 Record gross profit and NPAT. Revenue increased 30.8% YoY on the back of higher permanent-recruitment rates and flexible-staffing volume. 1H21 gross profit in line at 51% of our FY21e forecast. NPAT surpassed at 75% with gains from disposal of financial assets and lower SG&A.
 Flexible-staffing growth likely to continue amid business uncertainties. Permanent recruitment volume to pick up with countries’ reopening.
 Maintain BUY with a higher TP of S$1.05 from S$1.00. After adjusting for one-off items, our FY21e core PATMI increases by 8.8% as we lift flexible-staffing revenue and lower SG&A expenses. Our TP remains pegged to 14x FY21e ex-cash P/E, HRnet’s historical 5-year high as we anticipate labour market recovery and potential M&As.