Daiwa has issued a report expressing a more optimistic view on GDS-SW (09698.HK) +0.300 (+1.071%) Short selling $11.16M; Ratio 9.047% regarding its EBITDA growth in 2Q-4Q25, believing there will be upside potential in its full-year EBITDA guidance that will drive further deleveraging for the company.Meanwhile, Daiwa noticed a strong demand for the DayOne data center in 1Q25, which could pave the way for future financing rounds. The broker also viewed GDS-SW's current risk-reward ratio as attractive, as the implied valuation of the company in China was lower than its own valuation multiples and those of its peers' upcoming real estate investment trust (REIT) IPO valuation multiples.Daiwa estimated the C-REIT IPO and changes in Hong Kong's primary listing status to be GDS-SW's key catalysts. The broker reiterated a Buy rating on the company and reduced its 12-month target price from HKD49 to HKD44.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-22 12:25.)