Rosenblatt 開始報道 Bitdeer，設定 10.5 美元目標價

Rosenblatt analyst Andrew Bond initiated coverage on Bitdeer Technologies Group BTDR with a Buy rating and a price target of $10.5.

Rosenblatt 分析師 Andrew Bond 首次對 Bitdeer Technologies Group BTDR 進行了報道，給予“買入”評級，目標價為 10.5 美元。

The analyst continues to be highly bullish on the Bitcoin ecosystem, of which mining will always be the backbone. 

這位分析師繼續高度看好比特幣生態系統，挖礦將永遠是其支柱。

BTDR began formulating its data center strategy more than ten years ago and has since built more than 30 globally. 

BTDR 在十多年前開始製定資料中心策略，至今已在全球建置了 30 多個資料中心。

It operates six sites in three countries, with nearly 900MW capacity and 21 EH/s. Bond noted that its blended energy costs will be among the lowest in the space this year, with the option to move even lower. 

它在三個國家運營六個站點，容量接近 900MW，速率為 21 EH/s。邦德指出，今年其混合能源成本將是該領域最低的之一，可以選擇進一步降低。

Meanwhile, BTDR's ambitious growth strategy is supported by its container-style model and the ability to grow production on its sites, which limits its Capex per MW to about a quarter of the cost of peers. 

同時，BTDR 雄心勃勃的成長策略得到了其貨櫃式模型和增加其站點產量的能力的支持，這將其每兆瓦資本支出限制在同行成本的四分之一左右。

Further, Street underappreciates BTDR's differentiated hosting model and proprietary cloud technology. 

此外，Street 低估了 BTDR 的差異化託管模式和專有雲端技術。

They provide a SaaS-like business model, which should drive a higher multiple as it expands, perhaps in the US.

他們提供了類似 SaaS 的商業模式，隨著業務的擴張，該模式應該會帶來更高的本益比，也許是在美國。

However, mining is a problematic commodity-based business characterized by intense competition, a perpetual need for capital, limited barriers to entry, regulatory scrutiny, energy dependence, and a legacy supplier oligopoly, the analyst said. 

然而，分析師表示，採礦業是一個有問題的以商品為基礎的行業，其特點是競爭激烈、對資本的永久需求、進入障礙有限、監管審查、能源依賴以及傳統的供應商寡頭壟斷。

Accordingly, Bond preferred miners with cheap power, revenue and geography diversification, operational efficiency, access to capital, and reputable management teams. 

因此，邦德更喜歡電力廉價、收入和地理多元化、營運效率高、獲得資本以及管理團隊信譽良好的礦商。

BTDR meets these criteria and trades at a discount on several metrics compared to peers who spend more on marketing than R&D. 

BTDR 符合這些標準，與行銷支出高於研發支出的同業相比，在多個指標上的交易價格較低。

This focus on R&D has led to a differentiated cloud EH/s vertical, a true AI partnership with Nvidia Corp NVDA, and the development of its own ASICs rig. 

這種對研發的關注導致了差異化的雲端 EH/s 垂直領域、與 Nvidia Corp NVDA 的真正人工智慧合作夥伴關係，以及自己的 ASIC 設備的開發。

Bond expects fewer public miners as the halving approaches amid record EH/s, network difficulty, and easier access to BTC via spot ETFs.

Bond 預計，隨著 EH/s 創紀錄、網路困難以及透過現貨 ETF 更容易取得 BTC，減半臨近，公共礦工將會減少。

At the same time, investor focus will shift to quality players like BTDR.

同時，投資者的注意力將轉向 BTDR 等優質企業。

Bond projected first-quarter revenue of $118.3 million and EPS of $0.09.

Bond預計第一季營收為1.183億美元，每股收益為0.09美元。

Bitdeer stock lost 42% in value in the last 12 months. Investors can gain exposure to the stock via First Trust SkyBridge Crypto Industry And Digital Economy ETF CRPT.

過去 12 個月，Bitdeer 股票價值下跌 42%。投資者可以透過 First Trust SkyBridge Crypto Industry And Digital Economy ETF CRPT 獲得該股票的投資。

Price Action: BTDR shares traded lower by 4.51% at $6.78 on the last check Tuesday.

價格走勢：週二最後一次檢查時，BTDR 股價下跌 4.51%，至 6.78 美元。

Also Read: MicroStrategy Positions To Capitalize On Upcoming Bitcoin Halving: Analyst

另請閱讀：MicroStrategy 的立場是利用即將到來的比特幣減半：分析師

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