Report

BZ 2Q25 Results: Continued Recovery in Recruitment Demand

What’s new: BZ’s reported 2Q25 revs that were slightly above consensus and our expectations. Guidance implies continued recovery in recruitment demand. Given the better-than-expected margins in 1H, there could be potential upside to the non-GAAP OP in FY25. We maintain our PT at USD25.

Analysts:
Jin Yoon
Underlying
Provider
New Street Research
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


Analysts
Jin Yoon

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