---
title: "Nomura lowers KE target price to $22.9, maintains \"Buy\" rating"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/279525175.md"
description: "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%"
datetime: "2026-03-18T02:44:07.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279525175.md)
  - [en](https://longbridge.com/en/news/279525175.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279525175.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/279525175.md) | [English](https://longbridge.com/en/news/279525175.md)


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

Nomura published a research report indicating that KE (02423.HK) slightly missed expectations for adjusted earnings in the fourth quarter of last year; total transaction volume reached RMB 724 billion, with revenue declining 29% year-on-year to RMB 22.2 billion, roughly in line with the market's conservative forecasts. However, the company's adjusted earnings fell 62% year-on-year to RMB 517 million, below the market expectation of RMB 641 million.

The firm believes that while there have been positive signals in the second-hand housing market recently, it is still too early to assert that the real estate market has bottomed out. However, the firm is optimistic that due to KE's ongoing operational optimization, along with improvements in rental and renovation businesses, the company is expected to gradually enhance its profitability in the fiscal year 2026.

The firm stated that based on a more conservative outlook for the real estate market, it has lowered KE's revenue forecast for 2026 to 2027 by about 9% and adjusted earnings estimates down by 4% to 9%. Consequently, KE (BEKE.US) has seen its target price for U.S. stocks reduced from $23.6 to $22.9, maintaining a "Buy" rating

### 相關股票

- [iShares Residential and Multisector Real Estate ETF (REZ.US)](https://longbridge.com/zh-HK/quote/REZ.US.md)
- [Schw Us Reit (SCHH.US)](https://longbridge.com/zh-HK/quote/SCHH.US.md)
- [Vanguard Real Estate ETF (VNQ.US)](https://longbridge.com/zh-HK/quote/VNQ.US.md)
- [BEKE-W (02423.HK)](https://longbridge.com/zh-HK/quote/02423.HK.md)
- [SPDR Dow Jones Global Real Estate ETF (RWO.US)](https://longbridge.com/zh-HK/quote/RWO.US.md)
- [iShares Global REIT (REET.US)](https://longbridge.com/zh-HK/quote/REET.US.md)
- [FlexShares Glbl Quality Real Estate ETF (GQRE.US)](https://longbridge.com/zh-HK/quote/GQRE.US.md)
- [KE (BEKE.US)](https://longbridge.com/zh-HK/quote/BEKE.US.md)
- [Real Est Select Spdr (XLRE.US)](https://longbridge.com/zh-HK/quote/XLRE.US.md)
- [WisdomTree New Economy Real Estate Fund (WTRE.US)](https://longbridge.com/zh-HK/quote/WTRE.US.md)
- [iShares US Real Estate ETF (IYR.US)](https://longbridge.com/zh-HK/quote/IYR.US.md)

## 相關資訊與研究

- [Triad Investment Management Invests $1.64 Million in CBRE Group, Inc. $CBRE](https://longbridge.com/zh-HK/news/281504525.md)
- [Entries open for 2026 PropertyGuru Vietnam Property Awards](https://longbridge.com/zh-HK/news/281537546.md)
- [Killam Apartment REIT Sets Date for Q1 2026 Results and Investor Call](https://longbridge.com/zh-HK/news/281419066.md)
- [Howard Capital Management Group LLC Sells 315,575 Shares of Hudson Pacific Properties, Inc. $HPP](https://longbridge.com/zh-HK/news/281631874.md)
- [BUZZ-Piper Sandler initiates Americold Realty Trust with 'neutral'](https://longbridge.com/zh-HK/news/281411019.md)