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Best World's stellar FY17 earnings are but a prelude to the better year ahead, says Maybank

Michelle Zhu
Michelle Zhu2/27/2018 12:19 PM GMT+08  • 2 min read
Best World's stellar FY17 earnings are but a prelude to the better year ahead, says Maybank
SINGAPORE (Feb 27): Maybank Kim Eng is maintaining its “buy” call on Best World International with a 10% higher price target of $2.06 compared to $1.88 previously after raising FY18-19 earnings per share (EPS) estimates on expectations of stronger Chi
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SINGAPORE (Feb 27): Maybank Kim Eng is maintaining its “buy” call on Best World International with a 10% higher price target of $2.06 compared to $1.88 previously after raising FY18-19 earnings per share (EPS) estimates on expectations of stronger China and Taiwan sales.

The revised target price is based on 17 times FY18E EPS, after ascribing a 20% discount to the price/earnings to growth (PEG) of 1 times for regulatory risks and competition.

This comes after the direct selling firm on Monday posted a 61% rise in FY17 earnings which beat the research house’s and consensus estimates by 26%, led by higher sales in China from better demand for the group’s proprietary range of DR’s Secret skincare products.

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