Stock Name: JOBST
Company Name: JOBSTREET CORPORATION BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research said Jobstreet's job posting volumes have been rising, thanks to its marketing campaign.
It said on Thursday, April 7 that Jobstreet was also riding on the tailwinds of a recovery in regional economies, the tight labour market and the resumption of hiring activities.
'On the negative side, there is a rise in competition in Jobstreet's core markets. Also, there is no immediate plan to merge SEEK's Asian investments despite its strategic merits,' it said.
CIMB Research said it was retaining its EPS estimates. Its target price of RM3.77 remains unchanged as it now pegs Jobstreet at parity with its peers instead of a 20% discount as the average CY12 P/E of its global peers has corrected to 22.6 times, largely because of Monster.
It added that it valued Monster at parity as Jobstreet has been executing well and volumes have been rising.
'Jobstreet remains a BUY, with the potential catalysts being market share gains and lower-than-expected competition,' it said.
Company Name: JOBSTREET CORPORATION BHD
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research said Jobstreet's job posting volumes have been rising, thanks to its marketing campaign.
It said on Thursday, April 7 that Jobstreet was also riding on the tailwinds of a recovery in regional economies, the tight labour market and the resumption of hiring activities.
'On the negative side, there is a rise in competition in Jobstreet's core markets. Also, there is no immediate plan to merge SEEK's Asian investments despite its strategic merits,' it said.
CIMB Research said it was retaining its EPS estimates. Its target price of RM3.77 remains unchanged as it now pegs Jobstreet at parity with its peers instead of a 20% discount as the average CY12 P/E of its global peers has corrected to 22.6 times, largely because of Monster.
It added that it valued Monster at parity as Jobstreet has been executing well and volumes have been rising.
'Jobstreet remains a BUY, with the potential catalysts being market share gains and lower-than-expected competition,' it said.
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