SINGAPORE (Nov 10): RHB Research is maintaining its “buy” recommendation on HRnetgroup with a  target price of $1.14 while remaining positive on the group’s latest developments and prospects ahead.

This follows the recruitment firm’s announcement of its new joint venture (JV) with PT Rimbun Job Agency to provide professional recruitment services in Jakarta, Indonesia, which will acquire Rimbun Job’s existing professional recruitment business in the process.

In a Friday report, analyst Jarick Seet says the addition of the JV, HRnet Rimbun, will add Indonesia to the group’s existing presence in 10 Asian cities – and more importantly, significantly increase its existing pool of job seekers and employers by allowing access to the country’s market for any cross-border job placements.

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