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<Research>UBS: BEKE-W Qtr Results in Line; Mkt Reaction to Decreased Agents Likely Negative
Recommend 2 Positive 1 Negative 1 |
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According to a report from UBS, BEKE-W (02423.HK)'s 4Q25 adjusted net profit dropped by 61% YoY to RMB523 million, in line with the broker's expectations, but 35% below market expectations. BEKE-W's Gross Transaction Value (GTV) and revenue reached RMB724 billion and RMB22 billion, respectively, also aligning with UBS' forecasts. As of 4Q25, the number of Lianjia agents decreased by 19% YoY or 8% QoQ, exceeding UBS' expected QoQ decrease of 5%. The broker estimates that investors may react negatively to the greater-than-expected decline in the agent number. UBS has given KE Holdings (BEKE.US) a target price of USD18 and a rating of Neutral. AAStocks Financial News |
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