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04-04-2020, 10:28 AM
Interested Personnel Transaction: Best World
(Click for Q4 result)
(click for Q3 result)
In Q3, only Audrey is reported as Interested Personnel Transaction.
Q4, added Lu Pin and Beng Choon.
Audrey Koh Karmen (1)
Pek Lu Pin (2)
Huan Beng Choon (3)
Note (1): Spouse of Huang Ban Chin
Note (2): Daughter of Doreen Tan Nee Moi
Note (3): Brother of Dora Hoan Beng Mui
Interim update
(click for Interim update 22 Mar 2020)
point #8 (a)
Vicstar Lifestyle Pte Ltd (“Vicstar”) – January 2010 to December 2011. This company is
owned by two individual shareholders who are the spouses of two top Singapore
distributors. BWI sold directly to Vicstar from early 2010 but this ceased in December
2011. We were informed that Vicstar continued to work with the import agents to develop
the China market during the Export Model period. In particular, Vicstar maintained the
China customer database, facilitated the calculation of commissions due to distributors,
and helped organise trainings and events for China distributors.
point #24
BWI Management has informed that the Franchise Model as currently structured is in
compliance with local China regulations and the Franchise License. We are unable to comment
on the legality of the structure of the Franchise Model under Chinese law and whether it falls
within the scope of the Franchise License. In this regard, we have recommended that the Board
obtain the advice of an independent and suitably qualified Chinese law expert on these issues,
taking into account our findings. We understand that BWI Management has since engaged an
independent Chinese law firm to provide a legal opinion on the legality of the Group’s present
franchise model sales and distribution business under the Franchise Model.
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15-05-2020, 08:21 AM
14 May 2020 1Q2020 Result Bestworld
(click for details)
Rev $74m up 39.7% yoy
GP $52m up 29%
NP $13m up 26.6%
Extracted outlook for valuebuddies reading:
During this period of uncertainty, management remains very cautious about the Group’s
performance outlook for the next 12 months. Barring any unforeseen circumstances,
management expects volatility in top and bottom line performance due to the following
factors:
• While market situation in China is on the slow path of returning to normalcy since April,
franchisees are not returning to previous level of sales activities over concerns of a
resurgence of Covid-19 cases. The Group’s growth is largely dependent on China’s
consumers’ sentiments and performance, we expect this to cast uncertainty over the
Group’s financial performance for FY2020;
• As of reporting date, most of the Group’s subsidiaries, except for China, Taiwan and
Hong Kong, are closed due to city lockdowns or movement control. The Group will
continue to monitor closely the situation in relation to Covid-19 for all the markets we
operate in and will make further announcements to update Shareholders should any
material developments arise;
• Besides shipments from our contract manufacturers being delayed due to current
lockdown, currently all of our fillers and packagers are also not operational as a result
of the Circuit Breaker. We anticipate the possibilities of goods shortages for certain
markets in the quarters ahead;
• The current Circuit Breaker in Singapore till 1st June 2020 has brought all construction
activities of the Tuas facility to a halt. Management expects an increase in costs as a
result of this delay;
• The China-US trade disputes has already negatively impacted the profitability of our
China business. Management is uncertain if there will be further retaliatory response
from either side that could further impact us;
• As a result of the on-going independent review, higher professional expenses are
expected. They include and are not limited to, Independent Accountant’s fees, legal
costs and other expenses. Management also expects to incur other professional
expenses due to, amongst other reasons, identification and assessment of M&A and
corporate development opportunities relevant to the Group’s business, and to ensure
that adherence to relevant local regulations by its subsidiaries in the different
jurisdictions;
• As announced previously, management expects higher administrative expenses in
relation to management and staff costs to cater to our expanding business activities,
the construction of our Tuas manufacturing facilities and the relocation & refurbishment
of certain Regional Centres;
Stay Home and Stay Healthy, everyone.
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I havent followed best world closely. What is its main reason for the long suspension?
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16-05-2020, 09:37 AM
bro,
it's a nice weekend and let's not drag out all the details.
relax a bit.
based on my memory, this is what happen and because of what happened had not been solved, bwl is suspended.
obviously, there could be some other reasons but that would be speculating.
1. bwl was suspended because something is wrong (many people and news article came out)
2. i guess, initiately, bwl suspended itself from trading because of the negative sentiments and it will take a breather to address these non-sense.
3. unfortunately, it couldn't address them.
