《大行》大和降貝殼目標價至 46 元 重申「跑贏大市」評級

Daiwa published a report stating that KE-W (02423.HK) is expected to exceed non-GAAP net profit expectations by 10% in the third quarter of 2025. Although the revenue outlook for the fourth quarter of 2025 and 2026 is weaker than expected, the corresponding profit margin guidance is still better than market concerns.

The firm believes that the current stock price level presents an attractive tactical buying opportunity. It has lowered the earnings per share expectations for 2025 to 2027 by 19% to 37% to reflect the impact of weaker-than-expected total transaction growth in the fourth quarter of 2025 and 2026. It reaffirms the "Outperform" rating but has lowered the target price for H shares from HKD 56 to HKD 46, based on a forward price-to-earnings ratio of 23 times the expected earnings per share for 2026