Best World just released some good news. However based on the chart analysis, it seemed as though the stock was being heavily traded and chased by investors and traders who are buying on the bandwagon. The traded volume was exceptionally high and the price is rocketing consistently. During this wave of rising price, I can see some hidden selling where buyers would look to lock in profits. I would not buy this stock on good news. Instead, the old adage is right, but on rumours and sell on news!
Workshop Date: 17th May 2016,Time: 7.00pm to 9.00pm
Contents: Name, e-mail address and mobile number.BEST World International reported a net profit of S$5.96 million for the first quarter ended March 31, 2016, up from S$249,000 a year ago.
Revenue surged some 160 per cent year on year to S$35.23 million due to higher revenue contributions from the group' s key markets, namely Taiwan, China and Indonesia.
Earnings per share for the quarter under review were 2.71 Singapore cents, up from 0.11 cent previously.
In a separate announcement, Best World said that its subsidiary Avance Living has entered into a sale and purchase agreement with AM Automotive Services to acquire a property for some S$10 million. It plans to set up a skincare manufacturing facility.
The property, at Tuas Basin Link, is held under a lease issued by Jurong Town Corp for 30 years - from July 1994 - with a covenant for JTC to grant a further 30 year term.
Ronald K - Market Psychologist - A Stock Market Opportunist
