JP-BEKE@EC2612A

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BEKE

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JP Morgan released a report stating that KE's stock price has corrected by 20%, reflecting the market's expectations for the mainland real estate market. Although the real estate market lacks momentum in the short term, the current valuation is attractive, with expected price-to-earnings ratios of 20 times and 15 times for 2026 and 2027, respectively. KE has the ability to generate excess returns, with expected profit growth of 28%. Morgan Stanley maintains an "Overweight" rating, with a target price of HKD 47

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GF CSI All Share Financials ETF

Yinhua CSI Interior Real Estate Theme ETF

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BEKE-W

Hwabao WP CSI 800 Real Estate ETF

China Southern CSI All Share Real Estate ETF

"Big Banks" JP Morgan: KE's stock price correction makes valuation attractive, maintains "Overweight" with a target of 47 yuan

Guotai Haitong analyst maintained a Buy rating on KE Holdings, Inc. Class A yesterday and set a price target of HK$54.08.Claim 70% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential Currently, the analyst consensus on KE Holdings, Inc. Class A is a Strong Buy with an average price target of HK$56.34.

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KE Holdings, Inc. Class A (2423) Gets a Buy from Guotai Haitong

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The Shenzhen real estate market will welcome a "small spring" in 2026, with the number of second-hand housing contracts increasing by 19% within 22 days after the resumption of work following the Spring Festival holiday, reaching a five-year high. Smaller housing units (such as one-bedroom and two-bedroom apartments) are more favored by the market, with an increase in transaction share. It is expected that high-quality school district properties and medium to large-sized housing units will become the main force in subsequent transactions. The market carries risks, and investment should be approached with caution

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Shenzhen's real estate market sees a "small spring" with second-hand housing contract volume reaching a five-year high

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Nomura has lowered the target price for KE to $22.90, maintaining a "Buy" rating. The report pointed out that KE's adjusted earnings in the fourth quarter of last year were below expectations, with revenue declining 29% year-on-year. Although there are positive signals in the second-hand housing market, it remains to be seen whether the real estate market has bottomed out. It is expected that KE's profitability will gradually improve in the fiscal year 2026, with revenue forecasts lowered by about 9%

iShares Residential and Multisector Real Estate ETF

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Vanguard Real Estate ETF

SPDR Dow Jones Global Real Estate ETF

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FlexShares Glbl Quality Real Estate ETF

Real Est Select Spdr

WisdomTree New Economy Real Estate Fund

iShares US Real Estate ETF

Nomura lowers KE target price to $22.9, maintains "Buy" rating

CMB International expects BEKE-W's profits to recover this year, raising the target price to $23. Although revenue fell by 28.7% in the fourth quarter of last year, it is anticipated that the core housing transaction business will drive profit recovery in 2026. The first-quarter revenue forecast is RMB 18.7 billion, a decrease of 20%, but the operating profit decline is only 2%. Facing demand uncertainty and high inventory challenges, the "Buy" rating is maintained

CITIC International expects BEKE-W's profits to recover this year, raising the target price to $23

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36Kr learned that the Hang Seng Index opened up 0.21%, and the Hang Seng TECH Index rose 0.1%; the durable consumer goods, semiconductor, and real estate sectors led the gains, with Pop Mart, Hua Hong Semiconductor, and BEKE-W rising over 2%; the media, software services, and household goods sectors weakened, with Tencent Music falling 15%, Pony.ai dropping over 2%, and Hengan International declining nearly 1%

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The Hang Seng Index opened up 0.21%, Tencent Music fell 15%

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0317 | Dolphin Research Focus: 🐬 Stock #1, $NVIDIA(NVDA.US) — NVIDIA's GTC 2026 officially kicked off, and founder &amp; CEO Jensen Huang delivered the keynote.He announced a Vera Rubin Space Module under the next-gen Vera Rubin architecture, designed for orbital data centers, delivering 25x performance vs. H100.He also unveiled a partnership with Groq to co-develop new LPU chips...

NVDA GTC in focus; Alibaba 'Token strategy' ramps up | Daily News Recap

Bank of America Securities raised the target price for KE to 55 yuan, despite a 29% year-on-year decline in fourth-quarter revenue to 22.2 billion yuan, with adjusted net profit of 520 million yuan, below expectations. The company announced a dividend distribution of 300 million dollars and completed a 900 million dollar share buyback, with total shareholder returns increasing by 9% to 1.2 billion dollars. It is expected to outperform market expectations in the first quarter of 2026, maintaining a "Buy" rating

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Bank of America Securities raises KE's target price to 55 yuan, profitability improves

Below is Dolphin Research's Trans of $KE(BEKE.US) FY2025 earnings call.For our earnings analysis, see 'BEKE: Selloff Looks Bottomless — Can Policy Backstop It?'.1) Key takeaways recap — Shareholder returns: FY2025 buybacks of approx. $921 mn (+29% YoY).Final cash dividend of approx. $300 mn; total shareholder returns of approx. $1.22 bn (+9% YoY), about 170% of Non-GAAP net profit.Since the repurchase program began in Sept 2022, cumulative buybacks have reached approx. $2.5 bn...

