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 Preview]: Recovery Is Far Away but Execution Is Solid

[Kanzhun Ltd. (BZ US, BUY, TP US$17) Target Price Change]: Mark Down C4Q24 and 2025 on Weak Demand

[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

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

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Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Kanzhun Limited (BZ) reported C2Q24 revenue in-line with both our estimate and consensus, non-GAAP net income beat both our estimate and consensus by a slim margin. </li>
<li>Despite the soft macro-affected guidance as BZ continued gaining market share, the company is still guiding for nearly 20% YoY growth;</li>
<li>We keep TP unchanged at US$19/ADS and keep the BUY rating. BZ has a PEG of 0.5.</li>
</ul>


Kanzhun Limited (BZ) reported C2Q24 revenue in-line with both our estimate and consensus, non-GAAP net income beat both our estimate and consensus by a slim margin. 
Despite the soft macro-affected guidance as BZ continued gaining market share, the company is still guiding for nearly 20% YoY growth;
We keep TP unchanged at US$19/ADS and keep the BUY rating. BZ has a PEG of 0.5.


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