Yamato: Raising the target price of shells to 51 Hong Kong dollars, reiterating the "outperform the market" rating.

Yamato released a research report stating that the expected cost savings from manpower optimization and the improvement in profitability of the residential leasing business will support Beike's profit margin expansion in 2026. The bank has raised its earnings per share forecast for 2026 and 2027 by 7% to 13% to reflect stronger cost savings in 2026; reiterating its "outperform market" rating, with the target price raised from HK$46 to HK$51.