HRnetGroup - RHB Research 2026-03-16: Regional Markets Supporting Growth; Maintain BUY

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

Previous report by RHB:
2026-01-29 HRnetGroup - Adding More Value To Customers; Keep BUY.

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 Dividend Payout Dates & Corporate Actions,
HRnetGroup News