Core Viewpoint - DBS has downgraded the earnings forecast for Beike-W (02423) for the fiscal years 2025 to 2026 by 17% to 19% based on adjusted transaction volume and cost assumptions [1] Group 1: Earnings Forecast and Ratings - Beike is considered a preferred stock indicator for the housing market recovery, maintaining a "Buy" rating despite the downgrade [1] - The target price for Beike has been reduced from HKD 62.25 to HKD 52.09, while the US stock target price has decreased from USD 23.41 to USD 19.36 [1] Group 2: Performance Insights - Beike's Q3 2025 performance met expectations, but a decline in residential transaction volume weakened operational leverage, contributing to a lackluster performance for the quarter [1] - The guidance for Q4 2025 did not meet expectations, with net revenue and profit margin forecasts appearing conservative [1]
星展：降贝壳-W(02423)目标价至52.09港元 重申“买入”评级