- We continue to like HRnetGroup (SGX:CHZ) for its decent growth outlook, strong cash generation ability, and attractive dividend yield. Our net profit estimates are unchanged, as FY25 earnings were in line.
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- Valuation is undemanding at -0.5 standard deviation of its 13x mean forward P/E. Our marginally lower HRnetGroup's target price is due to a slightly higher share base.
Expect a steady growth outlook ahead.
- We expect more job placements supporting growth, especially from regional markets. Regionally, our RHB Economics desk sees firm economic growth for China, forecasting a 2026 GDP growth rate at 4.5%. For HRNET’s smaller markets, Indonesia and Malaysia’s 2026 GDP growth rates are expected to be 4.7% and 5%.
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Octomate and Vietnam to provide longer-term growth drivers.
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