4. sgx kick the can down the road and its suspended until now.
inside my memory bank, there is a calendar flag: Mid April 2020
it says expected suspension to be lifted.
today is 15 May and nope, it's not lifted.
why so?
i guess should be the same reason as why DH's brother-in-law refused to provide the information (caused a few months of delayed investigation):
confidentiality
your guess is as good as mine.
the actual reason why bwl's china partner refused to provide the infor likely will be the same as the *actual* reason why DH's BIL refuse to provide - more cans of worm?
my feeling is bwl is still a hot favorite among valuebuddies.
myself included.
when the suspension is lifted, we are going to wack some $$$ in.
thou, the price must be right, right?
Stay home and stay safe, everyone.
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30-05-2020, 09:02 AM
29 May 2020 BWL: why no dividend?
(click for SGX announcement)
"No dividends have been declared or recommended by the Board for the financial
period ended 31 March 2020 as the Board has decided to conserve cash in the face
of heightened economic volatility and business uncertainty moving forward."
Stay home and stay safe, valuebuddies.
Howard Marks - The most important thing
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08-06-2020, 08:31 AM
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09-06-2020, 09:12 PM
9 Jun 2020 IPT corrigendum for Huan Beng Choon - Dora's Brother
https://links.sgx.com/FileOpen/1%20BWIL%...eID=617076
Stay home and stay healthy, everyone.
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(08-06-2020, 08:31 AM)¯|_(ツ)_/¯ Wrote: Auditor's comments of accounts
https://links.sgx.com/FileOpen/BWIL%20Di...eID=616719
I am unsure what to make out of the latest findings. Is it a cause for concern ? Any buddies still interested in BW ?
Basis for Disclaimer of Opinion > Potential unrecorded transactions
The 20% of sales revenues(BW sales to China franchisees) is being paid to accounts not belonging to BW, while at the same time, a key personnel of BW's subsidiary had been involved in the mgmt of these bank accounts. The auditor reported that it has limited documentary evidence.
Basis for Disclaimer of Opinion > Relationship with the Group’s import agents and marketing agent
BW was substantially involved in the daily operations and exercised a certain degree of control over its import agents and marketing agent despite not holding any equity interest in them.
======
Bonitas Research pg 5
"PRC filings suggest that Best World fabricated at least S$ 31 million of its reported 2017 sales to its claimed independent “one major customer”, Changsha Best Commodity Trading Co., Ltd. (长沙百世特威日用品贸易有限公司) (“Changsha Best”), an entity we believe Best World management secretly controlled and exclusively created to be Best World’s off-books China counterparty."
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(13-06-2020, 06:03 PM)dreamybear Wrote: (08-06-2020, 08:31 AM)¯|_(ツ)_/¯ Wrote: Auditor's comments of accounts
https://links.sgx.com/FileOpen/BWIL%20Di...eID=616719
I am unsure what to make out of the latest findings. Is it a cause for concern ? Any buddies still interested in BW ?
Basis for Disclaimer of Opinion > Potential unrecorded transactions
The 20% of sales revenues(BW sales to China franchisees) is being paid to accounts not belonging to BW, while at the same time, a key personnel of BW's subsidiary had been involved in the mgmt of these bank accounts. The auditor reported that it has limited documentary evidence.
Basis for Disclaimer of Opinion > Relationship with the Group’s import agents and marketing agent
BW was substantially involved in the daily operations and exercised a certain degree of control over its import agents and marketing agent despite not holding any equity interest in them.
======
Bonitas Research pg 5
"PRC filings suggest that Best World fabricated at least S$ 31 million of its reported 2017 sales to its claimed independent “one major customer”, Changsha Best Commodity Trading Co., Ltd. (长沙百世特威日用品贸易有限公司) (“Changsha Best”), an entity we believe Best World management secretly controlled and exclusively created to be Best World’s off-books China counterparty."
In short BW decide what to include in listed co. And what not to include. For good and bad.
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21-06-2020, 10:27 AM
18 June 2020 Reject by ACRA for extension of time to convene AGM
https://links.sgx.com/1.0.0/corporate-an...443b169530
The Company received a final response from ACRA on 17 June 2020:
(i) stating that it would not grant the Company a further extension of time to hold the FY2018 AGM and to lodge its annual return for FY2018; and
(ii) granting the Company a maximum extension of 60 days to hold the FY2019 AGM by 29 June 2020 and to lodge the annual return by 30 July 2020.
Reminder to attend 2018 eAGM on Monday, 22 June 2020@10am
Stay home and stay safe, valuebuddies.
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