China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[KE Holdings (BEKE US, BUY, TP US$24) Update]: Our View of Gradual Property Recovery into 2024

[KE Holdings (BEKE US,BUY,TP US$24.5)TP Change]:Steady Recovery with Catalysts for Market Share Gain

[KE Holdings Inc. (BEKE US, BUY, TP US$24.5) TP Change]: Policy Stimulus Drive up near Term Sales

[KE Holdings Inc. (BEKE US) Target Price Change]: Government Clears the Commission Uncertainties

[KE Holdings (BEKE US) Target Price Change]: Operating Leverage Starts to Kick In, Maintain BUY

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>KE Holdings (Beike) reported 2Q23 GTV 5.6% lower than our estimate, revenue (2.6%)/0.4% vs. our estimate/consensus, and non-GAAP NI 21.8%/42.9% higher than our estimate/consensus. </li>
<li>We think 3Q23 is the trough and expect a rebound in 4Q23 as more substantial supportive policies laying out in China. </li>
<li>We maintain the stock as BUY rating and raised TP by US$2 to US$24/ADS</li>
</ul>


KE Holdings (Beike) reported 2Q23 GTV 5.6% lower than our estimate, revenue (2.6%)/0.4% vs. our estimate/consensus, and non-GAAP NI 21.8%/42.9% higher than our estimate/consensus. 
We think 3Q23 is the trough and expect a rebound in 4Q23 as more substantial supportive policies laying out in China. 
We maintain the stock as BUY rating and raised TP by US$2 to US$24/ADS


[KE (BEKE US, BUY, TP US$24) TP Change]: Silver Lining Appear in Industry Cycle, Maintain BUY