SINGAPORE (May 12): CIMB Research is maintaining its “add” rating on Best World International with $1.12 target price after 1Q earnings came in “way above expectations on a very strong showing in Taiwan.”

To recap, 1Q16 revenue more than doubled, reflecting strong sales momentum in Taiwan and China. Positive operating leverage from increased sales further propelled 1Q net profit to $6 million from $0.2 million a year ago.

“Given that 1Q is seasonally weaker, this was a huge earnings beat. 1Q16 formed 37% of our full-year,” says lead analyst Jonathan Seow in a Thursday report.

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