Ke Holdings Inc
HKEX:2423
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Intrinsic Value
The intrinsic value of one Ke Holdings Inc stock under the Base Case scenario is 53.85 HKD. Compared to the current market price of 40 HKD, Ke Holdings Inc is Undervalued by 26%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Ke Holdings Inc
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Fundamental Analysis
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Ke Holdings Inc., often referred to as Beike, has carved out a significant position in the burgeoning real estate technology market in China. Founded in 2015, the company has rapidly evolved into one of the largest integrated platforms for housing transactions and services in the country. By leveraging an extensive network of real estate agents and employing advanced technology, Ke Holdings enables a seamless experience for homebuyers and sellers. The platform combines online and offline resources, offering a wide array of services, including property listings, virtual tours, and market analysis, that cater to both residential and commercial real estate sectors. With a strong emphasis on tra...
Ke Holdings Inc., often referred to as Beike, has carved out a significant position in the burgeoning real estate technology market in China. Founded in 2015, the company has rapidly evolved into one of the largest integrated platforms for housing transactions and services in the country. By leveraging an extensive network of real estate agents and employing advanced technology, Ke Holdings enables a seamless experience for homebuyers and sellers. The platform combines online and offline resources, offering a wide array of services, including property listings, virtual tours, and market analysis, that cater to both residential and commercial real estate sectors. With a strong emphasis on transparency and efficiency, Ke Holdings has become a trusted intermediary, addressing the complexities of property transactions in China's dynamic market.
Investing in Ke Holdings represents an opportunity to tap into the evolving real estate landscape of China, where digital transformation is reshaping traditional practices. The company has demonstrated robust growth, fueled by an expanding middle-class demographic and increasing demand for urban housing solutions. Moreover, Ke Holdings has been proactive in enhancing its technological capabilities and diversifying its service offerings, ensuring it remains at the forefront of innovation in property tech. As regulatory frameworks in China evolve and the market stabilizes post-2021's turmoil, Ke Holdings is positioned to capitalize on long-term trends, making it an intriguing prospect for investors looking to gain exposure to the expansive and pivotal real estate sector in one of the world's largest economies.
Ke Holdings Inc., commonly known as Beike, operates primarily in China’s real estate industry. Here are the core business segments of the company:
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Real Estate Services: Ke Holdings provides a platform that connects buyers, sellers, and renters with agents and real estate professionals. This includes a wide range of services such as property listings, transaction support, and property management.
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Technology and Data Services: The company leverages technology to enhance the real estate transaction process. This includes online tools for property search, virtual tours, and data analytics to provide insights on market trends and property valuations.
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Mortgage Services: Ke Holdings offers mortgage and financing solutions to consumers looking to purchase properties. This segment typically aids customers in navigating the mortgage process more efficiently.
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Home Services: This segment might include ancillary services required by homeowners, such as renovation, moving services, and maintenance that can be facilitated through their platform.
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Agent Network: Ke Holdings has built a comprehensive network of real estate agents, providing training, resources, and technology to help them better serve clients while enhancing their own productivity.
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Investment and Financial Services: The company may engage in real estate investment and financial services, including investment advisory for property investments and real estate funds.
Ke Holdings focuses on digitally transforming the real estate market in China, offering an integrated platform that combines services and technology to create an efficient and user-friendly experience.
Ke Holdings Inc., commonly known as Beike, operates primarily in the online real estate services sector in China. Its competitive advantages can be attributed to several key factors:
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Comprehensive Ecosystem: Ke Holdings integrates various services through its platform, including listings, transactions, and other related services. This broad ecosystem can enhance user experience and retention by providing a one-stop solution for buyers, sellers, and renters.
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Robust Technology Infrastructure: The company leverages advanced technologies, including big data and artificial intelligence, to improve property matching, pricing analysis, and customer service. This tech-driven approach can lead to greater efficiency and better decision-making.
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Large User Base and Brand Recognition: As one of the leading online real estate platforms in China, Ke Holdings benefits from a significant user base, strengthening its network effects. A larger user base can lead to more listings and better options for consumers.
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Strong Partnerships: The company has established partnerships with various real estate developers, agents, and financial institutions, allowing it to offer a wider range of properties and services, enhancing its market reach and credibility.
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Market Positioning: Ke Holdings is strategically positioned in the Chinese market, which has a significant volume of real estate transactions. Their focus on technology and customer service helps differentiate them from traditional brokers and other online platforms.
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Data-Driven Insights: With access to a vast amount of market data, Ke Holdings can provide deeper insights and analytics to customers, offering them information that may not be readily available from competitors. This can lead to a better understanding of market trends and pricing.
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Scalability and Efficiency: The company’s platform allows for scalable growth, enabling it to adapt to changing market conditions and expand its operations without significant increases in fixed costs.
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Regulatory Compliance and Adaptability: Being a major player in a heavily regulated industry, Ke Holdings’ ability to navigate and comply with regulations can provide it with a substantial advantage over less agile competitors.
These competitive advantages collectively enhance Ke Holdings' position in the market, enabling it to better serve customers and fend off competition in the dynamic Chinese real estate landscape.
Ke Holdings Inc., a leading online real estate services platform in China, faces several risks and challenges in the near future:
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Regulatory Environment: The Chinese government has tightened regulations in various sectors, including real estate. Stricter laws may affect operational flexibility and compliance costs, posing significant challenges for Ke Holdings.
