China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

[Kanzhun Ltd. (BZ US, BUY, TP US$19) Earnings Review]: Focusing on Absolute Value…Maintain BUY

[Kanzhun Ltd. (BZ US, BUY, TP US$19) Earnings Preview]: Recovery Is Far Away but Execution Is Solid

[Kanzhun Ltd. (BZ US, SELL) Earnings Review]: Weak Labour Market Adds Uncertainty to Recovery

[Kanzhun Ltd. (BZ US, BUY, TP US$22) Rating Change]: Market Share Gain Ahead of Purported Recovery

[Kanzhun Ltd.(BZ US, SELL, TP US$14.5) TP Change]: Growth Target Cannot Justify High Valuation

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Due to weakening hiring demand from both manufacturing and service, we expect BZ’s cash billing to decline 5% QoQ in 2Q24, 9% below consensus. </li>
<li>We believe BZ’s user matrices still growing and leading. The weakness is mainly attributable to the employer/hiring side;</li>
<li>We cut TP by US$3 to US$19/ADS while keep the BUY rating.</li>
</ul>


Due to weakening hiring demand from both manufacturing and service, we expect BZ’s cash billing to decline 5% QoQ in 2Q24, 9% below consensus. 
We believe BZ’s user matrices still growing and leading. The weakness is mainly attributable to the employer/hiring side;
We cut TP by US$3 to US$19/ADS while keep the BUY rating.


[Kanzhun (BZ US, BUY, TP US$19) TP Change]: Impacted by Poor Macro but Still on Top of Competition