Prioritizing breakeven target

M N 27 Mar 2024 CMB International Global Markets | Equity Research | Company Update Zhihu (ZH US) Prioritizing breakeven target Target Price US$1.8 Zhihu’s 4Q23 results were better-than-feared, with strong vocational training and (Previous TP US$2.0) narrowing loss. For FY24E, mgmt. emphasized more on margin improvement Up/Downside 153.5% with disciplined expenses, and restated its quarterly breakeven target by 4Q24E. Current Price US$0.71 With shrinking S&M investment, we expect prudent user trend and top ...