KE Holdings Inc. - SEHK:2423
Profile
Price
HKD$ 44.45
()
Market Cap
HKD$ 163.327B
Shares Out
3629.592 M
Employees
122599
Dividends
Yield
3.16 %
Payout (TTM)
37.06 %
DPS (TTM)
0.916
DPS Growth 3Yr
0 %
DPS Growth 5Yr
0 %
DPS Growth 10Yr
3185.3 %
FinancialHealth
Cash
-
Net Debt
HKD$ -1.649B
Debt/Equity (TTM)
30.63 %
Returns(TTM)
ROA
3.39 %
ROE
5.63 %
ROCE
3.3 %
Valuation(TTM)
P/E
26.488
P/B
1.556
P/FCF
24.499 %
Margins(TTM)
Gross
25.34 %
Operating
3.07 %
Pre-Tax
7.19 %
Net
4.86 %
FCFPS
2.29 %
Growth(CAGR)
RevPS 3Yr
0.817 %
RevPS 5Yr
6.448 %
RevPS 10Yr
7.937 %
NetIncomePS 3Yr
2.919 %
NetIncomePS 5Yr
35.5 %
NetIncomePS 10Yr
31.017 %
Last Price
HKD$ 44.45
5D
-1.659%
1M
-2.948%
3M
-23.362%
1Y
22.960%
The analysis of KE Holdings Inc. (BEKE) presents a dual perspective. Bulls highlight a market recovery driven by supportive policies, significant growth in existing home transactions, and operational efficiency, including a 14.6% increase in store network and strong performance in home renovation and rental services. The company also boasts robust cash reserves and strategic partnerships. Conversely, bears express concerns over market volatility, particularly in the new home sector, declining profit margins, and cautious consumer sentiment. They warn that ongoing competition and a "wait-and-see" attitude among buyers could hinder growth. Overall, while there are opportunities for growth, challenges remain that require careful management.
Valuation And Growth
Segments
Guidance and Outlook
Bulls - Bears Say
1Y
3Y
5Y
ALL
For the Fiscal Period | Feb-28-2025 | Jan-31-2025 | Dec-31-2024 | Nov-30-2024 | Oct-31-2024 | Sep-30-2024 | Aug-31-2024 | Jul-31-2024 | Jun-30-2024 | May-31-2024 | Apr-30-2024 | Mar-31-2024 | Feb-29-2024 | Jan-31-2024 | Dec-31-2023 | Nov-30-2023 | Oct-31-2023 | Sep-30-2023 | Aug-31-2023 | Jul-31-2023 | Jun-30-2023 | May-31-2023 | Apr-30-2023 | Mar-31-2023 | Feb-28-2023 | Jan-31-2023 | Dec-31-2022 | Nov-30-2022 | Oct-31-2022 | Sep-30-2022 | Aug-31-2022 | Jul-31-2022 | Jun-30-2022 | May-31-2022 |
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Valuation Multiples |
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TEV/LTM Unlevered FCF | 29.52 | 29.52 | 31.82 | 32.96 | 49.38 | 43.95 | 30.46 | 18.10 | 18.57 | 23.78 | 11.04 | 9.83 | 8.60 | 9.14 | 11.09 | 10.86 | 8.77 | 9.49 | 11.06 | 7.76 | 6.12 | 5.83 | 9.96 | 12.89 | 10.13 | 10.19 | 6.86 | 9.17 | 3.74 | 8.28 | 8.63 | 6.34 | 8.85 | 5.87 |
