Goldman Sachs has released a research report raising the 12-month price target for KE Holdings Inc. (02423) from HK$58 to HK$63, and for its US-listed shares (BEKE.US) from US$22 to US$24. The investment bank maintains a "Buy" rating, based on an unchanged 20 times price-to-earnings multiple on 2027 non-GAAP net profit forecasts.

The report highlights that KE Holdings Inc.'s second-quarter results exceeded expectations across the board in terms of profitability, marking another quarter that validates the firm's investment thesis. This is particularly evident in the company's strengthened focus on operational efficiency to unlock profit potential.

Due to better-than-expected gross margins and operating expense control, Goldman Sachs has raised its earnings per share forecasts for 2026, 2027, and 2028 by 12%, 7%, and 4%, respectively.