In today’s briefing:
- [KE Holdings Inc. (BEKE US, BUY, TP US$24) TP Change]: The Old China Braces for Turbulence & Change
- Sichuan Yingfa Ruineng Technology Pre-IPO Tearsheet
- Lucror Analytics – Morning Views Asia
[KE Holdings Inc. (BEKE US, BUY, TP US$24) TP Change]: The Old China Braces for Turbulence & Change
- Beike (BEKE) reported C2Q25 top line, non-GAA op. profit and GAAP net income (2.5%), (43%) and (3.0%) vs. our est.
- Since a strong start in C1Q25, both new and existing home sales growth have trended down after early March, against a weak 2024.
- We cut TP by US$1 to US$24 and maintain BUY.
Sichuan Yingfa Ruineng Technology Pre-IPO Tearsheet
- Sichuan Yingfa Ruineng Technology (SYRT HK) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities (International) and Huatai International.
- Sichuan Yingfa Ruineng Technology. (SYRT) is a specialized manufacturer of photovoltaic (PV) cells, focusing on research, development, manufacturing, and direct sales. It operates four production bases across China and overseas.
- China accounts for 89.3% of sales in FY24, with the rest coming from India, Vietnam, and the US. It is supported by 161 granted patents in China.
Lucror Analytics – Morning Views Asia
- The UST curve twisted flatter yesterday, partly unwinding Wednesday’s steepening move.
- The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.
- Equities climbed on the back of upward revisions to the US Q2/25 GDP.
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