---
title: "Daiwa Lifts BEKE-W  TP Slightly to HKD52 on Continued Structural Profitability Improvement Trend"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296737649.md"
description: "Daiwa raised BEKE-W's12-month target price to HKD52 and reiterated an 'Outperform' rating, citing continued structural profitability improvements. The broker noted that Q2 results beat expectations, with gross margins expanding YoY due to effective cost optimization. Consequently, Daiwa increased 2026-2028 EPS forecasts by 16% to 22%, projecting sustainable double-digit EPS growth despite a weak mainland property market."
datetime: "2026-08-24T04:56:43.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296737649.md)
  - [en](https://longbridge.com/en/news/296737649.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296737649.md)
generator: "portal-rs"
---

# Daiwa Lifts BEKE-W  TP Slightly to HKD52 on Continued Structural Profitability Improvement Trend

Daiwa issued a report stating that BEKE-W (02423.HK) +1.760 (+3.878%) Short selling $38.19M; Ratio 7.651% 's 2Q results beat market expectations, with revenue and adjusted net profit exceeding consensus forecasts by 1% and 34%, respectively. Gross margin expanded by 6.7 ppts YoY to 28.6%, once again becoming a market focus. The broker believes the company's ongoing cost structure optimization measures have delivered results across various business segments, with the contribution profit margins of major business units recording significant YoY improvement. The broker believes this profit growth trend is driven by structural factors and is therefore sustainable, paving the way for double-digit EPS growth in 2H26 and beyond despite the continued weakness in the mainland property market.

Daiwa raised its 2026-2028 EPS forecasts by 16% to 22% on better-than-expected cost savings, and lifted its 12-month TP from HKD51 to HKD52, based on a target P/E ratio of 17.5x its average 2026-2027 EPS forecasts (previously 22.5x for 2026). It reiterated the "Outperform" rating. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-24 12:25.)

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**