T. H. Data Flash - 51job Inc. – March 2020 and 1Q20E: The Resumption Of Business Operations In Eastern China Benefits JOBS; Expect Positive 1Q20 Performance; New Job Postings Rebounded Significantly in March
The post Covid-19 recovery in China has been orderly and steady since February 18, 2020. Our data showed that about 70% of labor forces have returned to work and about 100% of business activities have resumed operations. Specifically, Eastern China including Shanghai, Zhejiang, Jiangsu, Anhui and Shandong led the recovery; these regions are where JOBS operates most of its business. Therefore, the company benefits from such relative rapid recovery. We are positive on JOBS’ performance in 1Q20. Based on our data and calculations, we believe 51Job’s revenue in 1Q20 is likely to be at the high end of its guidance at RMB725M - RMB775M.