Market Cap/LTM Levered FCF | 37.69 | 37.69 | 40.00 | 41.14 | 59.15 | 53.70 | 40.17 | 25.49 | 25.97 | 31.20 | 15.24 | 14.01 | 12.44 | 12.98 | 14.93 | 14.70 | 12.56 | 13.29 | 14.87 | 11.22 | 9.59 | 9.29 | 14.57 | 17.48 | 13.48 | 13.55 | 10.22 | 12.52 | 6.20 | 10.74 | 11.09 | 9.24 | 11.75 | 8.77 |
P/LTM Normalized EPS | 46.31 | 46.31 | 48.94 | 50.08 | 59.40 | 53.93 | 40.20 | 48.00 | 49.04 | 58.81 | 29.59 | 23.65 | 25.00 | 26.07 | 29.82 | 29.30 | 27.74 | 29.27 | 32.43 | 46.85 | 39.94 | 38.30 | 268.95 | 158.32 | - | - | - | - | - | - | - | - | - | - |
P/LTM EPS | 34.62 | 34.62 | 36.58 | 37.44 | 45.25 | 41.09 | 30.62 | 33.44 | 34.16 | 40.97 | 21.93 | 19.91 | 21.40 | 22.31 | 25.53 | 25.08 | 24.90 | 26.27 | 29.11 | 73.31 | 62.49 | 59.93 | - | - | - | - | - | - | - | - | - | - | - | - |
P/BV | 2.02 | 2.02 | 2.13 | 2.18 | 2.67 | 2.42 | 1.80 | 1.73 | 1.76 | 2.11 | 1.83 | 1.55 | 1.61 | 1.67 | 1.92 | 1.88 | 1.74 | 1.84 | 2.04 | 1.97 | 1.68 | 1.61 | 1.96 | 2.23 | 2.24 | 2.25 | 1.71 | 2.08 | 1.30 | 2.23 | 2.30 | 1.61 | 2.05 | 1.53 |
P/Tangible BV | 2.20 | 2.20 | 2.32 | 2.38 | 2.90 | 2.64 | 1.97 | 1.89 | 1.93 | 2.31 | 2.00 | 1.69 | 1.76 | 1.83 | 2.09 | 2.06 | 1.91 | 2.01 | 2.23 | 2.17 | 1.85 | 1.77 | 2.17 | 2.47 | 2.49 | 2.50 | 1.90 | 2.31 | 1.45 | 2.49 | 2.56 | 1.69 | 2.15 | 1.60 |
TEV/LTM Total Revenue | 1.39 | 1.39 | 1.50 | 1.56 | 2.08 | 1.85 | 1.28 | 1.17 | 1.20 | 1.54 | 1.22 | 1.08 | 1.13 | 1.20 | 1.46 | 1.43 | 1.25 | 1.35 | 1.57 | 1.50 | 1.18 | 1.12 | 1.52 | 1.97 | 1.98 | 1.99 | 1.34 | 1.79 | 0.83 | 1.84 | 1.91 | 1.07 | 1.49 | 0.99 |
Market Cap/LTM Total Revenue | 1.77 | 1.77 | 1.88 | 1.94 | 2.48 | 2.25 | 1.68 | 1.65 | 1.68 | 2.02 | 1.68 | 1.55 | 1.64 | 1.71 | 1.96 | 1.93 | 1.79 | 1.89 | 2.11 | 2.16 | 1.85 | 1.79 | 2.23 | 2.67 | 2.63 | 2.64 | 1.99 | 2.44 | 1.37 | 2.38 | 2.46 | 1.56 | 1.98 | 1.48 |
TEV/LTM EBITDA | 8.06 | 8.06 | 8.69 | 9.00 | 11.76 | 10.47 | 7.26 | 7.20 | 7.39 | 9.46 | 6.70 | 7.99 | 7.22 | 7.66 | 9.30 | 9.11 | 7.83 | 8.47 | 9.84 | 11.24 | 8.87 | 8.43 | 18.06 | 26.61 | 33.78 | 34.00 | 22.89 | 30.59 | 158.14 | - | - | 28.31 | 39.53 | 26.23 |
TEV/LTM EBIT | 43.25 | 43.25 | 46.62 | 48.29 | 56.56 | 50.34 | 34.89 | 45.04 | 46.23 | 59.19 | 19.34 | 17.22 | 15.31 | 16.26 | 19.73 | 19.32 | 15.97 | 17.29 | 20.08 | 31.95 | 25.22 | 23.99 | - | - | - | - | - | - | - | - | - | - | - | - |
Margin Analysis |
