2423 (Ke Holdings Inc) vs Hang Seng (Hong Kong) Comparison

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2423

Hang Seng (Hong Kong)

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2423

Hang Seng (Hong Kong)

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Hang Seng (Hong Kong)

2423

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Ke Holdings Inc
Glance View

Market Cap

155.5B HKD

Industry

Real Estate

Ke Holdings Inc., often recognized by its service brand Beike, emerged as a trailblazer within China's real estate and housing ecosystem. The company deftly marries the rich tradition of property brokerage with the modern prowess of an integrated online platform. Founded through the merger of Lianjia, a premier real estate brokerage, with an innovative technology arm, Ke Holdings swiftly positioned itself as a facilitator for millions seeking homes. At its core, the company operates as a digital bridge, connecting a vast network of agents, buyers, and sellers. Their ecosystem not only provides traditional brokerage services but also leverages big data and AI to deliver personalized home matchings, value estimations, and comprehensive transaction histories. Through this, Ke Holdings enhances both the efficiency and transparency of China's real estate transactions in a market that craves trust and reliability. Financially, Ke Holdings thrives on multiple revenue streams, primarily deriving its income from commission fees on property transactions. As home transactions occur, the company earns a percentage, reflecting its role in simplifying and securing deals. Diversifying its portfolio, Ke Holdings also delves into value-added services such as home renovation and furnishing—offering an integrated lifestyle solution beyond just property purchase. Additionally, through various financial services, including home loans and transactional insurance, Ke Holdings further solidifies its relationship with consumers, ensuring a sticky customer base. Effectively, Ke Holdings combines the physical touchpoints of a traditional brokerage with the scalability and efficiency of a modern tech platform, constantly seeking to streamline the labyrinthine journey of home buying in China.

View Ke Holdings Inc Analysis

Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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UK		Cushman & Wakefield PLC NYSE:CWK	Add
US	C	Compass Inc NYSE:COMP	Add
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HK	C	China Overseas Property Holdings Ltd HKEX:2669	Add
JP		Relo Group Inc TSE:8876	Add

US		CBRE Group Inc NYSE:CBRE	Select
US		Zillow Group Inc NASDAQ:ZG	Select
US		Jones Lang LaSalle Inc NYSE:JLL	Select
CA		FirstService Corp TSX:FSV	Select
CA		Colliers International Group Inc TSX:CIGI	Select
UK		Cushman & Wakefield PLC NYSE:CWK	Select
US	C	Compass Inc NYSE:COMP	Select
US		Newmark Group Inc NASDAQ:NMRK	Select
HK	C	China Overseas Property Holdings Ltd HKEX:2669	Select
JP		Relo Group Inc TSE:8876	Select

US		CBRE Group Inc NYSE:CBRE	Add
US		Zillow Group Inc NASDAQ:ZG	Add
US		Jones Lang LaSalle Inc NYSE:JLL	Add
CA		FirstService Corp TSX:FSV	Add
CA		Colliers International Group Inc TSX:CIGI	Add
UK		Cushman & Wakefield PLC NYSE:CWK	Add
US	C	Compass Inc NYSE:COMP	Add
US		Newmark Group Inc NASDAQ:NMRK	Add
HK	C	China Overseas Property Holdings Ltd HKEX:2669	Add
JP		Relo Group Inc TSE:8876	Add

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IN		Jio Financial Services Ltd NSE:JIOFIN	Add

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2423

vs

Hang Seng (Hong Kong)

Stocks Performance
2423 vs Hang Seng (Hong Kong)

Performance Gap
2423 vs Hang Seng (Hong Kong)

Performance By Year
2423 vs Hang Seng (Hong Kong)

Competitors Performance
Ke Holdings Inc vs Peers

Ke Holdings Inc
Glance View

Company

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2423 vs Hang Seng (Hong Kong)

Stocks Performance 2423 vs Hang Seng (Hong Kong)

Performance Gap 2423 vs Hang Seng (Hong Kong)

Performance By Year 2423 vs Hang Seng (Hong Kong)

Competitors Performance Ke Holdings Inc vs Peers

Ke Holdings Inc Glance View

Company

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Stocks

2423

vs

Hang Seng (Hong Kong)

Stocks Performance
2423 vs Hang Seng (Hong Kong)

Performance Gap
2423 vs Hang Seng (Hong Kong)

Performance By Year
2423 vs Hang Seng (Hong Kong)

Competitors Performance
Ke Holdings Inc vs Peers

Ke Holdings Inc
Glance View