FIRST SHANGHAI released a research report reiterating its bullish stance on BEKE-W (02423, BEKE.US), citing the company's steady growth in its core business, increasing industry penetration, and the resilience of its three strategic pillars in navigating the post-real estate cycle. The report forecasts adjusted net profits of RMB5.76 billion, RMB7.68 billion, and RMB9.67 billion for the next three years, respectively. Applying a 16x P/E multiple for 2026 and accounting for the company's broad cash holdings, FIRST SHANGHAI derived a target price of HK$60.0 (US$22.8) and maintained its "Buy" rating.

BEKE-W continues to focus on a virtuous cycle of quality, scale, and efficiency, with cost-cutting and efficiency improvements gradually yielding results. In Q3 2025, the company intensified its share buyback efforts, repurchasing approximately US$280 million worth of shares, a 38.3% year-on-year increase. Since September 2022, BEKE-W has repurchased around US$2.3 billion in shares, representing about 11.5% of its total shares outstanding. Despite the aggressive buyback program, the company maintains a solid cash reserve of approximately RMB70 billion.