Ke Holdings Inc (2423) Fair Value & Analysis
Real Estate · HK · Market cap HK$124B (≈ $15.8B) · ISIN KYG5223Y1089
What is Ke Holdings Inc really worth?
A solid business, but trading 191% above our fair value of HK$16.49.
Risks
For context
Fair value as of: Aug 13, 2026
From 9 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from HK$18.03 to HK$16.49 (−8.5%) since Aug 6, 2026. Share price +7.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (HK$20.83). The favourable scenario is already priced in.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (4 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
52‑month range HK$23.84 – HK$67.24 · fair‑value band HK$12.15 – HK$20.83 · the HK$47.96 price screens above the HK$16.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Ke Holdings Inc (2423) currently trades at HK$47.96, while our model-based Fair Value estimate is HK$16.49, implying the stock looks roughly 190.9% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of HK$16.04 per share, and 0 of the 9 models we run sit above the HK$47.96 price. Bear case: the Asset-Based group reads lowest at HK$13.94, and 9 of the 9 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Ke Holdings Inc generated revenue of HK$90.1B at a net margin of 3.8%. Revenue declined 19.0% year over year. It earns a return on equity of 5.1%. Net debt stands at HK$2.8B. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$12.15 (bear case) to HK$20.83 (bull case); at HK$47.96, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −66%, 2423 screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 9 models by family
Widest divergence: Economic Profit (HK$16.04) versus Asset-Based (HK$13.94). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 56
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
KE Holdings Inc., through its subsidiaries, engages in operating an integrated online and offline platform for housing transactions and services in the People's Republic of China.
Full company description
KE Holdings Inc., through its subsidiaries, engages in operating an integrated online and offline platform for housing transactions and services in the People's Republic of China. The company operates through five segments: Existing Home Transaction Services, New Home Transaction Services, Home Renovation and Furnishing, Home rental services, and Emerging and Other Services. It operates Beike, an integrated online and offline platform for housing transactions and services; Lianjia, a real estate brokerage brand; Agent Cooperation Network, an operating system that fosters reciprocity and bonding among various service providers. The company also owns the Deyou brand for connected brokerage stores; and other brands. In addition, it offers rental property management and operation services; and contract, secure payment, escrow, and other services. KE Holdings Inc. was founded in 2001 and is headquartered in Beijing, the People's Republic of China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Ke Holdings Inc reported revenue of 92.1B CNY in FY2025 versus 80.8B CNY in FY2021, a compound +3.4%/yr. Reported net income was 2.9B CNY in FY2025.
2423 screens 191% overvalued. Compare with CBRE Group →
Peer Group
Real Estate Services · 523 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Real Estate Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CBRE Group CBRE | $148.74 | $69.47 | −53% |
| Vonovia SE VNA | €19.85 | €36.67 | +85% |
| Cellnex Telecom, S.A CLNX | €27.47 | €25.46 | −7% |
| Jones Lang LaSalle Incorporated JLL | $378.01 | $290.25 | −23% |
| Swire Properties Limited 1972 | HK$24.84 | HK$5.12 | −79% |
| CoStar Group CSGP | $32.22 | $4.64 | −86% |
| China Resources Mixc Lifestyle Services Limited 1209 | HK$39.84 | HK$34.95 | −12% |
| CapitaLand Investment Limited 9CI | 2.66 SGD | 0.4900 SGD | −82% |
| Plaza S.A MALLPLAZA | 4,040 CLP | 4,571 CLP | +13% |
| SAGAA SAGAA | kr 170.50 | kr 75.55 | −56% |
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