VNET Group (VNET)

• Market cap: $950M
• 1 day: -1.66%
• 5 days: -9.18%
• 1 month: -5.32%
• 3 months: 4.09%
• 6 months: 74.51%
• Year to date: 31.85%
• 1 year: 18.27%
• 5 years: -48.78%
• 10 years: -77.37%

About: VNET started as AsiaCloud in 1999 and moved to the data center business with its first self-developed data center opening in 2010. The firm listed (as 21Vianet) on the Nasdaq in April 2011, subsequently changing its name to VNET Group in 2021. It originally focused on providing data center services such as colocation and cloud services to retail clients in China, but added hyperscale customers in 2019 and now counts large Chinese hyperscalers such as Alibaba Cloud, Tencent Cloud, and Huawei Cloud as customers. At the end of June 2024, it had 48,516 self-built retail cabinets with the majority in Beijing, Shanghai, and the Greater Bay area. It also had 358 MW of wholesale capacity in service with a further 297 MW under construction and a further 489 MW held for future development.

Employees: 3,038

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

300% more funds holding in top 10

Funds holding in top 10: 1 [Q2] → 4 (+3) [Q3]

105% more capital invested

Capital invested by funds: $157M [Q2] → $320M (+$164M) [Q3]

93% more repeat investments, than reductions

Existing positions increased: 29 | Existing positions reduced: 15

14% more first-time investments, than exits

New positions opened: 16 | Existing positions closed: 14

3% more funds holding

Funds holding: 74 [Q2] → 76 (+2) [Q3]

0.25% more ownership

Funds ownership: 4.83% [Q2] → 5.08% (+0.25%) [Q3]

48% less call options, than puts

Call options by funds: $1.78M | Put options by funds: $3.42M

Research analyst outlook

2 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $5.20 46% upside
• Avg. target: $6.10 71% upside
• High target: $7 97% upside

2 analyst ratings

• positive: 2 100%
• neutral: 0 0%
• negative: 0 0%

UBS James Wang 0% 1-year accuracy 0 / 1 met price target	97% upside $7	Buy Maintained	29 Nov 2024
HSBC Helen Fang 0% 1-year accuracy 0 / 2 met price target	46% upside $5.20	Buy Upgraded	9 Oct 2024