HRnetGroup - RHB Invest 2023-03-07: Outlook & Valuation Still Positive; Keep BUY

HRnetGroup - Outlook & Valuation Still Positive; Keep BUY

  • We continue to like HRnetGroup, as it is well-positioned for a recovery in 2H23 despite near-term labour market headwinds. It enjoys diversified exposure across multiple Asian economies and industries. It also has strong cash flow-generating ability, a net cash balance sheet and an attractive dividend yield, too.
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FY22 earnings and revenue are slightly below our expectations

  • HRnetGroup (SGX:CHZ)'s FY22 earnings and revenue are slightly below our expectations, at S$68m (+3% y-o-y; 8% miss) and S$612m (+4% y-o-y; 6% miss). Gross profit margin missed our estimates as well, by 0.9ppts to 28.5%, due to a lower contribution from the professional recruitment segment.
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  • HRnetGroup declared a final dividend of 1.87 cents, representing a dividend payout ratio of ~60%. This takes its full-year dividend to 4 cents. See HRnetGroup's dividend dates.

Growth supported by the Singapore and China labour markets.

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Singapore Research RHB Securities Research | 2023-03-07

Read also RHB's most recent report:
2023-03-23 HRnetGroup - Still Positive On The Labour Market; Keep BUY.

Price targets by 4 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

SGX Stock / REIT Search


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