This is the basic pitch book of one company in the investment bank which I've been currently working on that If you'd like to exchange ideas and communicate more welcome to contact me at my wechat number 13120198511 or through my INS:fecilia.du

1. GDS Holdings Limited Investment Proposal
January 15th,2022
Fecilia Du

2.  GeneralAnalysis
 BusinessAnalysis
 Financial Analysis
 DCF model
 Comparable trading comps
 Precedent transactions.
 The standing point
— Market Size
— Growth
Industry
analysis
Company
analysis
Preliminary
valuation
analysis
— Competition
Where investment starts, and where it heads for

3. Industry analysis
market size growth competition
Mobile Internet Dividend Industry Internet Driven
Domestic IDC Market size and growth rate in different periods
IoT User Number growth rate of IoT User
Number
• In 2020, the total size of China's IDC market exceeded 223 billion yuan, a year-on-year increase of 43.3%, and the
growth rate was the highest in the past five years.
• With the accelerated penetration of 5G technology and the popularization of new application scenarios, China's
IDC industry is expected to maintain rapid development
1Year before 2012 refers as 2G era,year beyween 2012 and 2018 refers as 3G/4G era,year after 2018 refers as 5G era

4. Industry analysis
market size growth competition
Domestic Internet Intervention flow and growth rate
The number and growth rate of domestic IoT users
Industrial Internet accelerates development Mobile Internet continues to grow
Internet Intervention Flow
IoT User Number growth rate of IoT User
Number
growth rate of Internet
Intervention Flow
The demand side of the Chinese market is developing rapidly, forcing the overall market supply side to develop
1Internet developement can be seen as the directed indicator for the IDC market considering the 3V characteristics of the big data era.
2

5. Industry analysis
market size growth competition
389.23
259
2020 2023E
Scale of smart cities in China(100M$): 2020-2023
+13B$
Cloud Reconstruction of Government and Enterprise IT Architecture
• Even encountering fall back in Covid-19,
government and enterprise IT reconstruction will
focus more on Cloud after pademic
• The total size of my country's smart cities is
expected to exceed 38.9 billion US dollars in 2023
• The increment is 13 billion US dollars,the
past three years have developed fast
1The picture here discribe the 3rd reason why the IDC industry will grow since the smart city consists dozenz of basic technology equipment and government suppoor

6. 62%, 62%
15%, 15%
23%, 23%
IDC MARKET TYPE
Basic Communication Operation Third Party IDC Service Else
Industry analysis
market size growth competition
31%
19%
13% 5%
5%
2%
2%
2%
1%
23%
26%
IDC MARKET SHARE PERCENTAGE
China Dianxin China Liantong China Yidong Shiji Hulian
GDS Guanghuanxinwang Dr. Peng Baoxin Software
Statitics Habor Else
IDC Type
Type Ruck Number
Super >10000
Huge 3000-10000
Midum 500-3000
Little 100-500
Tiny <100
IDC
Market
Ditribution
In IDC chain
• the upperstream contains hardware
equipment,software equipment,basic opetaion apart
from engineering
• the middle stream contains the operator data center
and the third party provider
• the downstream contains the internet
users(individuals and enterprises),financial companies
and else
So the diversity in IDC makes sure that only the core
technology can win in the long run

7. Company analysis
Major Holders
Description
• GDS Holdings Limited was founded in
2001 headquartered in Shanghai, the
People's Republic of China.
• Provides colocation, managed hosting,
and managed cloud services, as well as
consulting services to the cloud,
internet and banking industries.
• Has a strategic partnership with GIC
Private Limited to develop and
operate hyperscale build-to-suit data
centers in China.
0.00% % of Shares Held byAll Insider
5.12% % of Shares Held by Institutions
5.12% % of Float Held by Institutions
78 Number of Institutions Holding Shares
Key Executives
Name Title Year Born
Mr.Wei Huang Founder,Chairman&CEO 1967
Mr.DanielA.Newman Chief Financial Officier 1961
Ms.Gee Xhoo Khoo Chief OperatingOfficer 1965
Ms.Laura Chen Head of Investor Relations N/A
Mr.XuWei Sr.VP of Sales 1972
Ms.Yilin Chen
Sr.VP of Product&Service
Bus.
1971
Ms.Liang Chen Sr.VP of DataCenter Design 1975
Ms.Yan Liang Sr.VP of Operation &Delivery 1975
financial analysis
general analysis business analysis financial analysis
general analysis business analysis
• With the experienced team
and the golden location,
GDS’s future faces with
diversity and possibility
instead of monopoly
1Statistics comes from Yahoo Finance

8. Company analysis
financial analysis
general analysis business analysis
• A highly secure, reliable and fault-tolerant data center
environment where IT equipment can be safely stored.
• Core hosting services:provision of plant resources for
critical(cooling)equipment, power, racks etc.
Agency Service
• Business continuity and disaster recovery solutions
• Network management services, data storage services
• System security services, operating system services
• Database services and server middleware services.
Management Service
• Deploy multi-cloud environments with CloudMixTM
platform to manage hybrid clouds.
• Integrate and control computing environment,
including private servers and public cloud providers.
Cloud Service
Focusing on the CloudAgency and Internet Service,the business can be coherented together when reaching upling and downstream
1Resources from official Website of GDS

9. Company analysis
financial analysis
general analysis business analysis
Total Current Value: $43080
85.29%
-18.04%
100%
2018 2020 2021
+2.0x
$43.08
$52.56
$23.25
Total Capital Gain (2018/01/15 – 2021/01/15)
Based on the past and recent prediction for GDS,even though the earnings(net income/fresh cash flow)still don’t recover perfect
The size growth can be promised and expectedly increased revenue will also influence the shareholder’s wellfare positivley
Growth Estimated:
ESP Estimated :
Revenue Estimated:
Earnings Estimated:
+38%
+31%
+16.7%
-1.29%
vs. 2021YE
1Total capital gain is explained as the increase of share price based on the transaction record on Bloomberg

10. 0
20
40
60
80
100
120
140
High
Low
Close
Company analysis
financial analysis
general analysis business analysis
Share Price (2020/01/15 – 2021/01/15)
Market Share Price went down in general in the past year out of Covid 19
but has encounted a recovery in recent months which indicating the confidence in public investors
SHARE QUOTE
NASDAQ:GDSUSD $42.91
Change: +0.315 (+0.74%)
HKEX: 9698
HKD $42.50
Change: -1.7 (-3.85%)
1Time for share quote is 2022/01/15

11. Company analysis
financial analysis
general analysis business analysis
• Recent News:
• GDS Enhances its Strategic Presence in SoutheastAsia with Acquisition of Land for Data Center Development in Batam, Indonesia
• Action to raise money:
• The increased investing capital may cause the expense to increase but also have increase the longterm turnover in the equipment building
5 Operational Cash Flow -12.9K——1107.9K
1 14013.7K——40214.6K
InvestedCapital
1
2 1283.3K——2153.4K
Current Debt
2
15529.3K——36783.3K
3 Gross PPE
4 Selling&Marketing Expense 220.6K——246.2K
1The picture above is showing the capital expenditure from 2018.12.31 to 2021.12.31

12. GDS Holdings Limited Investment Proposal
January 15th,2022
Fecilia Du