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.
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.
