New Street Research - KANZHUN LTD (BZ) BZ 3Q24 Preview: Recruitment Demand Could Take Time to Recover

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New Street Research

Jin Yoon

BZ 3Q24 Preview: Recruitment Demand Could Take Time to Recover

What’s New: We maintain our 3Q24 top/bottom-line estimates but nudge down 4Q24 revs partly due to weaker macro. In this note, we provide updates for the quarter.

Analysts:
Jin Yoon

28/11/2024 1 EN

Underlying

KANZHUN LTD

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Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Jin Yoon

Other Reports on these Companies

New Street Research

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

August 29, 2024 August 29, 2024 1 EN

New Street Research

BZ 2Q24 Preview: Revs could be at the Lower End of the Range

What’s New: We nudge down our 2Q24 top-line estimates as revs could be at the lower-end of the guided range partly due to weaker macro. In this note, we provide updates for the quarter. Analysts: Jin Yoon

July 25, 2024 July 25, 2024 1 EN

Thai Telcos Q3 24 review: Likely to beat full year guidance as market repairs

Despite Q3 being a seasonally weaker period, the industry delivered a better service revenue and EBITDA performance. Mobile improved on better prepaid numbers from AIS. Given how strong YTD numbers have been, it is very likely both will beat guidance. We stay bullish on the two with TRUE staying on as one of our top pick in EM Telcos.

EUR 9475.00

1h / 41m 1h / 41m 1 EN

Russell Waller

Russell Waller

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Altice France reported results today, there was no Q&A on the call. We give a preliminary overview of the trends in this report, and will host a call on Monday of next week to look at the results in more detail, including a deep dive into valuation, as it is looks increasingly likely that bondholders will receive an equity stake in NewCo as part of any future deal with Drahi.

EUR 9475.00

10h / 18m 10h / 18m 1 EN

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BZ 3Q24 Preview: Recruitment Demand Could Take Time to Recover

BZ 2Q24 Results: Limited Visibility in the 2H

BZ 2Q24 Preview: Revs could be at the Lower End of the Range

Thai Telcos Q3 24 review: Likely to beat full year guidance as market repairs

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

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