BZ: Positive On 4Q22E Performance And Long-term Outlook On The Government’s Economic Priority
We are positive on BZ’s performance in 4Q22 and 1H2023 outlook. While the relaxation of China’s COVID policy caused a spike in infections, it also allowed some businesses to resume their operations. As a result, the number of total paid job listings on the platform is likely to be 966.6K in December 2022, improving from 915.7K in November and 909.2K in October. As economic development has become the top priority, the Chinese government has put in place stimulating measures, which we believe will lead to further upside in the job market. 1H23 is a low base for BZ as its mobile APP was suspended from acquiring new users until June 29, 2022. The low base along with the re-opening of China is likely to become a double engine to drive BZ’s growth in 2023.
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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