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Gross Margin | 25.34 | 25.34 | 25.34 | 25.34 | 26.57 | 26.57 | 26.57 | 26.38 | 26.38 | 26.38 | 27.92 | 27.92 | 27.81 | 27.81 | 27.81 | 27.81 | 27.72 | 27.72 | 26.19 | 26.19 | 26.19 | 22.71 | 22.71 | 22.71 | 20.42 | 20.42 | 20.42 | 17.04 | 17.04 | 17.04 | 18.21 | 18.21 | 18.21 | 19.59 |
SG&A Margin | 19.59 | 19.59 | 19.59 | 19.59 | 20.35 | 20.35 | 20.35 | 21.14 | 21.14 | 21.14 | 19.15 | 19.15 | 17.88 | 17.88 | 17.88 | 17.88 | 17.31 | 17.31 | 18.20 | 18.20 | 18.20 | 19.65 | 19.65 | 19.65 | 19.13 | 19.13 | 19.13 | 19.91 | 19.91 | 19.91 | 17.16 | 17.16 | 17.16 | 16.39 |
EBITDA Margin | 4.56 | 4.56 | 4.56 | 4.56 | 5.28 | 5.28 | 5.28 | 4.48 | 4.48 | 4.48 | 8.09 | 8.09 | 9.29 | 9.29 | 9.29 | 9.29 | 9.75 | 9.75 | 6.87 | 6.87 | 6.87 | 1.35 | 1.35 | 1.35 | -0.75 | -0.75 | -0.75 | -5.80 | -5.80 | -5.80 | -1.52 | -1.52 | -1.52 | 0.94 |
EBIT Margin | 3.24 | 3.24 | 3.24 | 3.24 | 3.68 | 3.68 | 3.68 | 2.60 | 2.60 | 2.60 | 6.29 | 6.29 | 7.36 | 7.36 | 7.36 | 7.36 | 7.78 | 7.78 | 4.69 | 4.69 | 4.69 | -1.13 | -1.13 | -1.13 | -3.21 | -3.21 | -3.21 | -8.19 | -8.19 | -8.19 | -3.50 | -3.50 | -3.50 | -0.75 |
Earnings from Cont. Ops Margin | 5.05 | 5.05 | 5.05 | 5.05 | 5.37 | 5.37 | 5.37 | 4.83 | 4.83 | 4.83 | 7.57 | 7.57 | 7.52 | 7.52 | 7.52 | 7.52 | 6.93 | 6.93 | 2.88 | 2.88 | 2.88 | -2.30 | -2.30 | -2.30 | -4.38 | -4.38 | -4.38 | -8.33 | -8.33 | -8.33 | -3.03 | -3.03 | -3.03 | -0.65 |
Net Income Margin | 5.05 | 5.05 | 5.05 | 5.05 | 5.34 | 5.34 | 5.34 | 4.83 | 4.83 | 4.83 | 7.56 | 7.56 | 7.52 | 7.52 | 7.52 | 7.52 | 6.96 | 6.96 | 2.89 | 2.89 | 2.89 | -2.28 | -2.28 | -2.28 | -4.36 | -4.36 | -4.36 | -8.33 | -8.33 | -8.33 | -3.03 | -3.03 | -3.03 | -0.65 |
Levered Free Cash Flow Margin | 4.71 | 4.71 | 4.71 | 4.71 | 4.19 | 4.19 | 4.19 | 6.47 | 6.47 | 6.47 | 11.02 | 11.02 | 13.14 | 13.14 | 13.14 | 13.14 | 14.23 | 14.23 | 19.26 | 19.26 | 19.26 | 15.28 | 15.28 | 15.28 | 19.51 | 19.51 | 19.51 | 22.16 | 22.16 | 22.16 | 16.87 | 16.87 | 16.87 | 10.07 |
Unlevered Free Cash Flow Margin | 4.72 | 4.72 | 4.72 | 4.72 | 4.20 | 4.20 | 4.20 | 6.48 | 6.48 | 6.48 | 11.03 | 11.03 | 13.16 | 13.16 | 13.16 | 13.16 | 14.24 | 14.24 | 19.27 | 19.27 | 19.27 | 15.30 | 15.30 | 15.30 | 19.52 | 19.52 | 19.52 | 22.16 | 22.16 | 22.16 | 16.87 | 16.87 | 16.87 | 10.08 |
Margin Analysis |
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Total Revenue | - | - | - | - | - | HKD$ 88689.83 | - | - | HKD$ 85433.00 | - | - | HKD$ 79575.45 | - | - | HKD$ 83777.15 | - | - | HKD$ 80053.36 | - | - | HKD$ 79822.72 | - | - | HKD$ 73675.63 | - | - | HKD$ 65349.16 | - | - | HKD$ 66467.87 | - | - | HKD$ 67005.96 | - |