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Market Competition: The real estate market in China is highly competitive, with numerous players, including traditional real estate agencies and new digital entrants. Ke Holdings must continually innovate to maintain its market share.
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Economic Slowdown: China's economic growth has shown signs of slowing down. A decline in GDP growth could affect consumer confidence and reduce demand for real estate services, impacting Ke Holdings’ revenue.
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Housing Market Volatility: The housing market in China can be volatile, influenced by government policies and economic conditions. Fluctuations in property prices and transaction volumes may directly affect Ke Holdings' business performance.
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Technological Integration: As a technology-driven platform, Ke Holdings must continuously invest in technology and innovation. Failing to keep up with technological advancements may hinder competitiveness.
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Data Privacy and Security: With the increase in data usage and e-commerce, Ke Holdings faces risks related to data privacy and cybersecurity. Breaches could result in legal issues and loss of customer trust.
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Changing Consumer Preferences: The preferences of home buyers and renters are changing, particularly among younger generations. Ke Holdings must adapt its service offerings to meet these evolving needs.
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Talent Acquisition and Retention: Attracting and retaining skilled employees, particularly in technology and customer service areas, can be challenging in a competitive job market.
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Global Economic Factors: Geopolitical tensions and global economic uncertainties, such as trade disputes, can impact business confidence and investor behavior, which may affect the real estate market.
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Financial Health of Partners: The financial stability of real estate developers and other partners is critical. Insolvencies or financial struggles in the industry can disrupt the service ecosystem Ke Holdings relies on.
Addressing these risks will require strategic planning, proactive management, and a robust understanding of the market dynamics in the real estate sector.
Revenue & Expenses Breakdown
Ke Holdings Inc
Balance Sheet Decomposition
Ke Holdings Inc
Current Assets | 70.7B |
Cash & Short-Term Investments | 51.6B |
Receivables | 5.8B |
Other Current Assets | 13.2B |
Non-Current Assets | 51.8B |
Long-Term Investments | 22.1B |
PP&E | 22.6B |
Intangibles | 5.8B |
Other Non-Current Assets | 1.4B |
Current Liabilities | 43.4B |
Accounts Payable | 6.7B |
Accrued Liabilities | 23.9B |
Other Current Liabilities | 12.8B |
Non-Current Liabilities | 8.6B |
Other Non-Current Liabilities | 8.6B |
Earnings Waterfall
Ke Holdings Inc
Revenue
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77.8B
CNY
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Cost of Revenue
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-57.1B
CNY
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Gross Profit
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20.7B
CNY
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Operating Expenses
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-17.8B
CNY
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Operating Income
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2.9B
CNY
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Other Expenses
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1.3B
CNY
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Net Income
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4.2B
CNY
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Free Cash Flow Analysis
Ke Holdings Inc
CNY | |
Free Cash Flow | CNY |
In the second quarter, the company saw significant improvements across various metrics. Net revenue grew by 19.9% year-over-year to RMB 23.4 billion, driven by strong gains in home renovation and rental services, which increased by 57.8%. Gross profit increased by 22% to RMB 6.5 billion, with gross margins improving to 27.9%. Notably, GAAP net income rose by 46.2% year-over-year to RMB 1.9 billion. The company also announced a substantial expansion of its share repurchase program, raising it from USD 2 billion to USD 3 billion, extending until August 2025. These results highlight the company's strong execution and market outperformance.
What is Earnings Call?
Profitability Score
Profitability Due Diligence
Ke Holdings Inc's profitability score is 46/100. The higher the profitability score, the more profitable the company is.
Score
Ke Holdings Inc's profitability score is 46/100. The higher the profitability score, the more profitable the company is.
Solvency Score
Solvency Due Diligence
Ke Holdings Inc's solvency score is 59/100. The higher the solvency score, the more solvent the company is.
Score
Ke Holdings Inc's solvency score is 59/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
Price Targets Summary
Ke Holdings Inc
According to Wall Street analysts, the average 1-year price target for Ke Holdings Inc is 58.72 HKD with a low forecast of 52.96 HKD and a high forecast of 79.8 HKD.
Shareholder Yield
Current shareholder yield for Ke Holdings Inc is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Price
Ke Holdings Inc
Average Annual Return | 22.6% |
Standard Deviation of Annual Returns |
N/A
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Max Drawdown | -50% |
Market Capitalization | 141.7B HKD |
Shares Outstanding | 3 701 122 300 |
Percentage of Shares Shorted |
N/A
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Profile
Country
Industry
Market Cap
Dividend Yield
Description
KE Holdings, Inc. operates as a holding company that operates an integrated online and offline platform for housing transactions and services through its subsidiaries. The company is headquartered in Beijing, Beijing and currently employs 110,082 full-time employees. The company went IPO on 2020-08-13. The firm mainly operates its businesses through its online and offline platform called Beike. The firm's businesses are comprised of existing home transaction services, new home transaction services and emerging and other services, such as home renovation services and financial services. The firm owns the brand Lianjia under which it operates real estate brokerage businesses.
Contact
IPO
Employees
Officers
The intrinsic value of one Ke Holdings Inc stock under the Base Case scenario is 53.85 HKD.
Compared to the current market price of 40 HKD, Ke Holdings Inc is Undervalued by 26%.