- HRnetGroup (SGX:CHZ)'s 1H23 headline PATMI of S$28.3 (-18.3% y-o-y) was broadly in line with our expectation but below the street forecast at 50%/44% of MIBG/consensus’ full year estimates.
- HRnetGroup's biggest markets, Singapore and North Asia (mainly China), took the brunt of the faltering economic recovery as seen in the sharp slowdown in its Professional Recruitment (PR) segment.
- - Read this at SGinvestors.io -
Lower turnover reflects challenging job market
- Professional Recruitment (PR) revenue slumped 34% y-o-y to S$34.3m in 1H23 against the backdrop of strong economic headwinds that affected hiring sentiment across most sectors, especially in the mid-to-senior level. The group placed 2,918 (- 20.9% y-o-y) candidates, while gross profit per placement fell 16.7% to S$11.7k.
- - Read this at SGinvestors.io -
Singapore holds key to any FY24 recovery
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.
Eric Ong Maybank Research | https://www.maybank-ke.com.sg/ 2023-08-13
Read also Maybank's most recent report:
2024-02-23 HRnetGroup - Solid Performance.
Price targets by 3 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
