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<Research>BofAS Lifts BEKE-W (02423.HK) TP to $52, Reiterates Rating at Buy
Recommend 4 Positive 2 Negative 0 |
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BEKE-W (02423.HK)'s 3Q25 revenue was RMB23.1 billion, up 2% YoY, in line with market consensus, according to BofA Securities' research report. Adjusted net profit amounted to RMB1.3 billion, beating expectation. For the quarter, both home renovation and rental businesses began to generate significant profits. It is forecasted that 4Q25 revenue will decrease by 29% YoY due to weaker housing market, but the broker raised its 4Q25 adjusted net profit margin forecast for BEKE-W to 4.5%, up slightly YoY, reflecting a reduction in operating expenses. Due to better-than-expected 3Q25 results and higher 4Q25 forecasts, BofA Securities added its target price for KE Holdings (BEKE.US) from US$19 to US$20, based on a 2025 estimated enterprise value multiple of 20x, with rating reiterated at Buy. The broker also lifted its target price for BEKE-W's H-shares from $49 to $52. AASTOCKS Financial News Website: www.aastocks.com |
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