Labour market showing strength in 1Q21
■ Singapore’s labour market continued on its recovery mode in 1Q21:
unemployment rate at 4% (-0.5% pts yoy); retrenchments down 28% yoy.
■ HRNET has at least c.51% revenue exposure to sectors that were hiring.
■ We reiterate our Add call on HRNET with a TP of S$0.82, as labour markets
continue to strengthen, leading to more job creation and hiring activities.