Investors looking for stocks in the Real Estate - Operations sector might want to consider either KE Holdings Inc. Sponsored ADR (BEKE) or Zillow (Z) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estima ...

Financial Data and Key Metrics - Full year 2023 revenue reached RMB77.8 billion, up 28% year-over-year, with over 20% attributable to new initiatives [7] - GTV on the platform was RMB3.14 trillion, up 20% year-over-year, with existing home transactions growing by 29% and new home transactions rising by 7% [7] - Adjusted net margin increased by 7.9 percentage points to 12.6%, with adjusted net income of RMB9.8 billion [25] - Q4 2023 revenue increased by 20.6% year-over-year to RMB28.2 billion, with GAAP net income rising by 80.2% to RMB670 million [26] Business Line Performance - Existing home transaction services revenue grew by 15.9% year-over-year, with GTV reaching RMB468.1 billion in Q4, up 30.1% [28] - New home transaction services revenue grew by 6.7% year-over-year, with GTV reaching RMB238 billion in Q4, down 9.7% year-over-year but up 23.9% sequentially [29] - Home renovation and furnishing services revenue grew by 74.3% year-over-year to RMB10.9 billion, with contracted sales up 93% year-over-year [24][44] - Beike Rental Services managed over 210,000 units, up from 70,000 in 2022, with Carefree Rental model managing over 200,000 units [11][66] Market Performance - Existing home market GTV increased significantly, driven by lower base effects and increased activity in second and third-tier cities [27] - New home market remained sluggish, with CRIC data showing a 32% year-over-year decline in sales from top 100 developers in Q4 [29] - Homebuyers showed a preference for existing homes, with existing home GTV nationwide rising by 20-30% year-over-year [55] Strategic Direction and Industry Competition - The company is focusing on a technology-driven one-stop residential services platform, with a strategy of "One Body, Three Wings" to foster synergies [6][19] - Emphasis on quality and efficiency, with plans to enhance customer trust and drive future growth in home renovation and furnishing services [19][46] - Expansion of store and agent networks, with 42,000 active stores and 397,000 active agents by the end of 2023 [8][49] Management Commentary on Operating Environment and Future Outlook - The company aims for growth with stability in 2024, focusing on quality and efficiency while maintaining a strong balance between growth and risk control [13] - The real estate market is undergoing deep adjustments, with a shift towards existing homes and a focus on home upgrades [55][57] - The company plans to enhance digitalization and technology-driven initiatives to improve long-term efficiency [20] Other Important Information - The company repurchased approximately US$718.7 million worth of shares in 2023 and announced a final cash dividend of US$0.351 per ADS [37][38] - Total shareholder return for 2023 significantly exceeded net income, accounting for around 159% of net income [38] Q&A Session Summary Question: Drivers behind the strong growth in home renovation and furnishing business [43] - The growth was driven by high-efficiency synergies between core and emerging businesses, a diversified product portfolio, and higher delivery capabilities [45] - In 2024, the focus will be on quality, with measures to shorten construction timelines and establish quality control roles [46] Question: Penetration rate in the existing home market and expansion plans [47] - The company achieved significant improvement in scale, efficiency, and profitability in the existing home market, with a 29% year-over-year increase in GTV [48] - Plans for 2024 include expanding the store network, improving agent expertise, and fostering collaboration with store owners [49][53] Question: Outlook on the real estate market and differentiation between new and existing home markets [54] - The existing home market is expected to remain stable, while the new home market will continue to fluctuate as it bottoms out [63][64] - Demand for home upgrades is dominant, making up 60% of total housing demand [56] Question: Accomplishments and risks in the home rental business [65] - The company expanded its Carefree Rental model to over 200,000 units and improved operational efficiency and service quality [66] - For 2024, the focus will be on achieving operational breakeven in core cities and enhancing service quality [68] Question: Strategy and outlook for the new home business [71] - The company outperformed the industry with a 7% growth in new home GTV, driven by proactive strategies and innovative services [72][73] - Plans for 2024 include promoting strategic collaborations with developers and enhancing infrastructure for new home sales [76]

BEIJING, March 14, 2024 (GLOBE NEWSWIRE) -- KE Holdings Inc. ("Beike" or the "Company") (NYSE:BEKE), a leading integrated online and offline platform for housing transactions and services, today announced that its board of directors (the "Board") approved a final cash dividend (the "Dividend") of US$0.117 per ordinary share, or US$0.351 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 5, 2024, Beijing/Hong Kong Time and New York Time, respectively, pa ...

BEIJING, March 14, 2024 (GLOBE NEWSWIRE) -- KE Holdings Inc. ("Beike" or the "Company") (NYSE:BEKE), a leading integrated online and offline platform for housing transactions and services, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023 and a final cash dividend. Business and Financial Highlights for the Fourth Quarter and Fiscal Year 2023 Gross transaction value (GTV)1 in 2023 was RMB3,142.9 billion (US$442.7 billion), an increase of 20.4% year ...

BEIJING, March 04, 2024 (GLOBE NEWSWIRE) -- KE Holdings Inc. ("Beike" or the "Company") (NYSE:BEKE, HKEX: 2423))), a leading integrated online and offline platform for housing transactions and services, today announced that it will report its unaudited financial results for the fourth quarter and fiscal year 2023 before the U.S. market opens on Thursday, March 14, 2024. The Company's management will hold an earnings conference call at 8:00 A.M. Eastern Time on Thursday, March 14, 2024 (8:00 P.M. Beijing Tim ...

