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<Research>UBS Drops BEKE-W (02423.HK) TP to $47.5 as Mkt Shr Continues to Decline
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UBS released a research report reassessing BEKE-W (02423.HK)'s market share and recent market trends. As of October and November 2025, the Company's market share in China's four major first-tier cities and Hangzhou continued to decline, although the rate of decline slowed from that in 3Q25. The physical market trend remained weak, with home prices in the four major first-tier cities falling by 1.7% MoM in November. The Central Economic Work Conference held on 11 December showed a moderate policy response. As a result, the broker further lowered its 2026-2027 earnings forecasts for the Company by 4-5% on lower revenue forecast. Meanwhile, UBS cut its target price for BEKE-W's US stock from US$19 to US$18, and dropped its target price for the stock's H-shares to $47.5, with ratings kept at Neutral. AASTOCKS Financial News Website: www.aastocks.com |
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