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

[Kanzhun Ltd. (BZ US, SELL) Earnings Review]: Weak Labour Market Adds Uncertainty to Recovery

[Kanzhun Ltd. (BZ US) Earnings Preview]: Weak Hiring Sentiments Drag Down Growth Trend

[Kanzhun Ltd.(BZ US, SELL, TP US$14.5) TP Change]: Growth Target Cannot Justify High Valuation

Gravity Works As WeWork Doesn't; Now Plan B

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>BZ reported 4Q23 revenue in-line/2.6% vs. our estimate/consensus, non-GAAP NI beat our estimate/consensus by 3.5%/21.9%, mainly attributable to effective cost control measures. </li>
<li>We think the competitive advantages over peers grand BZ privilege to enjoy the early sign of hiring demand recovery, whereas overall China job market remains lackluster in early 2024.</li>
<li>We upgrade the stock from SELL to BUY and rise TP by US$7.5 to US$22/ADS.</li>
</ul>


BZ reported 4Q23 revenue in-line/2.6% vs. our estimate/consensus, non-GAAP NI beat our estimate/consensus by 3.5%/21.9%, mainly attributable to effective cost control measures. 
We think the competitive advantages over peers grand BZ privilege to enjoy the early sign of hiring demand recovery, whereas overall China job market remains lackluster in early 2024.
We upgrade the stock from SELL to BUY and rise TP by US$7.5 to US$22/ADS.


[Kanzhun Ltd. (BZ US, BUY, TP US$22) Rating Change]: Market Share Gain Ahead of Purported Recovery