T. H. Data Flash - Kanzhun Limited (BZ) – December & 4Q21E: Long-Term Positive On BZ, 4Q21 Can Be In-Line Even Though It Is Under Pressure From Ongoing Data Review
We are positive on BZ in the long term. In the short term, we expect 4Q21 to be at least in line with expectations even though several factors including regulations on internet companies and COVID zero tolerance policy are putting pressure on the overall economy. Based on our data, we believe the number of total paid jobs listings on the platform is likely to be 2,845K in 4Q21, growing 11% Y/Y; and its average MAU is likely to increase 19% Y/Y to reach 24.9M. It is unclear when the government’s data review will conclude, or when the company can resume new user acquisition. However, once the review is done, we believe BZ can resume its rapid growth.
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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