Hiring season around the corner

■ Twin engines of flexible staffing and permanent placements are on track for
recovery; management is cautiously optimistic on the FY21F outlook.
■ We raise FY21F-23F permanent placement (GPM: c.100%) volume expectations by c.3-12% on potential labour market recovery.
■ Reiterate Add, with a higher TP of S$0.82. HRNET had net cash of S$332m
(zero debt) as at end-Dec 20 and a 3.9% FY21F dividend yield.