BZ: Positive On 1Q23E Performance On Strong Jobs Demand Led By SMEs
We are positive on BZ’s performance in 1Q23. Based on our data, the users on BZ’s platform increased significantly from 30M in 4Q22 to 38M in 1Q23 due to more job demands post COVID and Chinese New Year. However, the recovery of the overall job market (supply side) is not as strong as the user (demand side) growth, reflecting a slower than anticipated economic recovery in 1Q23. However, one of the positive notes is that major companies in the sectors of IT and Services have already shown upward trends in the last two months on a M/M basis with narrowing Y/Y declines. The number of job listings from major companies is likely to reach 163K in March 2023, up from 144K in February 2023 and 75K in January 2023. The job listings for major companies were down 44.8% Y/Y in 1Q23E, narrowing from a decline of 48.6% Y/Y in 4Q22.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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