Investing.com -- BMO Capital Markets 已识别出定位最佳的数据中心股票，因为关键州的近期选举结果增加了开发延迟和潜在暂停令的风险。据分析师 Ari Klein 和 John P. Kim 称，围绕未来开发的不确定性已增加，尽管低于 1% 的空置率和强劲的 AI 需求应会支撑现有运营商的定价。
Investing.com -- BMO Capital Markets has identified the best-positioned data center stocks as recent election results in key states raise the risk of development delays and potential moratoriums. According to analysts Ari Klein and John P. Kim, uncertainty around future development has increased, though sub-1% vacancy rates and strong AI demand should support pricing for existing operators.
该公司指出，虽然新立法可能使开发时间表复杂化，但供应限制预计将使拥有大量已安装基地的公司受益。BMO Capital 重点介绍了通信基础设施板块中三只定位良好、能够应对不断变化的监管环境的股票。
The firm notes that while new legislation may complicate development timelines, supply constraints are expected to benefit companies with large installed bases. BMO Capital highlights three stocks within the communications infrastructure sector that are well-positioned to navigate the changing regulatory landscape.
- Digital Realty Trust (DLR) —— 交易价 180.25 美元，评级为“跑赢大盘”，DLR 面临较高的开发风险，但通过近期收购实现了土地储备多元化，且很可能成为定价方面最大的赢家。该公司有近 1.5GW 在建，外加约 8.4GW 的土地和空壳产能。
- Digital Realty Trust (DLR) - Trading at $180.25 with an Outperform rating, DLR faces higher development risk but has diversified its land bank through recent acquisitions and would likely be the biggest winner on pricing. The company has nearly 1.5GW under construction, plus approximately 8.4GW of land and shell capacity.
堪萨斯城和印第安纳波利斯的收购占其国内土地储备的 45%。BMO 估计，得克萨斯州和佐治亚州约占 DLR 北美土地储备的 25%，北弗吉尼亚州占 12%。该公司在超过 1MW 的续约交易中实现了过去十二个月 29.1% 的重新签约价差增长。
Kansas City and Indianapolis acquisitions account for 45% of its domestic land bank. BMO estimates that Texas and Georgia represent roughly 25% of DLR's North America land bank, with Northern Virginia at 12%. The company has realized trailing-twelve-month releasing spread growth of 29.1% on renewals for deals over 1MW.
- Equinix (EQIX) —— 定价 1,014.40 美元，评级为“跑赢大盘”，EQIX 拥有高度分布式的平台，通常以 40-60MW 的规模建设。虽然并非没有风险，但没有单个项目会对公司产生过大影响。EQIX 在 20 个国家拥有 48 个项目，限制了单一项目风险。该公司在新交易上看到了强劲的定价趋势，增长 12%，并正在其已安装基地中寻求逐月续约的机会。
- Equinix (EQIX) - Priced at $1,014.40 with an Outperform rating, EQIX has a highly distributed platform and typically builds at 40-60MW. While not without risk, no single project would have an outsized impact on the company. EQIX's 48 projects across 20 countries limit single-project risk. The company has seen strong pricing trends with 12% growth on new deals and is pursuing month-to-month opportunities across its installed base.
- Csquare (CSQR) —— 交易价 14.30 美元，评级“跑赢大盘”。BMO 认为，鉴于 CSQR 专注于棕地项目，基本不受潜在开发延期的影响。该行指出，公司计划在现有场地增加少量产能，而非进行绿地扩建，因此开发影响极小。
- Csquare (CSQR) - Trading at $14.30 with an Outperform rating, BMO views CSQR as largely immune from potential development delays given its brownfield focus. The firm sees minimal development impact as the company looks to add small increments of capacity at existing sites without greenfield expansion.
BMO Capital 指出，25 兆瓦至 100 兆瓦交易的定价在 2022 年至 2026 年期间以 15% 的复合年增长率上涨，若项目延期，预计还将进一步增长。
BMO Capital notes that pricing on 25-100MW deals increased at a 15% compound annual growth rate from 2022-2026, with incremental growth expected if projects are delayed.