External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Boss Zhipin reported 1Q25 results: total revenue increased by 13% YoY to RMB1.92bn, in line with consensus estimate; non-GAAP net income grew by 44% YoY to RMB764mn, 11% ahead of the consensus estimate, thanks to the strong operating leverage and effective opex control despite macro uncertainty.</li><li>For 2Q25E, management guided total revenue to increase by 6.9%-8.5% YoY to RMB2.05-2.08bn, which is in line with consensus estimate (RMB2.07bn).</li><li>Despite macro uncertainty and tariff war, management noted that the hiring demand continued to recover YoY in April, and remained upbeat on achieving its full-year non-GAAP operating profit target of RMB3bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Boss Zhipin reported 1Q25 results: total revenue increased by 13% YoY to RMB1.92bn, in line with consensus estimate; non-GAAP net income grew by 44% YoY to RMB764mn, 11% ahead of the consensus estimate, thanks to the strong operating leverage and effective opex control despite macro uncertainty.For 2Q25E, management guided total revenue to increase by 6.9%-8.5% YoY to RMB2.05-2.08bn, which is in line with consensus estimate (RMB2.07bn).Despite macro uncertainty and tariff war, management noted that the hiring demand continued to recover YoY in April, and remained upbeat on achieving its full-year non-GAAP operating profit target of RMB3bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kanzhun Limited (BZ US) - Hiring Demand Remains Resilient; Full-Year Earnings Target Unchanged

<ul><li>Kanzhun is the largest online recruitment platform in China in terms of both revenue and MAUs in 2024, according to CIC and our estimates.</li><li>The company has developed a strong competitive moat through its innovative direct recruitment model, supported by extensive enterprise and MAU bases, as well as recruitment facilitation technology.</li><li>We forecast total revenue CAGR of 10% over FY25-27E, driven by increasing online penetration of recruitment services, solid growth of blue-collar recruitment and recovery of white-collar segment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kanzhun is the largest online recruitment platform in China in terms of both revenue and MAUs in 2024, according to CIC and our estimates.The company has developed a strong competitive moat through its innovative direct recruitment model, supported by extensive enterprise and MAU bases, as well as recruitment facilitation technology.We forecast total revenue CAGR of 10% over FY25-27E, driven by increasing online penetration of recruitment services, solid growth of blue-collar recruitment and recovery of white-collar segment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kanzhun Limited (BZ US) - Prominent Online Recruitment Platform with Strong Earnings Growth Outlook

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Kanzhun Limited (BZ) reported 4Q24 revenue in-line with consensus, and non-GAAP net income beat by 4.0%, thanks to efficient user acquisition, </li>
<li>Although t`he cash billing collected is weak in 4Q24, post CNY job posting number is a bright spot, leading us to tentatively raise 2025 topline by 2.5%;</li>
<li>We rise the TP to US$20 and maintain BUY rating to factor in the early trend in hiring recovery and AI initiatives.</li>
</ul>


Kanzhun Limited (BZ) reported 4Q24 revenue in-line with consensus, and non-GAAP net income beat by 4.0%, thanks to efficient user acquisition, 
Although t`he cash billing collected is weak in 4Q24, post CNY job posting number is a bright spot, leading us to tentatively raise 2025 topline by 2.5%;
We rise the TP to US$20 and maintain BUY rating to factor in the early trend in hiring recovery and AI initiatives.


[Kanzhun (BZ US, BUY, TP US$20) TP Change]: Catalysts from Robust Post CNY Hiring and AI Initiative

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.</li>
<li>Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.
Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Timee US$280m Lockup Expiry - Scattered List of Financial Investors Coming Unlocked

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>NEV retail volume increased by 51% YoY in November and 41% YoY for first eleven months.</li>
<li>Jiyue Auto, as a car maker subsidiary of Baidu, is dismissing employees.</li>
<li>Hisense, a home appliance producer, lays off 30,000 employees of its total 110,000.</li>
</ul>


NEV retail volume increased by 51% YoY in November and 41% YoY for first eleven months.
Jiyue Auto, as a car maker subsidiary of Baidu, is dismissing employees.
Hisense, a home appliance producer, lays off 30,000 employees of its total 110,000.


China Consumption Weekly (16 Dec 2024): NEV Industry Nov., Baidu, Hisense, Boss Zhipin,

China

Kanzhun Limited provides online recruitment services. The Company connects job seekers and enterprise users through its mobile application. Kanzhun offers a mobile-native product that promotes instant direct chats between enterprise users and job seekers.

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Kanzhun (BZ US)

Kanzhun Limited (BZ US) - Hiring Demand Remains Resilient; Full-Year Earnings Target Unchanged

We fine-tune our target price to US$21.0 based on 21x FY25E non-GAAP PE (previous: US$19.5 based on 20x FY25E PE), which is on par with the sector...

CMB International

Kanzhun Limited (BZ US) - Prominent Online Recruitment Platform with Strong Earnings Growth Outlook

Kanzhun is the largest online recruitment platform in China in terms of both revenue and MAUs in 2024, according to CIC and our estimates.

CMB International

[Kanzhun (BZ US, BUY, TP US$20) TP Change]: Catalysts from Robust Post CNY Hiring and AI Initiative

Kanzhun Limited (BZ) beats earnings expectations in 4Q24 with efficient user acquisition, raising 2025 revenue forecast by 2.5% and increasing...

Blue Lotus Research Institute

Timee US$280m Lockup Expiry - Scattered List of Financial Investors Coming Unlocked

Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.

Clarence Chu

China Consumption Weekly (16 Dec 2024): NEV Industry Nov., Baidu, Hisense, Boss Zhipin,

NEV retail volume increased by 51% YoY in November. Jiyue Auto, as a subsidiary of Baidu, is dismissing employees. Hisense, a home appliance...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kanzhun Limited (BZ US) - Hiring Demand Remains Resilient; Full-Year Earnings Target Unchanged

We fine-tune our target price to US$21.0 based on 21x FY25E non-GAAP PE (previous: US$19.5 based on 20x FY25E PE), which is on par with the sector...

CMB International

Kanzhun Limited (BZ US) - Prominent Online Recruitment Platform with Strong Earnings Growth Outlook

Kanzhun is the largest online recruitment platform in China in terms of both revenue and MAUs in 2024, according to CIC and our estimates.

CMB International

[Kanzhun (BZ US, BUY, TP US$20) TP Change]: Catalysts from Robust Post CNY Hiring and AI Initiative

​Kanzhun Limited (BZ) beats earnings expectations in 4Q24 with efficient user acquisition, raising 2025 revenue forecast by 2.5% and increasing...

Blue Lotus Research Institute

Timee US$280m Lockup Expiry - Scattered List of Financial Investors Coming Unlocked

Timee Inc (215A JP) listed in Japan on 26th July 2024 after raising US$300m. Its six-month lockup will expire on 21st Jan 2025.

Clarence Chu

China Consumption Weekly (16 Dec 2024): NEV Industry Nov., Baidu, Hisense, Boss Zhipin,

NEV retail volume increased by 51% YoY in November. Jiyue Auto, as a subsidiary of Baidu, is dismissing employees. Hisense, a home appliance...

Ming Lu

Kanzhun Limited (BZ) beats earnings expectations in 4Q24 with efficient user acquisition, raising 2025 revenue forecast by 2.5% and increasing...