BEKE (Trans): Neutral on 2026 property mkt; pivoting from scale to efficiency

China's leading housing broker — $KE(BEKE.US) reported its last-quarter 2025 results pre-mkt tonight (Mar 16). Overall, given the very high base after the Sep. 2024 policy shift and a housing market that kept weakening in H2 2025, results were bleak amid heavy industry headwinds.Specifically: (1) revenue still provided some support, but profit was well into the red. With a sharp contraction in the core Track 1 brokerage GTV (down nearly 40% YoY), Track 2 continued to grow and partly offset the weakness. Even so, total revenue declined nearly 30% YoY this quarter...

BEKE: Slide Looks Bottomless. Can Policy Put a Floor?---

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KE (NYSE:BEKE) executives highlighted a strategic pivot towards "efficiency-driven" growth during their Q4 and full-year 2025 earnings call. They emphasized the use of data and AI, tighter cost discipline, and a diversified business mix. CFO Tao Xu noted a shift from sales-driven to efficiency-driven growth, aiming to optimize the business model and improve earnings stability. Despite a challenging market, full-year revenue remained stable, with non-housing transactions reaching 41% of total revenue. Q4 results showed a decline in GTV and revenue, impacted by one-off costs, but management remains focused on shareholder returns and operational efficiency.

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Financial Analysis

BEKE 4Q25 First Take: A high base after Sep-24 easing and renewed property market weakness since H2-25 combined to make this quarter look very weak. Total revenue fell nearly 30% YoY, while adj. profit dropped over 60%. Results still came in below already low expectations; details below:1) Track 1: In core brokerage, GTV for existing homes and new homes fell 35% and 42% YoY, respectively. Existing-home GTV also declined QoQ, underscoring the softness in China’s housing market. Take rates for both existing and new home transactions trended lower YoY, so revenue fell faster than GTV.2) Track 2: In new initiatives, home renovation revenue fell 12% YoY. Drivers included weaker market conditions that reduced traffic and demand, and a deliberate cutback of leads from non-brokerage store channels.Only the leasing biz. grew a solid 18% YoY, but that was a sharp deceleration from prior periods of high double-digit growth. Overall, under a cooling housing market, revenue growth across businesses was weak.3) GPM: With a softer monetization rate in Track 1 brokerage, GPM was about 24.5%, down ~100bps YoY, though the YoY decline narrowed vs. last quarter, indicating some effect from recent downsizing and cost controls. In addition, the home renovation GPM narrowed by ~100bps YoY.Leasing GPM was flat but low at just 9%, and as its revenue mix increased, it created a structural drag on overall GPM. Total GPM fell 160bps YoY, a larger drop than in the prior quarter.4) Opex control: Given the tougher backdrop, the company downsized, with active stores down by ~640 and active agents down by ~26k.As a result, total opex declined about 20% YoY; S&amp;M fell roughly in line, while R&amp;D was more rigid (likely due to AI-related development) and decreased only ~3%. The opex ratio still rose as revenue dropped faster. Adj. net profit was just RMB 520 mn, down 60% YoY and more than halved QoQ, missing expectations.$KE(BEKE.US) $BEKE-W(02423.HK)

0316 ｜Dolphin Research Focus: 🐬 Macro/Industry 1) National Bureau of Statistics (NBS) data show that Jan–Feb 2026 industrial VA for above-scale enterprises and total retail sales both beat expectations. Retail sales rose 2.8% YoY, above the 2.5% consensus and vs. 0.9% prior, with the growth rate accelerating by 190bps vs. the previous reading. Consumption is seeing a mild recovery, aided by Lunar New Year seasonality and policy support. On the industrial side, high-tech and equipment manufacturing led the gains. 🐬 Single stock 1) $XIAOMI-W(01810.HK) Xiaomi Auto officially announced...

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ANT GROUP

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Xiaomi next-gen SU7 launch date set; BABA to roll out enterprise AI agents | Daily News Recap

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0225 | Dolphin Research Key Watch: 🐬 Macro/Industry 1) Today, Hong Kong Financial Sec. Paul Chan unveiled the FY2026/27 Budget, focused on I&amp;T and finance, with measures to support the AI industry, advance RMB internationalization, improve livelihoods, and develop the Northern Metropolis. On hard tech, the HKSAR Gov. will set up a HK$10 bn I&amp;T Industry Co-investment Fund, targeting strategic areas including life sciences &amp; healthcare, AI and robotics. The Budget projects Hong Kong GDP growth of 2.5%-3.5% in 2026...

