【英文】瑞信报告：美国科技行业2021年展望报告（132页）

英文研究报告 2021年01月22日 07:37 管理员

Data Center share prices have outperformed the Dow Jones Equity REIT index and performed roughly in-line with the S&P 500 since January 2018. Following the COVIDdriven market pressures in 1Q 2020, public cloud providers’ performance has vastly outpaced the data centers. We believe that gap is likely to narrow given powerful secular data center tailwinds, such as Edge, 5G, hybrid cloud, and the exponential growth of data creation/consumption.

While Data Center share prices have outperformed broader REIT indices over the past few years, they have lagged other parts of the market in recent months. Since the end of October (about when the market was beginning to understand vaccines would shortly be on the horizon), our Data Center Index has been roughly flat, while the S&P, DJ Equity REIT Index, and MSCI US REIT Index have gained 13%, 21%, and 12%, respectively. Despite recent moves, we view Data Centers are positioned for solid growth in 2021.10yr rates have moved above 0.9%, and while the recent trend is a negative for the REITs industry, nominal (and real) yields remain historically low. Expectations for the level of interest rates are also low, which is beneficial for data centers and towers moving forward. In our view, as long as rates hold below 2018 levels, we believe the outperformance of Data Center and Tower REITs can be sustained, assuming secular tailwinds are intact.