In today’s briefing:
- KE (BEKE): In 1Q25, Rental and New Home Revenues Up by 94% and 64%
- Philippine Stock Exchange (PSE PM): Inflection In Q1 2025, More Catalysts To Come
- SGX Group (SGX SP): Likely More Listings. Triggered by Trade Tensions, Tax Perks
KE (BEKE): In 1Q25, Rental and New Home Revenues Up by 94% and 64%
- In 1Q25, BEKE’s active stores increased by 29% YoY and total revenue increased by 42% YoY.
- New home revenue and rental revenue grew by 64% YoY and 94% YoY in 1Q25.
- We believe the stock price can double and is undervalued for the concerns on the general property market.
Philippine Stock Exchange (PSE PM): Inflection In Q1 2025, More Catalysts To Come
- Philippine Stock Exchange (PSE PM) reported an encouraging Q1 2025 with revenue/operating income up 82%/72% YoY, buoyed by the acquisition of PDS.
- Despite acquiring 91.6% of PDS (as of 15 May 2025), the company has net cash and investments of 4.8 bn pesos, representing more than 30% of its current market capitalization.
- Trading at 13x PE, with a >6% forward dividend yield, and ex-cash ROCE>20%, the stock is cheap. We believe there is a long runway for growth with multiple catalysts.
SGX Group (SGX SP): Likely More Listings. Triggered by Trade Tensions, Tax Perks
- Reported surge in listing interest on SGX (SGX SP) driven by escalating U.S.- China trade tensions and associated geopolitical uncertainties.
- Singapore’s proactive policy toolkit announced in February 2025 offer issuers both cost savings and regulatory certainty and could play a role in attracting more companies to list in Singapore.
- An uptick in listings on the Singapore Exchange (SGX) can set off a virtuous cycle, strengthen valuation multiples and lead to upward revisions to 2026 earnings forecasts.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
