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HRnetGroup's share buyback programme 'strongly positive' for its share price, analysts keep 'buy'

Khairani Afifi Noordin
Khairani Afifi Noordin6/16/2022 11:12 AM GMT+08  • 3 min read
HRnetGroup's share buyback programme 'strongly positive' for its share price, analysts keep 'buy'
HRnet is a beneficiary of the current tight labour market as Singapore eases its border restrictions and reopens the economy.
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RHB Group Research analyst Jarick Seet sees HRNetGroup’s $30 million share buyback programme as strongly positive for its share price, as the company continues to benefit from a strong rebound in recruitment demand.

Seet notes that the maximum number of shares HRnet can buy is 100.38 million, equivalent to 10% of issued capital. Depending on the prices at which shares are purchased, the programme could take over a year to complete.

“That said, we believe this signals strong conviction from management, which views its stock as undervalued. Note that management is also very upbeat on the company’s growth prospects,” adds Seet.

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