Best World International’s subsidiary granted direct selling licence in China

Best World International’s subsidiary granted direct selling licence in China

Best World International’s subsidiary granted direct selling licence in China

PC Lee
01/07/16, 10:02 pm

SINGAPORE (July 1): Best World International announced subsidiary Best World (Zhejiang) Pharmaceutical Co. (BWZ) was granted on Thursday, a direct selling licence by China’s Ministry of Commerce.

BWZ is a wholly-owned subsidiary of Best World Lifestyle, which itself is wholly-owned by Best World International.

Under the licence, BWZ is permitted to conduct direct selling in areas in China which would be announced in due course on the ministry’s website related to the administration of direct selling industry for certain categories of products which would be announced in due course on the same website.

Under the grant of the direct selling licence, BWZ is not permitted to commence direct selling until BWZ has set up the requisite service centres in Hangzhou city within six months of June 7, 2016, with the service centres being subject to the inspection and report of the Department of Commerce of Zhejiang province.

Best World International says the grant of the direct selling licence is not expected to have any material effect on the consolidated net tangible assets and earnings per share of the company for the financial year ending Dec 31, 2016.

“The company shall make further announcements on the direct selling licence as and when there are any material developments,” says the group in its filing.

Best World International shares closed 15.7% higher at S$1.33 on Friday.

Maybank initiates coverage on mm2 with 'buy' and 56 cents target

SINGAPORE (Apr 23): Maybank is initiating coverage on media and entertainment conglomerate mm2 Asia with a “buy” and a target price of 56 cents. In a Sunday report, analyst Luis Hilado says, “We believe mm2 is on the cusp of a healthy growth phase, backed by its media and entertainment acquisitions in the past 12 months.” Currently, mm2’s film and event production and distribution businesses are in their early stages of expansion in North Asia and its recent acquisition of Cathay cinema should provide recurring cash flows despite its lower EBITDA margins. See: mm2 Asia in op....

Frasers Logistics proposed toehold in Europe ticks all the right boxes, says CIMB

SINGAPORE (Apr 23): CIMB says Frasers Logistics & Industrial Trust (FLT) planned acquisition of German and Dutch properties "tick all the right boxes". FLT has proposed the acquisition of 21 industrial properties in Germany and the Netherlands for $972.8 million with an entry NPI yield of 5.5%. The portfolio is predominantly freehold, 100% occupied, has quality tenancy covenants and enjoys long WALE of eight years. Also, the bulk of leases have CPI-linked indexation, says CIMB. "Effectively, the leases have average annual step-up of 1% p.a. vs. Australian leases which have average....

MindChamps started at 'buy' on strength of preschool brand, regional expansion

SINGAPORE (Apr 23): RHB Research is initiating coverage on MindChamps PreSchool with a “buy” recommendation and a target price of 95 cents – representing a potential upside of more than 15%. “Amongst the premium range of preschool centres [in Singapore], it has a dominant 38.5% share. This is built upon a strong brand name as well as a unique curriculum that inculcates passion in learning,” says analyst Juliana Cai in a report on Monday. “On the macroeconomic front, we like the company’s strong branding position to tap into Asia’s rising middle class, and increasing willi....