BZ 4Q25 Results: Recruitment Demand Remains Healthy
What’s new: BZ’s reported 4Q25 revs that were above consensus and our expectations. The lower-than-expected 1Q guide was partly due to late CNY. Rev growth in 2Q could fare better than 1Q as recruitment demand could gradually recover throughout 2026. We lower our PT from USD25 to USD20 as the pace of recovery could be slower than our initial expectations. Our updated PT of USD20 implies 15.2x FY26E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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