HRnetGroup - Maybank Research 2024-08-13: A Tough Year; 1H24 PATMI Below Expectation

• HRnetGroup (SGX:CHZ)'s 1H24 PATMI of S$21.7m (-23% y-o-y) was below our and market expectations at 41%/38% of MIBG/consensus’ full-year forecasts.
• Despite the lacklustre results, HRnetGroup maintained its interim dividend of S$0.0187, which translates to a record high dividend payout ratio (DPR) of 80%. See HRnetGroup's dividend dates.

Facing tough market conditions

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• After factoring in the direct cost of contractors’ salaries and social insurance benefits, FS generated a gross profit margin of 12.8% (1H23: 13.8%).

Shift in revenue/gross profit mix towards FS

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2024-02-23 HRnetGroup - Solid Performance.

Price targets by 2 other brokers at HRnetGroup Target Prices.

Listing of research reports at HRnetGroup Analyst Reports.

Relevant links:
HRnetGroup Share Price History,
HRnetGroup Announcements,
HRnetGroup Dividend Payout Dates & Corporate Actions,
HRnetGroup News