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Tag: BEST Inc

  • BEST stock Plunges Down After Hours Due to Corrections

    On March 18, BEST Inc. (BEST) stock surged up by a mammoth gain of 73.55% during regular trading. Ultimately, the hike concluded in a downfall in the after-hours as the stock succumbed to corrections.

    In the regular trading session, the stock fluctuated between a high of $1.00 and a low of $0.55 at 11.09 million shares. The volume of the shares traded remained above the average at 630%. BEST closed the session at a value of $1.00 per share while there was no news behind the huge gain. Following the gain, the stock fell under corrections in the after-hours to reach $0.84. Hence, the stock subtracted 16.00% or $0.16 in the after-hours session on Friday.

    The supply chain services holding company, BEST Inc. is based in China and has a market capitalization of $386.12 million. Currently, the company has 247.78 million shares outstanding in the market. Standing at a year-to-date gain of 17.44%, 2022 has so far proved very fruitful for the stock. Last year, the stock subtracted a value of 55.95%.

    BEST’s 2021 Financials

    On March 8, the company declared its financial results for Q4 and fiscal 2021 along with revenue guidance for fiscal 2022.

    Source: FreshBooks

    Q4 2021

    In Q4 2021, the company’s revenue declined by 20.3% YOY to RMB2,724.9 million (US$427.6 million).

    Moreover, BEST reported a net income of RMB1,945.3 million (US$305.3 million) in the quarter, while BEST incurred a net loss in the year-ago quarter. Consequently, the company had a non-GAAP diluted EPS of RMB(1.75) from continuing operations in the quarter.

    Fiscal 2021

    For fiscal 2021, the company reported revenue of RMB11,425.8 million with YOY growth of 8.5%.

    Furthermore, BEST had a net income of RMB209.6 million in fiscal 2021, against a net loss of RMB2,051.2 million in fiscal 2020. Thus, the non-GAAP diluted EPS was RMB(3.01) from continuing operations in the year.

    Fiscal 2022

    BEST provided revenue guidance of RMB10-12 billion from its core business in fiscal 2022. The company’s core business includes Freight, Supply Chain Management, and Global segments.

    Changes to BEST’s Board

    On February 22, the company announced certain changes to its board of directors.

    Director Jun Chen resigned from BEST’s board, effective February 17, 2022. Mr. Chen served as Alibaba Director with the company and was nominated by Alibaba Group Holding Limited and Cainiao Smart Logistics Network Limited.

    Hence, Alibaba Group and Cainiao Network appointed Ms. Xiao Hu to replace Mr. Chen as an Alibaba Director with the company.

  • BEST Inc. (BEST) Moving Up in Premarket on Closing of its Express Business in China

    Following the completion of sale of its business in China, BEST Inc. (BEST) was up by 6.81% at $0.9399 premarket at the last check on Friday.

    In the previous trading session, the stock traded between $0.8800 and $0.9400 at a volume of 1.41M shares. BEST closed the session with a loss of 4.01% at $0.8800 on December 16. Upon the emergence of the news, the stock entered green in the premarket session today. At the time of writing the stock had increased by $0.0591 at 2.8 thousand shares.

    More about BEST

    The China-based holding company, BEST Inc. works in the smart supply chain services sector. Currently, the company has a market capitalization of $353.99 million.

    In the past five days, the BEST stock has lost a value of 20.00% and 38.03% in the past three months. Moreover, the year-to-date loss of the stock stands at 56.86%.

    Express Business Sale

    On December 17, the company announced that it has closed and completed express delivery business in China. Further, BEST sold the business to J&T Express Co., Ltd. At RMB6.8 billion or US$1.1 billion approx. The limited liability company, J&T Express provides logistics services in China. Moreover, the companies had entered into a definitive agreement for the transaction on October 29, 2021. Hence, the express delivery business is transferred to J&T Express, China.

    In addition, the Founder, Chairman, and CEO of BEST, Johnny Chou shared the company’s satisfaction with the transaction. According to him, the completion of this transaction will allow BEST to focus on supply chain-based logistics solutions. Moreover, it will also improve the company’s balance sheet and profitability.’

    The company intends to focus on integrated supply chain, freight, and global logistics services in the future.

    BEST’s Q3 Earnings Results

    On November 16. BEST announced its unaudited financial results for the third quarter of 2021. According to this, the company generated a revenue of RMB6,812.4 million (US$1,057.3 million) in the third quarter of 2021. This shows a 14.6% year-over-year decrease, due to a decrease in the average selling price in the Express and Freight segments.

    Moreover, the non-GAAP net loss incurred in the Q3 of 2021, was $684.2 million (US$106.2 million). Comparatively, the non-GAAP net loss was RMB541.9 million in the Q3 of 2020.

    Consequently, the non-GAAP diluted EPS was RMB(1.73) (US$-0.27) and RMB(1.39) in Q3 of 2021 and 2020, respectively.

    The company subjected the year-over-year decrease in the revenue and increase in the net loss to the impacts of Covid-19.