BZ 2Q24 Results: Limited Visibility in the 2H
What’s new: BZ’s reported 2Q24 revs that were largely in-line with consensus and our expectations. Guidance implies that online recruitment demand could be challenging in the 3Q and that visibility in the 2H remains limited. Non-GAAP operating profit outlook could remain intact despite slower-than-expected top-line growth. We lower our PT from USD25 to USD20 due to lowered near-term outlook. Our updated PT of USD20 implies a 19.8x FY25E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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- Pan European Telecom Services and Cable
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