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<Research>Citi Lifts BEKE-W (02423.HK) TP to $68 as Growth Engine Switch Drives Continuous Development
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BEKE-W (02423.HK) is switching its growth engine to adapt to the property cycle and achieve sustainable development, Citi Research issued a research report saying. In its traditional brokerage business, the Company focused on unit output and value creation, optimizing agent and stores to reduce fixed costs, thereby capturing market share with a more efficient and streamlined structure. The broker believed that profit margins and cost control remain key to profit in 2026. Assuming stable total transaction volume driven by platform advantages and market share gain, net profit is forecasted to grow by 34% YoY to RMB6.7 billion, with a net profit margin of 7.4%. Therefore, Citi Research kept rating at Buy, and lifted its target prices for BEKE-W's H-shares/ US stock from $63/ US$22.6 to $68/ US$24.4. AASTOCKS Financial News Website: www.aastocks.com |
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