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KE Holdings

12/01/2023

China’s property market is still under stress. While there is no immediate re-start of the property market, top-line properties appear to be more resilient. 2023 revenue growth is expected to be around 20%, but we would expect a revenue and EPS miss around 15% and 25% respectively. Once these adjustments are made, an exposure to KE Holdings appears to be a valuable opportunity.

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