Profitability |
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Return on Equity | 5.84 % | 5.84 % | 5.84 % | 5.84 % | 5.82 % | 5.82 % | 5.82 % | 5.06 % | 5.06 % | 5.06 % | 8.34 % | 8.34 % | 7.92 % | 7.92 % | 7.92 % | 7.92 % | 7.37 % | 7.37 % | 2.85 % | 2.85 % | 2.85 % | -2.05 % | -2.05 % | -2.05 % | -3.93 % | -3.93 % | -3.93 % | -7.62 % | -7.62 % | -7.62 % | -3.26 % | -3.26 % | -3.26 % | -0.78 % |
Return on Assets | 1.39 % | 1.39 % | 1.39 % | 1.39 % | 1.49 % | 1.49 % | 1.49 % | 1.01 % | 1.01 % | 1.01 % | 2.66 % | 2.66 % | 3.02 % | 3.02 % | 3.02 % | 3.02 % | 3.25 % | 3.25 % | 1.85 % | 1.85 % | 1.85 % | -0.41 % | -0.41 % | -0.41 % | -1.18 % | -1.18 % | -1.18 % | -3.01 % | -3.01 % | -3.01 % | -1.54 % | -1.54 % | -1.54 % | -0.37 % |
Return on Capital | 1.84 % | 1.84 % | 1.84 % | 1.84 % | 2.01 % | 2.01 % | 2.01 % | 1.39 % | 1.39 % | 1.39 % | 3.57 % | 3.57 % | 4.04 % | 4.04 % | 4.04 % | 4.04 % | 4.42 % | 4.42 % | 2.52 % | 2.52 % | 2.52 % | -0.55 % | -0.55 % | -0.55 % | -1.58 % | -1.58 % | -1.58 % | -4.16 % | -4.16 % | -4.16 % | -2.11 % | -2.11 % | -2.11 % | -0.51 % |
Dividends |
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Dividend/Market Cap | - | 2.01 % | 1.91 % | 1.86 % | 1.60 % | 1.76 % | 2.43 % | 2.53 % | 2.48 % | 2.07 % | 2.32 % | 2.56 % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Buyback Yield/Market Cap | - | 2.33 % | 2.48 % | 2.17 % | 2.63 % | 2.88 % | 3.16 % | 1.43 % | 1.23 % | 2.10 % | 1.77 % | 1.13 % | 1.96 % | 1.93 % | 0.44 % | 1.37 % | 0.88 % | 1.29 % | 0.90 % | 2.29 % | 2.10 % | 1.09 % | 1.31 % | 1.26 % | 1.12 % | 1.12 % | 2.04 % | 0.93 % | 0.93 % | 0.26 % | 0.00 | - | - | - |
Dividend/TEV | - | 2.56 % | 2.39 % | 2.32 % | 1.91 % | 2.15 % | 3.11 % | 3.56 % | 3.45 % | 2.70 % | 3.19 % | 3.64 % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Buyback/TEV | - | 2.96 % | 3.11 % | 2.70 % | 3.14 % | 3.50 % | 4.04 % | 2.00 % | 1.72 % | 2.75 % | 2.43 % | 1.61 % | 2.83 % | 2.74 % | 0.60 % | 1.85 % | 1.26 % | 1.81 % | 1.20 % | 3.31 % | 3.29 % | 1.73 % | 1.91 % | 1.71 % | 1.49 % | 1.49 % | 3.04 % | 1.27 % | 1.54 % | 0.34 % | 0.00 | - | - | - |
Free Cash Flow Yield/Market Cap | - | 1.60 % | 1.51 % | 1.47 % | 1.26 % | 1.39 % | -8.74 % | -9.08 % | -8.85 % | -3.76 % | -4.21 % | -4.61 % | 5.95 % | 5.71 % | 4.96 % | 2.36 % | 2.54 % | 2.40 % | 14.47 % | 14.50 % | 16.97 % | 12.89 % | 11.72 % | 9.76 % | -0.01 % | -0.01 % | -0.01 % | -2.55 % | -4.24 % | -2.45 % | -13.26 % | -16.95 % | -13.33 % | -12.78 % |
