Kanzhun Limited (BZ US): Buy: Lessons learnt from Recruit‘s recent rally; update on competition and macro data

研报英文原文证据摘录

Kanzhun Limited (BZ US): Buy: Lessons learnt from Recruit‘s recent rally; update on competition and macro data

share: Among the top five players by DAU (excluding ROE (%) 20.9 19.7 21.6 20.6

Gaokaoleida which is for public servant/administration roles), Kanzhun’s DAU market

share rose further to 54% in June. 52-WEEK PRICE (USD)

Comparing Kanzhun versus Recruit: Kanzhun’s share price fell by 18% since the 27.00

launch of Claude Cowork, underperforming Recruit (6098 JT, CMP JPY12920, not 19.00

rated, +42% in the same period). We think the divergence is mainly due to the ability 11.00

to increase ARPJ (Average Revenue Per Job Posting) to defend topline growth: 07/25 01/26 07/26

Recruit guided US ARPJ to grow 18% yoy in FY26 (vs. 17% in FY26) which partially Target price: 24.30 High: 24.91 Low: 12.65 Current: 15.59

offset declining job postings (down 4%/7% in FY26/25). This is backed by ongoing Source: LSEG IBES, HSBC estimates

market share gain from offline/other expensive channels (i.e. less than 1% of salary

take rate on Indeed US, versus 20-25% take rate for direct hire and up to 40% take Ritchie Sun*, CFA

Analyst, Internet Research

rate for retained search) and rising penetration of Indeed Premium Job ads in the US The Hongkong and Shanghai Banking Corporation Limited

(i.e. 1.5x more quality applications than Standard job ads, and time to hire is reduced ritchie.k.h.sun@hsbc.com.hk

+852 2822 4392

as much as 50%). In contrast, Kanzhun’s ARPU only grows at low-single-digit % and

Charlene Liu*

topline growth is tied to market share gain from higher online penetration and paying Head of Internet and Gaming Research, Asia Pacific

ratio. While the result-oriented pricing model is still in the early phase (only RMB50m The Hongkong and Shanghai Banking Corporation