UPDATE: Goldman Sachs Starts Kanzhun (BZ) at Neutral (correction)
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Goldman Sachs analyst Piyush Mubayi initiates coverage on Kanzhun (NASDAQ: BZ) with a Neutral rating and a price target of $41.00.
The analyst comments "We forecast Kanzhun’s revenue to grow at 86% pa in 2020-2023E and gain a 10% share of the Rmb223bn online recruitment market in 2025E, vs. 3.5% in 2020. We expect the company to turn profitable in 2021E and reach c.28% non-GAAP NPM by 2023E. Our 12m TP of US$41/ADS is based on a P/E of 48x applied to average 2022E/23E EPS, which is derived from 1.1x P/Eg (the median of TP-implied average 2022E/23E P/Eg for our internet coverage), applied to the 2022E/23E 3yr-fwd net profit CAGR of 43%. With only 17% upside to our TP, we initiate coverage at Neutral."
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