Tan and Lim expects Singapore to record a lacklustre gross domestic product growth of 1.3% y-o-y in 2023, given trade headwinds from a global slowdown. This is a key risk to the volume of jobs that HRnet can match, they say.
CGS-CIMB Research has downgraded its “add” call to “hold” for HRnetGroup (HRnet) (SGX:CHZ
) as a result of weak Singapore macroeconomic conditions and a challenging labour market in China.
Analysts Kenneth Tan and Lim Siew Kee have lowered their target price from $1 to 80 cents, based on a 13x FY2024 P/E, 0.5 standard deviation below FY2017-FY2022 mean, as they anticipate greater earnings uncertainties.
