New Street Research - KE HOLDINGS INC (BEKE) BEKE 1Q23 Results: Continued Market Share Gains

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New Street Research

Jin Yoon

BEKE 1Q23 Results: Continued Market Share Gains

What’s new: KE Holdings’ reported results and guidance beat consensus and our expectations as the company continues to gain market share in the housing market. While 2H recovery remains uncertain, BEKE could continue to outperform the industry partly driven by its extensive network of stores and agents within the ACN. We maintain our PT at USD 22.

Analysts:
Jin Yoon

19/05/2023 1 EN

Underlying

KE HOLDINGS INC

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New Street Research

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Analysts

Jin Yoon

Other Reports on these Companies

New Street Research

BEKE 3Q23 Results: Property Market to Further Recover in 4Q

What’s new: KE Holdings results beat consensus and our expectations. Guidance implies sequential recovery in property market amid supportive policies including reduction in DP, lowering mortgage rates, and easing homebuying restrictions. We maintain our PT at USD 22. Analysts: Jin Yoon

November 9, 2023 November 9, 2023 1 EN

UOB

Regional Morning Notes - Thursday, November 09, 2023

GREATER CHINA Results KE Holdings Inc (2423 HK/BUY/HK$39.40/Target: HK$58.00): 3Q23: Earnings beat; poised for meaningful recovery in 4Q23. LINK REIT (823 HK/BUY/HK$38.40/Target: HK$50.70): 1HFY24: Results in line; ready for unit buyback. INDONESIA Sector Banking: Acceleration in government spending to support earnings in 4Q23. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.49/Target: RM0.65): 3Q23: Another lumpy provision recognised, but inevitably means MMHE will face higher finance costs. Marine’s profit shrank faster than expected due to competition. All...

November 9, 2023 November 9, 2023 1 EN

UOB

KE Holdings Inc (2423 HK): 3Q23: Earnings beat; poised for meaningful recovery in 4Q23.

Beike’s 3Q23 earnings came in above expectations. 3Q23 revenue edged up 1% yoy to Rmb17.8b, 11.6% above consensus estimate. Non-GAAP net profit improved 14% yoy to Rmb2.2b due to increased operational efficiency, well above consensus estimate. Non- GAAP net margin expanded 1.4ppt yoy to 12% in 3Q23. Beike guided a 7.5-10.5% yoy recovery in 4Q23 revenue growth to Rmb18b-18.5b, 4% below our forecast. Maintain BUY with a lower target price of HK$58.00 (US$21.00).

November 9, 2023 November 9, 2023 1 EN

SATS, Carr, and the Art of the No Deal…Yet

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Blair Levin

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Supreme Court Upholds USF Framework but Reform Still Ahead

Today, the Supreme Court issued its opinion in the case challenging the legality of Universal Service Fund (USF) framework. As we had predicted, the Court upheld the current framework. In this note we analyze the implications of the decision for the USF reform efforts ahead in the Congress and FCC.

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Jonathan Chaplin

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CMCSA quick hit: Comcast continues to make the right pricing moves

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BEKE 1Q23 Results: Continued Market Share Gains

BEKE 3Q23 Results: Property Market to Further Recover in 4Q

Regional Morning Notes - Thursday, November 09, 2023

KE Holdings Inc (2423 HK): 3Q23: Earnings beat; poised for meaningful recovery in 4Q23.

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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