BEIJING, March 4, 2024 /PRNewswire/ -- KE Holdings Inc. ("Beike" or the "Company") (NYSE: BEKE and HKEX: 2423), a leading integrated online and offline platform for housing transactions and services, had its ESG rating upgraded by MSCI from BB to BBB, representing strong recognition for the Company's management and business practices in the ESG domain in recent years. The ESG rating upgrade by MSCI indicate that Beike has exceeded industry standards in Human Capital Development, as well as Privacy & Data Se ...

KE Holdings Inc. (NYSE:BEKE) Q3 2023 Earnings Conference Call November 8, 2023 7:00 AM ET Company Participants Siting Li – IR Director Stanley Peng – Co-Founder, Chairman and Chief Executive Officer Tao Xu – Executive Director and Chief Financial Officer Conference Call Participants Timothy Zhao – Goldman Sachs John Lam – UBS Miranda Zhuang – Bank of America Securities Xiaodan Zhang – CICC Operator Ladies and gentlemen, thank you for standing by for KE Holdings Inc.’s Third Quarter 2023 Earnings Conference ...

Financial Performance - Gross transaction value (GTV) was RMB 655.2 billion (US$ 89.8 billion), a decrease of 11.1% year-over-year[2] - Net revenues increased by 1.2% year-over-year to RMB 17.8 billion (US$ 2.4 billion)[10] - Net income rose by 63.4% year-over-year to RMB 1,170 million (US$ 160 million), while adjusted net income grew by 14.4% to RMB 2,159 million (US$ 296 million)[8] - Total net revenues for the three months ended September 30, 2023, were RMB 17,596,582, a slight decrease of 1.2% compared to RMB 17,810,705 for the same period in 2022[59] - Total net revenues for the nine months ended September 30, 2023, reached RMB 57,572,706, an increase of 31.0% from RMB 43,921,639 in the same period of 2022[59] - The company reported a total comprehensive income of RMB 2,210,883 for the three months ended September 30, 2023, compared to RMB 940,073 in the prior year, representing an increase of 134.0%[61] User and Agent Metrics - Number of active agents increased by 7.1% year-over-year to 399,048 as of September 30, 2023[7] - Mobile monthly active users (MAU) averaged 49.2 million in Q3 2023, up from 42.4 million in Q3 2022[7] Revenue Breakdown - Net revenues from home renovation and furnishing surged by 72.1% year-over-year to RMB 3.2 billion (US$ 0.4 billion)[15] - Existing home transaction services generated RMB 7,156,681 in revenue, while new home transaction services contributed RMB 7,792,812, reflecting increases of 13.4% and 32.4% respectively year-over-year[59] - Home renovation and furnishing net revenues increased to RMB 3,176,739 in Q3 2023, a significant rise of 72.3% compared to RMB 1,845,900 in Q3 2022[70] - Emerging and other services net revenues surged to RMB 2,424,915 in Q3 2023, an increase of 202.5% from RMB 801,189 in Q3 2022[70] Expenses and Costs - Total operating expenses increased by 12.0% to RMB 4.0 billion (US$ 0.5 billion) in Q3 2023 from RMB 3.5 billion in Q3 2022[23] - Sales and marketing expenses rose by 29.6% to RMB 1,631 million (US$ 223 million) in Q3 2023, driven by increased spending on home renovation and furnishing[23] - Total cost of revenues was RMB 12.9 billion (US$ 1.8 billion), slightly up from RMB 12.8 billion in Q3 2022[18] Profitability Metrics - Income from operations was RMB 911 million (US$ 125 million) in Q3 2023, down from RMB 1,216 million in Q3 2022, with an operating margin of 5.1% compared to 6.9% in the prior year[25] - Adjusted income from operations decreased to RMB 1,886 million (US$ 259 million) in Q3 2023 from RMB 2,108 million in Q3 2022, with an adjusted operating margin of 10.6%[26] - Net income was RMB 1,170 million (US$ 160 million) in Q3 2023, an increase from RMB 716 million in Q3 2022[27] Cash and Investments - As of September 30, 2023, the company had a combined cash balance of RMB 60.4 billion (US$ 8.3 billion)[32] - Cash and cash equivalents decreased to RMB 15,838,754 from RMB 19,413,202, a decline of about 18.5%[53] - The company reported a net cash used in investing activities of RMB (15,323,257) for the three months ended September 30, 2023, compared to RMB 3,850,877 in the same period of 2022, indicating a significant increase in cash outflow[69] Shareholder Information - The share repurchase program allows the company to buy up to US$ 2 billion of its Class A ordinary shares and/or ADSs until August 31, 2024, with approximately 49.5 million ADSs purchased for about US$ 736.5 million since its launch[37] - The total number of ordinary shareholders increased from 1,894,996 in September 2022 to 1,107,293 in September 2023[66] Future Outlook - For Q4 2023, the company expects total net revenues to be between RMB 18.0 billion (US$ 2.47 billion) and RMB 18.5 billion (US$ 2.54 billion), representing a growth of approximately 7.5% to 10.5% year-over-year[33] - The company aims to enhance capital allocation efficiency and prioritize investments in key value areas for sustainable growth[8] - The company aims to expand its market presence and enhance its service offerings through new product development and strategic partnerships in the upcoming quarters[59]

Exhibit 99.3 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. KE Holdings Inc. (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liabilit ...

KE Holdings Inc. (NYSE:BEKE) Q2 2023 Earnings Conference Call August 31, 2023 8:00 AM ET Company Participants Siting Li - IR Stanley Peng - Co-Founder, Chairman & CEO Tao Xu - Executive Director & CFO Conference Call Participants Alex Yao - JPMorgan Timothy Zhao - Goldman Sachs Harry Chen - Citigroup Miranda Zhuang - Bank of America Securities Operator Hello, ladies and gentlemen. Thank you for standing by for KE Holdings Inc.'s Second Quarter 2023 Earnings Conference Call. At this time, all participants ar ...