I give a hold rating for KE Holdings (NYSE: BEKE ) as I await more proof that the current demand improvement trend is sustainable. Specifically, I would need to see growth acceleration, backed by improving demand at the macroI am an individual investor that is now fully focus on managing my own capital that I have saved up over the years. My investing background spreads across a wide spectrum as I believe there are merits to each approach, for instance: Fundamental investing [Bottoms-up etc.], Technical inv ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong market position and expected growth in adjusted net profit for 2024/2025/2026 [3][6] Core Views - The company benefits from favorable real estate policies, which are expected to drive market recovery and enhance its market share [6] - The company's new home GTV monetization rate reached a historical high in 2024Q3, with a GTV of 227.6 billion yuan, up 18.5% YoY, outperforming the industry [5] - The company's rental service business revenue grew 118% YoY in 2024Q3, driven by the rapid expansion of its "Worry-Free Rent" managed properties [6] - The company has consistently delivered on its shareholder return commitments, with $5.8 billion used for share repurchases in the first three quarters of 2024 [6] Financial Performance - The company's revenue for 2024Q3 was 22.6 billion yuan, up 26.8% YoY, with a gross margin of 22.7%, down 5.2 percentage points QoQ due to increased fixed costs [7] - Adjusted net profit for 2024Q3 was 1.78 billion yuan, down 17.5% YoY, but exceeded Bloomberg consensus expectations [7] - The company's existing home GTV in 2024Q3 was 477.8 billion yuan, up 8.8% YoY, with expectations of significant YoY and QoQ growth in Q4 due to policy tailwinds [7] Business Segments - The home decoration and furnishing segment saw a GTV of 4.1 billion yuan in 2024Q3, up 24.6% YoY, with a contribution margin increase of 2.1 percentage points to 31% [9] - The rental service business contributed a profit margin of 4.4% in 2024Q3, down 1.4 percentage points QoQ due to seasonal cost increases [6] Market Data - The company's closing price was $19.98 per ADS, with a total market capitalization of $24.1 billion and total assets of 1,227.96 billion yuan as of November 21, 2024 [1] - The company's net assets were 707.75 billion yuan, with a net asset per share of 19.5 yuan [1]

Exhibit 99.1 KE Holdings Inc. Announces Third Quarter 2024 Unaudited Financial Results BEIJING, China, November 21, 2024 - KE Holdings Inc. ("Beike" or the "Company") (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the third quarter ended September 30, 2024. Business and Financial Highlights for the Third Quarter 2024 · Gross transaction value (GTV) was RMB736.8 billion (US$105.0 billion) ...

KE Holdings Inc. (NYSE:BEKE) Q3 2024 Earnings Conference Call November 21, 2024 7:00 AM ET Company Participants Siting Li - IR Director Stanley Peng - Co-Founder, Chairman and CEO Tao Xu - Executive Director and CFO Conference Call Participants John Lam - UBS Timothy Zhao - Goldman Sachs Griffin Chan - Citi Thomas Chong - Jefferies Miranda Zhuang - Bank of America Securities Operator Hello, ladies and gentlemen. Thank you for standing by for KE Holdings, Inc.'s Third Quarter 2024 Earnings Conference Call. P ...

来源 ： FactSet CMB 国际全球市场 | 股票研究 | 公司更新 22 Nov 2024 Ke Holdings (BECKE US) 在第四季度乘着政策顺风 贝壳于11月21日公布了第三季度（3Q24）业绩：营收同比增长27%，达到人 民币226亿元，分别低于彭博共识预期和中金公司预测的1.5%和4.7%，主要原 因是存量房交易量（EHT）受到低迷的房地产交易情绪拖累，而新房交易（N HT）则得益于市场份额的增长。非GAAP净收入为人民币18亿元，毛利率为7. 9%，符合我们的预期和共识，这得益于费用控制措施。鉴于贝壳在存量房交 易和新房交易业务中的市场份额持续增加以及新业务的顺利扩展，我们仍然对 贝壳保持乐观态度。基于可持续经营利润（SOTP）的目标股价上调至23.3美 元（原为21.5美元），其中贝壳核心业务为22.3美元，盛都为0.9美元，对应2 025年预期市盈率（非GAAP）为21.4倍。维持买入评级。 EHT / NHT 业务表现在第 3 季度有所差异 . 房屋交易总额（EHT）同比增 长9%，但环比下降17%，原因是交易情绪在6月达到峰值后有所放缓。公 司主动扩大规模（代理人数同比和 ...

22 Nov 2024 CMB International Global Markets | Equity Research | Company Update Ke Holdings (BEKE US) To ride on the policy tailwind in 4Q Beike reported (21 Nov) 3Q24 results: revenue increased 27% YoY to RMB22.6bn, 1.5%/4.7% below Bloomberg consensus/CMBI estimates, mainly due to the mixed performance where existing home GTV (EHT) was dragged by low home transaction sentiment and new home transactions (NHT) were benefited from market share gains. Non-GAAP net income was RMB1.8bn, representing a margin of ...

KE Holdings Inc. Announces Third Quarter 2024 Unaudited Financial Results BEIJING, China, November 21, 2024 - KE Holdings Inc. ("Beike" or the "Company") (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the third quarter ended September 30, 2024. Business and Financial Highlights for the Third Quarter 2024 • Gross transaction value (GTV)1 was RMB736.8 billion (US$105.0 billion), an increas ...

BEIJING, Nov. 21, 2024 (GLOBE NEWSWIRE) -- KE Holdings Inc. ("Beike" or the "Company") (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the third quarter ended September 30, 2024. Business and Financial Highlights for the Third Quarter 2024 Gross transaction value (GTV)1 was RMB736.8 billion (US$105.0 billion), an increase of 12.5% yearover-year. GTV of existing home transactions was RMB47 ...

海外公司报告 | 公司动态研究 受益税费优化利好，关注一线普宅非普宅调整催化 受益税费优化利好，关注一线普宅非普宅调整催化 11 月 13 日，财政部等三部门发布住房交易税收新政，家庭唯一和第二套住房不超 过 140 平方米统一按 1%税率缴纳契税；城市取消普通住宅标准后购房满 2 年再销 售免征增值税。我们认为，契税政策调整支持刚性需求，并激发改善性需求。而非 普增值税取消将大幅降低二手房交易成本，尤其是住房总价较高的高能级城市，有 望推动二手市场交投活跃，进而助力基本面热度延续和量价回暖。公司以存量房及 新房交易为主营业务，税费政策利好有望带动新房及二手房需求提升，近期，一线 城市中北京已明确表态"适时取消普宅非普宅标准"，不排除其他城市将同步跟进， 建议关注潜在政策调整空间带来的业务增量。 一揽子政策提振热度，四季度业绩动能可期 2024 上半年，公司实现总交易额（GTV）为 1.47 万亿元，同比减少 16.2%。其中， 存量房交易的总交易额为 1.02万亿元，同比减少 8.7%；新房交易的总交易额为 3871 亿元，同比减少 32.4%；公司实现净收入 397 亿元，较 23 年同期的 398 亿元 ...

A downtrend has been apparent in KE Holdings Inc. Sponsored ADR (BEKE) lately. While the stock has lost 12.1% over the past week, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support. While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts abou ...