Analyst Paul Chew of Phillip Securities maintained a Buy rating on HRnetGroup Ltd., with a price target of S$0.82.
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Paul Chew has given his Buy rating due to a combination of factors including resilient regional growth and attractive valuations. While Singapore remains a drag with contracting revenue and softer permanent recruitment volumes, North and South-East Asia are delivering solid momentum, particularly in Taiwan’s technology roles and Malaysia’s transfer market. This overseas expansion, together with growing demand for flexible staffing, positions HRnetGroup to offset domestic weakness and accelerate earnings as its regional platforms scale up.
Chew also highlights the stock’s compelling income and balance sheet support, with a rising dividend and a yield in the mid‑single digits underpinned by a substantial net cash and securities position that makes up a significant portion of market capitalisation. After modestly trimming profit forecasts to reflect lower government grants, he nonetheless raises the target price on a rolled‑forward valuation basis, implying further upside from current levels. On an ex‑cash basis, the core business trades at a reasonable earnings multiple, reinforcing the case for a Buy recommendation.