KE Holdings Inc.'s (NYSE:BEKE) Intrinsic Value Is Potentially 66% Above Its Share Price

Ke Holdings Inc. (NYSE:BEKE), also known as Beike, is a leading integrated online and offline platform for housing transactions and services in the People's Republic of China. The company operates through four segments: Existing Home Transaction Services, New Home Transaction Services, Home Renovation and Furnishing, and Emerging and Other Services. As of 2025, KE Holdings has a market capitalization of $158.4 billion and is listed on the Hong Kong Stock Exchange (HKEX: 2423) and the New York Stock Exchange (NYSE: BEKE).

KE Holdings' competitive advantage lies in its integrated online and offline platform, Beike, which connects buyers and sellers, and provides a wide range of services. This platform has enabled KE Holdings to capture a substantial market share in existing homes, with a share of over 30% in 2023. Additionally, KE Holdings' Lianjia brand, a real estate brokerage store, and Agent Cooperation Network, an operating system that fosters reciprocity and bonding among various service providers, further strengthen its competitive position.

KE Holdings' strong brand presence and extensive network of stores and agents have contributed to its financial success. In the first quarter of 2024, the company reported a gross transaction value (GTV) of RMB629.9 billion (US$87.2 billion), a decrease of 35.2% year-over-year, primarily due to the high performance from early last year as a result of the release of pent-up demands from the pandemic. However, the existing home market was fairly stable in the first quarter of this year compared to the typical first quarter market performance. The company's net revenues reached RMB16.4 billion (US$2.3 billion), a decrease of 19.2% year-over-year, primarily attributable to the decrease of net revenues from existing home transaction services and new home transaction services.

KE Holdings' ability to adapt to market changes and diversify its revenue streams has further enhanced its intrinsic value. The company has been actively advancing its "one body, three wings" strategy, focusing on home renovation and furnishing, home rental services, and emerging and other services. In the first quarter of 2024, revenues from these segments grew by 112.9% year-over-year, accounting for an increasing portion of the company's total revenue at 35%, surging by 21.7 percentage points from the same period of 2023. Revenue from the home renovation and furnishing business reached RMB2.4 billion, rising by 71.1% year-over-year, while revenue from home rental services reached RMB2.6 billion, up 189.3% year-over-year.

KE Holdings' intrinsic value is potentially 66% above its share price due to its competitive advantages, strong financial performance, and ability to adapt to market changes. The company's integrated online and offline platform, Beike, and its strong market share in existing homes contribute to its competitive position. Additionally, KE Holdings' ability to diversify its revenue streams and focus on high-growth segments further enhances its intrinsic value.




In conclusion, KE Holdings Inc.'s (NYSE:BEKE) intrinsic value is potentially 66% above its share price due to its competitive advantages, strong financial performance, and ability to adapt to market changes. The company's integrated online and offline platform, Beike, and its strong market share in existing homes contribute to its competitive position. Additionally, KE Holdings' ability to diversify its revenue streams and focus on high-growth segments further enhances its intrinsic value. Investors should consider these factors when evaluating KE Holdings' stock price and potential for future growth.