HRnetGroup - CGS-CIMB Research 2022-02-07: Hiring Sentiment Continues To Improve

HRnetGroup - Hiring Sentiment Continues To Improve

  • Latest unemployment figures reflect a broad-based improvement in labour markets for both Singapore and North Asia, which should continue in 2022.
  • We expect HRnetGroup (SGX:CHZ) to record 2H21F net profit of S$31m (+20% y-o-y) given continued strength in hiring volumes and rising salaries.
  • HRnetGroup is debt-free with strong net cash of S$315m (~40% of current market cap) at end-1H21, which could support M&A activity.
  • Reiterate ADD call on HRnetGroup with a target price of S$1.15. We think HRnetGroup is well positioned for further hiring momentum in FY22F as labour markets continue improving.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

Kenneth TAN CGS-CIMB Research | LIIM Siew Khee CGS-CIMB Research | 2022-02-07

Read also CGS-CIMB's most recent report:
2022-08-12 HRnetGroup - Hiring Still Robust In 1H22.

Previous report by CGS-CIMB:
2022-07-06 HRnetGroup - Labour Shortage A Boon.

Price targets by other brokers at HRnetGroup Target Prices.
Listing of research reports at HRnetGroup Analyst Reports.

Relevant links:
HRnetGroup Share Price History,
HRnetGroup Announcements,
HRnetGroup Dividends & Corporate Actions,
HRnetGroup News Articles

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