Business Services

HRnetGroup

  • Market Cap (SGD m) 753.5
  • Listing SGX

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Analysts

Management Interview

Company Overview

Company Descriptions

HRnetGroup is an Asian recruitment company, offering temporary and permanent recruitment. The group has grown dramatically since its foundation in Singapore (1992) and now boasts a wealth of domain expertise, 3,000 blue-chip clients and a very attractive operating methodology. HRnetGroup has the most effective business model across our 15- company global Recruitment universe. It is long established, profitable and cash generative - surplus cash is distributed via dividends (c6% yield) and buybacks.

Investment Summary

While the recruitment market remains “challenging”, when the economy recovers, recruiters will be among the first to turn. HRnetGroup offers investors a toehold in Asia and a compelling way to tap into global growth and any sector re-rating. Until then, HRnetGroup has superb defensibility, is cash backed, pays a handsome dividend (6% yield) with buy backs, and is very attractively priced (PE c12x). The flexible offer and cost model insulate HRnetGroup from macro swings. While shares reflect ‘bottom of the cycle’ valuation, a ‘peak and trough’ analysis indicates an intrinsic valuation at c3x current levels.

Recent Content

Company Management Team

  • Adeline Sim

    Executive Director and Chief Corporate Officer

    Adeline Sim is our Executive Director and Chief Legal Officer. She leads strategic and tactical initiatives, and is a member of the Investment Committee identifying and executing investments and acquisitions. She also oversees the technology, digital marketing, investor relations and communication functions of the Group. In her role as Chief Legal Officer, Adeline provides counsel and guidance on legal matters across the 30 business units we have in 13 cities.

    On any given day, Adeline can be found doing business reviews with our people, driving a Leaders’ Breakfast Club event with clients, cutting a deal or meeting with investors. Adeline’s love for life and people definitely helps fuel a very demanding and varied schedule, which sees her reaching across time zones and forging relationships with stakeholders and targets alike.

    Adeline began her career as a lawyer with Drew & Napier LLC in 2004 where she was engaged in dispute resolution and subsequently, capital markets work. She left the firm in 2008 to join our Group. She graduated with a Bachelor of Laws from the National University of Singapore in 2003, was admitted to the Singapore Bar in 2004, and is a Solicitor of the Supreme Court of England and Wales. Adeline is also a Director of the Singapore International Mediation Centre, as well as a member of the Finance Committee of Saint Joseph’s Institution International.

  • Jennifer Kang

    Executive Director and Group CFO

    Jennifer Kang is our Group CFO and Executive Director. She is responsible for the Group’s finance, tax, treasury, and risk management functions. Jennifer Kang has more than 28 years of experience in auditing, accounting, taxation, and financial management.

    Jennifer’s journey began in 1989 when she joined Coopers & Lybrand as an auditor. She then went on to work with AT&T Singapore, where she was involved in the internal audit work. Subsequently, she assumed the role of Financial Controller and took charge of the IPO of a company onto the Singapore Stock Exchange. Her experience with M&A work at BIL International Limited and corporate planning at Abacus International Pte Ltd have proven to be valuable assets throughout her career.

    In 2003, Jennifer joined HRnetGroup as a Regional Finance Director and went on to lead one of our professional recruitment businesses in Malaysia in 2007. Her exceptional work ethics and business acumen led her to co-found HRnetOne Beijing in 2008 and assume the role of CFO of HRnetGroup in 2012. Jennifer’s strong technical background and her ability to deal with ambiguity have helped her achieve success in a variety of projects. Whether it’s financial control, treasury work, navigating the HR industry for strategic investment opportunities, or executing deals with business owners for M&A, she is always up for a challenge.

    Jennifer holds a Bachelor of Accountancy from the National University of Singapore and a Master of Business in Information Technology from the Royal Melbourne Institute of Technology in Australia.