Officers (4) 6,057,356 757,169 757,169 0.4% STT GDC 477,288,484 59,661,060 59,661,060 31.6% Ping An 0 0 4,213,483
Slide 54: Working Capital Management
Working Capital Management Accounts Receivable Turnover Days (# Of Days) (1) Days Payable Outstanding (DPO) (2) 109 # of Days 4Q22 1Q23 2Q23 3Q23 4Q23 102 104 95 96 DPO – Opex 84 97 106 96 93 DPO – Capex 164 145 134 153 156 Total DPO 132 124 123 127 128 Total DPO (Excl. Acquisitions) 116 119 118 120
Slide 55: Historical Financial Results – Statements Of Operations
Historical Financial Results Condensed Consolidated Statements Of Operations Amounts in thousands Three Months Ended Year Ended Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 (1) (1) RMB RMB RMB RMB RMB USD RMB RMB USD Net Revenue Service revenue 2,404,034
Slide 56: Historical Financial Results – Balance Sheets
Historical Financial Results Condensed Consolidated Balance Sheets A m o u n t in th o u san d s. A s o f Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 RMB RMB RMB RMB RMB U S D (1) Cash 8,608,131 10,241,314 8,184,789 7,524,894 7 , 7 1 0 , 7 11 1,086,031 A cco u n ts re ce iva b l
Slide 57: Historical Financial Results – Statements Of Cash Flows
Historical Financial Results Condensed Consolidated Statements Of Cash Flows Amounts in thousands Three Months Ended Year Ended Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 RMB RMB RMB RMB RMB USD (1) RMB RMB USD (1) Net cash provided by (used in) operat
Slide 58: Reconciliation From Gross Profit To Adjusted Gross Profit
Reconciliation From Gross Profit To Adjusted Gross Profit Adjusted Gross Profit Amounts in thousands Three Months Ended Year Ended Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 (1) (1) RMB RMB RMB RMB RMB USD RMB RMB USD Gross profit 488,034 491,687 550,9
Slide 59: Reconciliation From Net Loss To Adjusted EBITDA
Reconciliation From Net Loss To Adjusted EBITDA Adjusted EBITDA Amounts in thousands Three Months Ended Year Ended Dec 31, 2022 Mar 31, 2023 Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 (1) (1) RMB RMB RMB RMB RMB USD RMB RMB USD Net loss (177,895) (474,612) (225,306) (420,831) (
Slide 60: Definition Of KPIs
Definition Of KPIs Area In Service Entire net floor area of data centers (or phases of data centers) which are ready for service Entire net floor area of data centers (or phases of data centers) which are actively under construction and have not yet reached Area Under Construction the stage of being
Slide 61: Analyst Coverage
Analyst Coverage Broker Analyst Contact BofA Daley Li daley.li2@bofa.com CICC Hongjie Li hongjie.li@cicc.com.cn Citi Andre Lin andre.lin@citi.com Citic Securities Junyun Chen chenjunyun@citics.com Cowen Michael Elias michael.elias@cowen.com Daiwa John Choi john.choi@hk.daiwacm.com DBS Tsz Wang Tam t