Daiwa Reiterates "Outperform" Rating on BEKE-W, Lowers Target Price to HK$46

Deep News

11/11

Daiwa Capital Markets reaffirmed its "Outperform" rating on BEKE-W (02423) but reduced its H-share target price from HK$56 to HK$46. The adjustment reflects a forward P/E multiple of 23x based on projected 2026 earnings per share.

The report noted that BEKE's non-GAAP net profit for Q3 2025 exceeded expectations by 10%. While revenue projections for Q4 2025 and 2026 appear weaker than anticipated, the company's margin guidance remains better than market concerns. Daiwa views the current share price level as presenting an attractive tactical buying opportunity.

The brokerage also lowered its EPS forecasts for 2025-2027 by 19-37% to account for weaker-than-expected growth in total transaction value during Q4 2025 and 2026.

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The adjustment reflects a forward P/E multiple of 23x based on projected 2026 earnings per share.</p>\n<p>The report noted that BEKE's non-GAAP net profit for Q3 2025 exceeded expectations by 10%. While revenue projections for Q4 2025 and 2026 appear weaker than anticipated, the company's margin guidance remains better than market concerns. 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