Sign in

    John Lam

    Research Analyst at UBS

    John Lam is Executive Director and Head of China & Hong Kong Property Research at UBS, specializing in real estate and property sector analysis with a focus on major Chinese and Hong Kong developers. He is known for his prescient calls, notably assigning a 'sell' rating to China Evergrande prior to its default, and currently maintains a bullish view on select China property stocks after years of market challenges. Lam began his career at leading investment banks Goldman Sachs and Morgan Stanley before joining UBS, bringing over 15 years of research and sales experience in Asian equities. He holds recognized industry credentials and in-depth expertise in property research, consistently demonstrating thought leadership in the sector.

    John Lam's questions to KE Holdings (BEKE) leadership

    John Lam's questions to KE Holdings (BEKE) leadership • Q2 2025

    Question

    John Lam of UBS Group asked what actions management has taken to deliver market outperformance (alpha) amid the property sector downturn, focusing on market share, agent and store productivity, and future growth strategy.

    Answer

    Executive Director and CFO Tao Xu detailed a strategic shift from scale to efficiency. He stated the company will slow store and agent growth, focusing on consolidating lower-performing assets in Beijing and Shanghai while maintaining stability elsewhere. Tao Xu highlighted systematic scientific management and the long-term importance of AI, citing applications like AIGC marketing and AI-driven CRM tools (Likeu, Qianji) that are already boosting agent conversion rates and productivity.

    Ask Fintool Equity Research AI

    John Lam's questions to KE Holdings (BEKE) leadership • Q1 2025

    Question

    John Lam from UBS Group AG inquired about the Beihaojia business, specifically its contribution to new home development and how its Customer-to-Manufacturer (C2M) business model is being implemented and reflected.

    Answer

    CFO Tao Xu explained that Beihaojia's C2M model uses Beike's massive database to provide developers with data-driven insights for project positioning and product design. He noted a total investment of about RMB 2.3 billion in related projects, with one project achieving a nearly 30% IRR, validating the model's ability to enhance sales certainty. Key advantages include a deep understanding of consumer needs and strong market pricing capabilities derived from Beike's core platform data.

    Ask Fintool Equity Research AI

    John Lam's questions to KE Holdings (BEKE) leadership • Q1 2024

    Question

    John Lam requested an update on the progress and key highlights for KE Holdings' home decoration and furnishing business, as well as its home rental services business.

    Answer

    CFO Tao Xu reported strong Q1 growth in home renovation, with contracted sales of RMB 3.4 billion (+26% YoY) and revenue of RMB 2.4 billion (+71% YoY), driven by better service integration and delivery capabilities. For the rental business, Q1 revenue reached RMB 2.63 billion (+189% YoY), propelled by the 'Carefree Rent' model, which grew to manage over 240,000 units with an improved occupancy rate of 96.5%.

    Ask Fintool Equity Research AI