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<Research>Daiwa Lifts TP of BEKE-W (02423.HK) to HKD51, Expects Broker Layoffs to Benefit Cost Structure
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BEKE-W (02423.HK) reported an adjusted net profit for 4Q25 that was sharply 35% below market expectations, primarily due to one-off severance costs from aggressive layoffs of Lianjia agents, which Daiwa believed benefits BEKE’s cost structure. The broker anticipated that cost savings from workforce optimization and improved profitability in the residential leasing business will support margin expansion in 2026. The broker raised its EPS forecasts for 2026 and 2027 by 7-13%, reflecting stronger cost savings in 2026. It reaffirmed an Outperform rating, lifting the target price from HKD46 to HKD51. AASTOCKS Financial News Website: www.aastocks.com |
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