UBS lowers KE target price to 47.5 yuan as market share continues to decline

AASTOCKS
2025.12.19 02:14

UBS published a research report indicating a reassessment of KE (02423.HK) market share and recent market trends. As of October and November this year, the company's market share in the four major first-tier cities and Hangzhou is still declining, but the rate of decline has slowed compared to the third quarter. The physical market trend remains weak, with housing prices in the four major first-tier cities dropping by 1.7% month-on-month in November. The Central Economic Work Conference held on December 11 showed a moderate policy response.

As a result, the bank has adjusted its revenue forecasts downward, further lowering the company's earnings forecast for 2026 to 2027 by 4% to 5%, while also reducing KE (BEKE.US) target price in the US stock market from $19 to $18, and the target price in the Hong Kong stock market to HKD 47.5, maintaining a "neutral" rating

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