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HK Budget Ups I&T; META, AMD Seal 100bn-Class Compute Deal | Daily News Recap

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1111 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. The U.S. Senate has passed a temporary spending bill aimed at ending the longest government shutdown in history, which has lasted for 41 days. The bill now requires approval from the House of Representatives and the President's signature to take effect. This move is a result of bipartisan compromise, providing short-term relief from economic and livelihood impacts, but the core disagreements are merely postponed, with the possibility of another deadlock after January 30th, highlighting the increasing trend of political polarization in the United States. 🐬 Individual Stocks 1. $Baidu(BIDU.US) RoboTaxi has received the first batch of fully unmanned commercial operation licenses issued by the Abu Dhabi Integrated Transport Center...

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INTEGRAL ACQUISITION CORP 1 C/WTS 31/05/2028 (TO PUR COM)

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XPeng surged 17% in a single day; Intel AI Chief jumps ship to OpenAI | Today's Important News Recap

The following are the minutes of the $Beike (BEKE.US) FY25Q3 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Beike: Is There Really Still Hope?&#34; 1. Review of Core Financial Data Performance Overview: Total revenue was RMB 23.1 billion, a year-on-year increase of 2.1%; gross margin was 21.4%, a year-on-year decrease of 1.3 percentage points, mainly due to the decrease in the proportion of new home business revenue (which has a high contribution rate) and the decline in the contribution rate of the new home business itself...

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BEKE (Minutes): How to Reduce Costs and Increase Efficiency is the Absolute Focus

Leading domestic housing intermediary--$KE(BEKE.US) announced its Q3 2025 results on the evening of November 10th before the US stock market opened. Overall, the performance can be summarized as &#34;not good, but not as bad as feared.&#34; Additionally, due to the recent significant pullback in the company's stock price, the low expectations implied by the relatively low stock price have led to some bottoming out and recovery. Specifically: 1. Revenue is still supportive, but profits are deeply underwater: In terms of overall performance, although the core intermediary business revenue experienced negative growth in the sluggish real estate market, it was offset by the strong performance of the slightly &#34;bloated&#34; rental business...

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SBC MEDICAL GROUP HOLDINGS INCRPRTD C/WTS 17/09/2029 (TO PUR COM)

BEKE: Is there still hope?

Beike 3Q25 Quick Interpretation: Overall, Beike's performance this quarter can be summarized as &#34;not good, but not as bad as feared.&#34; Due to the recent general decline in U.S. stocks, the company's share price has also retreated by more than 15%, hitting bottom and recovering amid low expectations &amp; stock prices. 1) In terms of financial performance, total revenue for the quarter grew approximately 2% year-on-year, largely in line with expectations. Although the gross profit margin declined year-on-year, leading to a decrease in gross profit by 200 million (-4% yoy), the expectation was lower at -7%. Facing industry headwinds, the company timely reduced its expenses, with total operating expenses down approximately 2% year-on-year (about 80 million). As a result, the final operating profit only declined by slightly over 100 million year-on-year, better than market expectations. The market's main focus, adjusted net profit was 1.29 billion, down nearly 500 million from the same period last year (the decline was larger than operating profit, mainly due to lower SBC expenses this quarter). Although it is clearly not good in absolute terms, it is still much better than the market expectation of 1 billion adjusted profit. 2) In terms of operating indicators, this quarter the transaction volume of existing homes and new homes grew 6% and declined 14% year-on-year, respectively. The transaction situation of existing homes was consistent with market expectations, but new homes were worse. As policy benefits nearly fade and gradually enter last year's high base period, the real estate transaction situation is generally within the expected range of poor performance. 3) In terms of monetization, since the monetization rate of existing homes and new homes is still declining year-on-year, the revenue growth rate of both businesses is negative (in line with market expectations). However, from a quarter-on-quarter perspective, the monetization rate has actually stabilized and rebounded, which is not a bad news. Similarly, although the contribution gross profit margin of new home and existing home businesses (calculated by contribution profit/GTV) also declined year-on-year, it was generally stable from a quarter-on-quarter perspective. 4) Among other businesses, the housing rental business performed well, partially offsetting the decline in performance of core traditional businesses. This quarter, rental income continued to grow significantly by 45% year-on-year, much better than expected. Meanwhile, the contribution gross profit margin of the rental business also continued to rise slightly by 0.3 percentage points quarter-on-quarter, offsetting the year-on-year decline in core business profits. $KE(BEKE.US) $BEKE-W(02423.HK)

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"Big Banks" JP Morgan: KE's stock price correction makes valuation attractive, maintains "Overweight" with a target of 47 yuan

KE Holdings, Inc. Class A (2423) Gets a Buy from Guotai Haitong

Shenzhen's real estate market sees a "small spring" with second-hand housing contract volume reaching a five-year high

Nomura lowers KE target price to $22.9, maintains "Buy" rating

CITIC International expects BEKE-W's profits to recover this year, raising the target price to $23