HK Stock Market Move | SUNEVISION (01686) fell more than 8% during trading, new data center pre-leasing progress is impressive, institutions say valuation already fully reflects good fundamentals.

SUNEVISION (01686) fell more than 8% during trading, with a decrease of 1.03% as of the time of publication, at HK$8.67, with a turnover of HK$2.57 billion. On the news front, SUNEVISION recently announced its interim financial report for the six months ended December last year. The interim revenue was HK$1.47 billion, up 14% year-on-year, mainly driven by the increase in electricity capacity and prices for new data centers/old project customers. Adjusted EBITDA was HK$1.053 billion, up 17.1% year-on-year. BOCOM INTL pointed out that SUNEVISION's performance for the first half of fiscal year 2025 slightly exceeded expectations; the pre-leasing progress of new data centers is good, and growth is driven by AI computing power. The bank noted that as of the closing price on February 25, 2025, the company's stock price has risen approximately 3.5 times since May 2024. The bank believes that the current valuation is similar to that of international leading companies in the same industry and fully reflects positive fundamental drivers. The short-term upside potential is limited, so the bank downgraded the rating to "Neutral".