BEKE Sees Pre-Market Rise as UBS Ups Revenue and Profit Forecasts

Oct 29, 2024

In the pre-market trading session, shares of KE Holdings Inc. (BEKE, Financial) surged by more than 2.5%, reaching $22.64. This increase follows a research report from UBS, which projects that BEKE's revenue for the third quarter of the fiscal year 2024 will rise by 29% year-over-year, hitting the upper limit of their guidance.

According to UBS, the Gross Transaction Value (GTV) for BEKE is expected to grow by 15% quarterly, outpacing the contract sales performance of the top 100 developers. The bank points to narrowing losses in BEKE's home renovation and rental businesses, anticipating improved operating leverage from 2024 to 2026.

UBS has adjusted its forecast for BEKE’s adjusted net profit from 2024 to 2026, raising it by 7% to 13%. Additionally, the bank speculates that BEKE could be included in the Stock Connect between Shanghai and Hong Kong in March of next year.

As a result, UBS has increased its target price for BEKE from $20.5 to $25, maintaining a "buy" rating and reaffirming BEKE as their top pick in the real estate sector.

Disclosures

I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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