The analyst rating from UBS for BEKE-W (02423.HK) was kept at Neutral due to a reassessment of the company's market share and recent market trends. The report indicated a continued decline in the company's market share in China's major cities, although the rate of decline had slowed. Additionally, the physical market trend remained weak, with home prices in key cities falling. As a result, UBS lowered its earnings forecasts for 2026-2027 by 4-5% and adjusted its target prices for both US and H-shares, reflecting a cautious outlook on the company's revenue prospects.
