Best World up another 4.3% after SGX query on Thursday

Best World up another 4.3% after SGX query on Thursday

By: 
PC Lee
08/02/19, 02:56 pm

SINGAPORE (Feb 8): Shares in Best World International are up another 4.3% or 14 cents at $3.18 at 2.40pm on Friday after closing 8.6% higher at $3.04 a day earlier.

Notably, shares in Best World were already up 6% within the first hour of Thursday's trading session, triggering an unusual price movement query from the Singapore Exchange (SGX).

In its response to the bourse operator on Thursday night, Best World says it was not aware of any information not previously announced that might explain the unusual price movement.

However, Best World says that it had noticed an upward price movement in its shares following the Jan 31 announcement of the expected Feb 26 date of release of its financial results for the nine months ended Sept 30, 2018.

In the 3Q ended Nov, Best World reported $29.9 million in net profit, nearly 1.5 times higher compared to a year ago.

Since posting its 3Q results, Best World shares have gained some 70%, rising 16.8% this year alone.

Best World says the 3Q earnings jump was boosted mostly by new revenue in China, where it has shifted away from an export business model to a franchise one.

Under the export business model, Best World sells its products to export agents at a discounted bulk price. Under the franchise model, franchisees such as beauty salons and spa operators convert their stores or open new premises as Best World Experience Centres to sell exclusively the group's products.

Best World also says it is in compliance with the listing rules of the SGX and the Mainboard.

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