Shenwan Hongyuan: Maintains "Buy" rating on Beike-W (02423.HK) with improved profit margin in emerging businesses.

According to the app of Wisdom Finance, Shenwan Hongyuan issued a research report stating that considering the continuous increase in market share of Beike-W (02423.HK) brokerage business, the future volume of home improvement, home furnishings and housing rental business is promising. The company's industry position is becoming more stable and its valuation still has advantages compared to smaller scale companies like Wo Ai Wo Jia with a consensus expected PE of 31 times in 26 years. Therefore, it maintains a "buy" rating. Beike platform has deep barriers, reshaping the underlying framework of brokerage, locking in human housing resources, and enabling the platform with full process control loop.