What changed
$BEKE — BUY 📊 | 6 MONTHS THESIS
🎯 latest | Rev $14.3B | EPS $1.42 vs $0.91 🟢
💡 Consensus underestimated the speed and magnitude of China's housing recovery and BEKE's operating leverage. The 55% EPS beat (1.42 vs 0.91) shows a steep upward trajectory that is not fully reflected in annual estimates; the market is still pricing a prolonged downturn rather than a V-shaped earnings rebound.
📉 Reward/risk: 2.14:1
🏢 Business Quality: 7/10 - Dominant ~50% share in existing home transactions, strong network effects and data moat, but exposed to housing cyclicality and policy risk.
📊 Valuation: cheap - On full-year 2024 net income ~6B CNY, P/E 16.7x; EV/EBITDA ~2x after adjusting for ~80B CNY net cash.
🔮 Catalyst: Q1 2025 earnings release (expected May 2025); monthly NBS housing data; government policy easing to support property demand
📊 Our read: BUY. Full analysis →
https://stockduty.xyz/s/BEKE0614