New Street Research - KE HOLDINGS INC (BEKE) BEKE 2Q23 Results: Weak 3Q Guidance, New Policy Measures Can Drive Upside

Report

New Street Research

Jin Yoon

BEKE 2Q23 Results: Weak 3Q Guidance, New Policy Measures Can Drive Upside

What’s new: KE Holdings reported top-line results were largely in-line with consensus and above our expectations. While guidance reflects challenging housing market, transaction volume could sequentially recover driven by supportive measures such as uniformly lowering DP for first and second-time buyers. We maintain our PT at USD 22.

Analysts:
Jin Yoon

04/09/2023 1 EN

Underlying

KE HOLDINGS INC

See profile

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

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

Apple 2FQ25: minimal tariff impact, weak iPhone, Intelligence debacle. Neutral, $215 TP

Apple reported 2FQ25 last night.

May 2, 2025 May 2, 2025 1 EN

Blair Levin

Blair Levin

The Cost of the Deal: What Does the Skydance/Paramount Situation Tell Us About the Trump Transaction Tax?

Paramount is entering into mediation to resolve the litigation with President Trump and remove a barrier to FCC approval of the pending acquisition by Skydance. In this note we update our thoughts on what the deal’s process tells us about pending and future deals can expect from the government approval process.

EUR 8849.00

May 2, 2025 May 2, 2025 1 EN

Jonathan Chaplin

Jonathan Chaplin

CCI Model Update & Starting Valuation

This note covers changes to the model and establishes a starting valuation for the Company of $125 (+18%; total return of +22%). We are above the mid-point of guidance for 2025 and for AFFO post close. We expect Consensus estimates for both to increase (post close estimates should increase a lot). See our prior note on results and the rationale for our upgrade to Buy.

EUR 8849.00

May 2, 2025 May 2, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

BEKE 2Q23 Results: Weak 3Q Guidance, New Policy Measures Can Drive Upside

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.

Apple 2FQ25: minimal tariff impact, weak iPhone, Intelligence debacle. Neutral, $215 TP

The Cost of the Deal: What Does the Skydance/Paramount Situation Tell Us About the Trump Transaction Tax?

CCI Model Update & Starting Valuation

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe