On Sept 15, Andy Sim of DBS Group Research reinitiated coverage of the stock with a “buy” call and $1.08 target price, citing how HRNetGroup, even as the largest recruitment group in Asia outside Japan, still has room to grow in new and existing markets. “Despite the relatively mature market in Singapore, management has also indicated that there are still further areas of growth, particularly in large contracts with government agencies,” he says.
Recruitment agency HRNetGroup has been steadily buying back shares, amid a slew of positive broker’s recommendations premised on an active job market across the region.
On Sept 22, the company, which has in place a $30 million share buyback programme, acquired 108,400 shares on the open market at 78.73 cents each. This brings the total number of shares bought back under the current mandate to around 3.7 million shares or 0.37% of the total share base.
