Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.16, read 2026-10-28
Ethical does not pass the values gate
Price17.35 USD
Fair value21.98
RatingAVOID
Our investment reviews on this name
2026-10-11Read Accumulation16.95+2.4% to today ✓Markdown gives way to Accumulation
2026-10-02Read Markdown16.95+2.4% to today Accumulation gives way to Markdown with volume flow in agreement
2026-08-23Read Accumulation17.75-2.3% to today Markup gives way to Accumulation after a 10% rise in 7 weeks
2026-07-02Read Markup16.08+7.9% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
KE Holdings Inc. holds its Accumulation at $17.35. The statistical read favours the sellers, held for 56 days.
As held on the ledger · 2026-10-28
Phase
Accumulation
Quantitative state
The statistical read favours the sellers, held for 56 days
Price at the screen
$17.35
Valuation
30.12 trailing · 14.29 forward price to earnings
Values screen
FAIL
Beta
-0.26
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
92.57%
Below 33%
Interest-bearing debt is 92.6% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
233.46%
Below 33%
Interest-bearing cash and securities are 233.5% of assets, above the one-third limit.
Fail
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.88%
Below 5%
Only 0.9% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
KE's business is in a permissible area, but its interest-bearing debt is about 93% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when BEKE's ethical verdict changes
Today BEKE does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades at roughly a 27% discount to our $21.98 fair value, weak competitive moat.
Fair value range in USD, drawn from the 2026-10-28 screen. The gold marker is the market price at the same screen. A 26.7% margin of safety to the base estimate.
Third-party analyst targets: 20 covering, consensus Strong Buy. The average target sits +37% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-28 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
China Housing Platform Trips on Debt and Shrinking Sales
Every family buying or selling a flat in Beijing still wades through layers of local agents and approvals that no global platform has fully solved. KE Holdings sits in the middle of that flow yet we are staying away.
Revenue is already down 19% and the profit margin sits at just 4%, with return on equity stuck at 5%. The company also fails our ethical screen on its debt ratio. This is exactly what the screen is for.
Real estate remains cyclical, so the modest forward multiple may simply flag peak earnings rather than a bargain, especially with a weak moat around the business. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BEKE trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-25Accumulation$18.07+0.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 6% above its long-term trend line with momentum reading overbought. Over the past year the shares are down 15%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (21 analysts) rates it strong buy, with a mean price target of $23.
2026-10-18Accumulation$18.07+6.6%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 6.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 15%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (21 analysts) rates it strong buy, with a mean price target of $23.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 15%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (21 analysts) rates it strong buy, with a mean price target of $23.
2026-10-02Markdown · changed$16.95-4.5%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 4.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 15%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (21 analysts) rates it strong buy, with a mean price target of $23.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 15%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (21 analysts) rates it strong buy, with a mean price target of $23.
2026-07-22Markup$17.40+8.2%Entry 4
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 8.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 15%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (21 analysts) rates it strong buy, with a mean price target of $23.
2026-07-18Markup$16.08+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 15%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (21 analysts) rates it strong buy, with a mean price target of $23.
2026-07-03Markup$16.08+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Markup$16.08Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
