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<Research>DBS Trims BEKE-W's TP to HKD52.09, Reiterates Rating as Buy
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Negative
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BEKE-W (02423.HK)'s 3Q25 results were in line with expectations, DBS wrote in its research report.

The broker attributed BEKE-W's mediocre performance this quarter to weakened operating leverage as a result of the decline in total residential transaction volume.

Related NewsDaiwa Chops BEKE-W (02423.HK) TP to $46, Reiterates Rating at Outperform
Meanwhile, BEKE-W's 4Q25 guidance fell short of expectations with conservative net income and margin forecasts.

BEKE-W is the top choice as a recovery indicator stock in the housing market. DBS reiterated a Buy rating on the company but cut its target price from HKD62.25 to HKD52.09.
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