New Street Research - KANZHUN LTD (BZ) BZ 4Q23 Results: Recruitment Demand Could Remain Resilient in FY24

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New Street Research

Jin Yoon

BZ 4Q23 Results: Recruitment Demand Could Remain Resilient in FY24

What’s new: BZ’s 4Q23 results were above consensus and our expectations. Online recruitment demand could continue to see sequential growth in 1Q partly driven by recovery in KA. Margins could also further improve YoY as the company would remain disciplined in its overall spending. We up our PT from USD17 to USD25 and upgrade from NEUTRAL to BUY rating on improving FY24 outlook. Our revised PT of USD25 implies a 31.1x FY24 P/E.

Analysts:
Jin Yoon

13/03/2024 1 EN

Underlying

KANZHUN LTD

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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.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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New Street Research

BZ 4Q24 Results: Outlook Remains Intact

What’s new: BZ’s reported 4Q24 revs that were largely in-line with consensus and our expectations. Guidance implies sequential recovery in recruitment demand. Outlook including user growth and non-GAAP operating profit target for FY25 remains intact. We up our PT from USD20 to USD25 on improving demand environment. Our updated PT of USD25 implies 23.6x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon

March 12, 2025 March 12, 2025 1 EN

New Street Research

BZ 4Q24 Preview: Outlook Trending in Line with Expectations

What’s New: We maintain our 4Q24 top and bottom-line estimates as overall business could trend largely in-line with our expectations. Analysts: Jin Yoon

February 24, 2025 February 24, 2025 1 EN

New Street Research

BZ 3Q24 Results: FY25 Outlook Remains Intact

What’s new: BZ’s reported 3Q24 revs that were largely in-line with consensus and our expectations. Guidance implies that online recruitment demand remains challenging in 4Q24. While upside to FY25 revs would be dependent on incremental policy rollouts, margin would further improve as BZ remains disciplined in its spending. We maintain our PT at USD20. Analysts: Jin Yoon

December 12, 2024 December 12, 2024 1 EN

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Jonathan Chaplin

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This note covers changes to the model and establishes a starting valuation for the Company of $125 (+18%; total return of +22%). We are above the mid-point of guidance for 2025 and for AFFO post close. We expect Consensus estimates for both to increase (post close estimates should increase a lot). See our prior note on results and the rationale for our upgrade to Buy.

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May 2, 2025 May 2, 2025 1 EN

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BZ 4Q23 Results: Recruitment Demand Could Remain Resilient in FY24

BZ 4Q24 Results: Outlook Remains Intact

BZ 4Q24 Preview: Outlook Trending in Line with Expectations

BZ 3Q24 Results: FY25 Outlook Remains Intact

Apple 2FQ25: minimal tariff impact, weak iPhone, Intelligence debacle. Neutral, $215 TP

The Cost of the Deal: What Does the Skydance/Paramount Situation Tell Us About the Trump Transaction Tax?

CCI Model Update & Starting Valuation

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