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<Research>CMBI Lifts KE Holdings (BEKE.US) TP to USD23, Envisions Earnings Recovery This Yr
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According to a report from CMBI, BEKE-W (02423.HK)'s 4Q25 revenue dropped by 28.7% YoY to RMB22.2 billion, in line with market consensus and the broker's forecast. For the outlook and forecast for 2026, CMBI expects that cost optimization measures in BEKE-W's core housing transaction business and improved profitability in new businesses will jointly drive earnings recovery in 2026. During the period, CMBI has maintained its non-GAAP net profit forecast for BEKE-W at RMB7 billion, implying a 39% YoY growth, while the total non-GAAP operating expenses are expected to slip by 14% YoY to RMB14 billion. Based on the Sum-of-the-Parts (SOTP) valuation method, CMBI has raised its target price for KE Holdings (BEKE.US) by 6% from USD21.8 to USD23 and kept the Buy rating unchanged. AAStocks Financial News |
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