HRnetGroup - Maybank Research 2026-04-19: Consistent Compounder With 45% Market Cap In Cash

• HRnetGroup (SGX:CHZ) is one of Singapore’s largest recruitment agencies, Asia-based and founded in 1992. Today, it operates in 18 Asian cities with over 1,056 people across 41 business units and 20 brands. The Group specialises in professional recruitment, executive search, and flexible staffing solutions.
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Co-ownership model is a strong economic moat

• Beyond just being a regional recruiter, we believe HRnetGroup is structurally difficult to replicate. With its boots on the ground across several APAC countries, the Group is powered by a co-ownership model of 47 entrepreneurs who built their businesses from scratch and are economically aligned to collaborate rather than compete. This fosters a culture that competitors cannot easily poach or reproduce.
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Dual-engine businesses act as a stability anchor

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

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