CGS-CIMB positive on SG and China employment market, as well as HRnetGroup

CGS-CIMB Research analysts Darren Ong and Lim Siew Khee have maintained their ‘buy’ rating and target price of 63.5 cents for recruitment firm HRnetGroup Limited. 

Ong and Lim noted that Singapore reported its strongest net employment outlook in six years at 15% compared to Taiwan’s figure of 23%, Japan’s 6% and China’s 5%, according to the ManpowerGroup’s global employment outlook survey for 1Q2021 involving over 37,500 employers.

The net employment outlook is derived by taking the percentage of employers anticipating total employment to rise and subtracting from this the percentage expecting a decrease at their location in the next quarter.