In today’s briefing:
- Comfortdelgro (CD): 1H 22 Result – Looks Good
- Conviction Call Recruit: More Downside Ahead
Comfortdelgro (CD): 1H 22 Result – Looks Good
- Comfortdelgro Corp (CD SP) operating number has improved during COVID compared to before COVID such as fixed asset turnover from 0.4x to 0.8x.
- Public transport and taxi operating numbers adjusted for government relief went through the roof.
- It is trading at 6x EV/EBITDA vs Singapore Airlines (SIA SP) at 13x EV/EBITDA.
Conviction Call Recruit: More Downside Ahead
- Recruit Holdings (6098 JP) reported 1QFY03/2023 results on Friday. Revenue grew 26.8% YoY to JPY843.2bn (vs consensus JPY784bn) while OP increased 14.0% YoY to JPY119.3bn (vs consensus JPY106.1bn).
- HR Tech segment’s earnings growth has started decelerating with recruitment markets normalising while matching & solutions’ earnings have not yet recovered to pre-pandemic levels.
- We think there is further downside as global recruitment markets face more challenges with slowdown in economic growth and uncertain outlook.
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