DBS has adjusted its earnings forecast for BEKE-W (02423) for fiscal years 2025–2026, lowering it by 17–19% based on revised assumptions for gross transaction value and costs. The bank reaffirmed its "Buy" rating on the stock, citing BEKE-W as a preferred indicator for the housing market recovery. The target price was reduced from HK$62.25 to HK$52.09. For KE Holdings Inc. (BEKE.US), the U.S. target price was revised down from $23.41 to $19.36.

DBS noted that BEKE-W's Q3 2025 earnings met expectations, but weaker operating leverage due to a decline in residential transaction volume contributed to subdued performance. The company's Q4 2025 guidance fell short of expectations, with conservative projections for net revenue and margins.