Free Cash Flow Yield/TEV | - | 2.04 % | 1.90 % | 1.83 % | 1.51 % | 1.70 % | -11.18 % | -12.76 % | -12.32 % | -4.91 % | -5.79 % | -6.56 % | 8.60 % | 8.10 % | 6.68 % | 3.19 % | 3.64 % | 3.36 % | 19.44 % | 20.95 % | 26.55 % | 20.53 % | 17.12 % | 13.23 % | -0.01 % | -0.01 % | -0.01 % | -3.49 % | -7.02 % | -3.17 % | -17.03 % | -24.71 % | -17.69 % | -19.08 % |
Growth |
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Total Revenue | HKD$ 11.06 | HKD$ 11.06 | HKD$ 11.06 | HKD$ 11.06 | HKD$ 4.93 | HKD$ 4.93 | HKD$ 4.93 | HKD$ 8.01 | HKD$ 8.01 | HKD$ 8.01 | HKD$ 28.20 | HKD$ 28.20 | HKD$ 20.44 | HKD$ 20.44 | HKD$ 20.44 | HKD$ 20.44 | HKD$ 19.13 | HKD$ 19.13 | HKD$ -5.79 | HKD$ -5.79 | HKD$ -5.79 | HKD$ -24.87 | HKD$ -24.87 | HKD$ -24.87 | HKD$ -27.94 | HKD$ -27.94 | HKD$ -27.94 | HKD$ -29.38 | HKD$ -29.38 | HKD$ -29.38 | HKD$ -13.63 | HKD$ -13.63 | HKD$ -13.63 | HKD$ 14.57 |
Gross Profit | 1.21 % | 1.21 % | 1.21 % | 1.21 % | 0.58 % | 0.58 % | 0.58 % | 8.82 % | 8.82 % | 8.82 % | 57.60 % | 57.60 % | 63.98 % | 63.98 % | 63.98 % | 63.98 % | 93.86 % | 93.86 % | 35.46 % | 35.46 % | 35.46 % | -12.89 % | -12.89 % | -12.89 % | -31.24 % | -31.24 % | -31.24 % | -46.90 % | -46.90 % | -46.90 % | -37.56 % | -37.56 % | -37.56 % | -6.17 % |
EBITDA | -45.49 % | -45.49 % | -45.49 % | -45.49 % | -43.21 % | -43.21 % | -43.21 % | -29.65 % | -29.65 % | -29.65 % | 669.40 % | 669.40 % | 7.25 % | 7.25 % | 7.25 % | 7.25 % | 7.25 % | 7.25 % | 7.25 % | 7.25 % | 7.25 % | 7.25 % | 7.25 % | 7.25 % | -82.06 % | -82.06 % | -82.06 % | -82.06 % | -82.06 % | -82.06 % | -82.06 % | -82.06 % | -82.06 % | -82.06 % |
Earnings from Cont. Ops. | -25.40 % | -25.40 % | -25.40 % | -25.40 % | -18.77 % | -18.77 % | -18.77 % | 81.13 % | 81.13 % | 81.13 % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income | -25.51 % | -25.51 % | -25.51 % | -25.51 % | -19.48 % | -19.48 % | -19.48 % | 80.32 % | 80.32 % | 80.32 % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Unlevered Free Cash Flow | -60.16 % | -60.16 % | -60.16 % | -60.16 % | -69.03 % | -69.03 % | -69.03 % | -63.67 % | -63.67 % | -63.67 % | -7.54 % | -7.54 % | -18.81 % | -18.81 % | -18.81 % | -18.81 % | -23.46 % | -23.46 % | 7.59 % | 7.59 % | 7.59 % | 14.05 % | 14.05 % | 14.05 % | 344.78 % | 344.78 % | 344.78 % | 611.99 % | 611.99 % | 611.99 % | 110.19 % | 110.19 % | 110.19 % | 29.92 % |
Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Balance Sheet
- 1y
- 2y
- 5y
- ALL
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