Maybank Kim Eng analyst Eric Ong has initiated coverage of HRnetGroup with a “buy” call and 99 cents target price, given the regional recruitment firm’s proxy to an improving employment market.

“We see HRnet as a good proxy for an impending recovery in labour markets,” writes Ong in his July 24 note. 

His view is underpinned by improving economic indicators; positive hiring sentiment by employers; as well as further reopening due to mass vaccination across the regions. 

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