[Kanzhun Ltd. (BZ US) Rating Change]: Nearing a Saturation Point…DG to SELL

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

Gravity Works As WeWork Doesn't; Now Plan B

China/Asia TMT, Blue Lotus Research Institute

Shawn Yang

China/Asia TMT

China TMT research

Blue Lotus Research Institute

​​​​​​​​Blue Lotus is a China headquartered research institution covering overseas listed China TMT stocks. 

Equity Bottom-Up

<ul>
<li>BZ reported 1Q23 cash billing 2.9% higher than our est.; revenue in-line with our estimate and consensus;  and non-GAAP NI 36.3%/35.3% higher than our est. and cons.</li>
<li>As BZ approaching the proxy of China’s labour market, its primary hurdle is the slow recovery of labour demand and mismatch of supply and demand.</li>
<li>We maintain SELL rating and TP at US$13.5., as we are still waiting for signal for the overturn of job seeking market in China.</li>
</ul>


BZ reported 1Q23 cash billing 2.9% higher than our est.; revenue in-line with our estimate and consensus;  and non-GAAP NI 36.3%/35.3% higher than our est. and cons.
As BZ approaching the proxy of China’s labour market, its primary hurdle is the slow recovery of labour demand and mismatch of supply and demand.
We maintain SELL rating and TP at US$13.5., as we are still waiting for signal for the overturn of job seeking market in China.


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