Best World

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Namralk and Boon,

Thanks for sharing more information on the dental stem cell business.
My initial reaction when reading the news was negative. Personally, felt that the management should focus on their core business and ensuring proper execution of their China market. 

However, the investment is only 2.5 mil, so not quite big an issue yet.
Keeping faith with the management that they know what they are doing.
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(20-07-2016, 03:39 PM)JanQuin Wrote: Namralk and Boon,

Thanks for sharing more information on the dental stem cell business.
My initial reaction when reading the news was negative. Personally, felt that the management should focus on their core business and ensuring proper execution of their China market. 

However, the investment is only 2.5 mil, so not quite big an issue yet.
Keeping faith with the management that they know what they are doing.

Hi JanQuin,

The COO, Huang Ban Chin, holds a Bachelor of Science degree majoring in biochemistry and microbiology from NUS, I supposed, stem cells is within his circle of competence.
_____________________________________________________________________________________________________________________
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
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http://bestworld.listedcompany.com/news....1431784589

The Board of Directors of Best World International Limited (the "Company") wishes to announce that the Company will release its second quarter financial results for the financial period ended 30 June 2016 on Thursday, 04 August 2016, after trading hours.
_____________________________________________________________________________________________________________________
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
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Dora's interview with a Chinese DS site on 28 July 16.

http://www.dstoutiao.com/html/ds/dsc/201...17677.html

专访全美世界创办人兼集团总裁范文瑂博士:中国将成为全美世界最大的直销市场

文章来源:DSC视界 发布时间:2016-07-28 10:29:49 浏览: 139次

6月30日,全美世界从商务部领取直销经营许可证,成为了新加坡首家获得中国直销牌照的企业。消息传来,引起了中国直销行业的普遍关注。据了解,全美世界成立于1990年,历经26年的发展,它凭借优质的产品和服务,先后开拓了亚洲十几个国家和区域的市场。此番进军中国,全美世界期望已久。获得直销牌照后,全美世界将如何发展?围绕这样一个行业内普遍关心的问题,《直销》杂志采访了全美世界国际集团董事长兼总裁范文瑂博士,以她的回答来全面展现全美世界在中国市场的规划与布局。


《直销》:2014年2月全美世界收购了全美世界(浙江)药业有限公司,在此之前全美世界(浙江)是否启动直销申牌工作?从收购浙江子公司至今,全美世界主要做了哪些方面的工作?

[font=微软雅黑]范博士:将好的直销产品及事业在中国广阔的土地上推广,一直是我的梦想,也是集团的发展策略之一。自中国颁布直销经营的政策法规之日起,我们就在为进军中国直销行业的这条大道作铺垫。为此,我们收购了16张保健品蓝帽子产品证,也把全美世界的主流护肤品都作了备案。这些年来,我们曾大江南北地去寻找适合的合作对象或者是收购企业等各种进入中国直销的可性行方案,也曾打算做买地设厂等各种准备方案。[/font]

2014年初,我们终于全资收购了在浙江杭州的全金药业有限公司,收购后易名为全美世界(浙江)药业有限公司。此家公司拥有深厚的研发实力,也拥有高水准的生产设备及品质管理,并有自己的品牌及行销渠道。所以,收购之后,我们相信全美世界成熟的品牌经营经验将会使该厂更有竞争力。另一方面,收购成功后,我们马上着手了申牌的所有准备工作,并在2014年年底递送了直销经营的申请书。
经过18个月的审核过程,今年6月7日商务部批下了直销经营许可证,6月30日我们从商务部领取了直销经营许可证。

《直销》:为什么选择开辟中国市场?您对中国直销市场如何看待?您对全美世界在中国直销市场的发展抱有什么样的期待?

[font=微软雅黑]范博士:全美世界发源于新加坡,拥有26年历史,2004年在新加坡交易所上市,并成为新加坡第一家,也是唯一一家以直销为核心业务的上市公司。[/font]

[font=微软雅黑]当时上市的目的之一就是要融资,然后开拓中国市场。全美世界的愿景定为“全美世界,世界全美”,就是希望有一天成为世界直销品牌。以前我们的使命是“深耕亚洲,优领全球”,但无论我们想成为世界品牌亦或是亚洲品牌,都不能少了这个占世界近四分之一人口的中国市场,更何况中国经过20年的发展,国家的富强、经济实力已直追美国。未来的十年,全球经济的动力在亚洲,原因就在于中国已经崛起了。[/font]

除了经济及市场扩张的原因外,我本身接受的是中文教育,本科修的历史专业,对中国本就有民族情怀及血浓于水的感情。所以这么多年以来,我一直渴望能在中国发展,用全美世界的好产品、好事业、好文化造福更多的中国伙伴。全美世界现在已经在亚洲十一个国家和地区设有子公司,包括新加坡、马来西亚、印度尼西亚、泰国、越南、菲律宾、中国香港、中国台湾、韩国、迪拜,目前最大的市场是中国台湾。现在,我们已经在中国大陆获得了直销牌照,而且在不久将正式启动直销业务。依照中国市场的庞大潜能,我相信在未来两三年内中国大陆的业绩势必超越台湾地区业绩而成为集团最大的市场。

《直销》:收购并成立全美世界(浙江)后,全美世界沿用了子公司之前打造的“AU全金”品牌,并没有将全美的品牌带到子公司之中,这是出于怎样的考虑?

[font=微软雅黑]范博士:全美世界(浙江)子公司原本的“AU全金”品牌走的是大众市场,在中国28个省份中的几千家药店零售,这么多年已经建立了固定的客群及业务基础。而目前全美世界在其他区域主打的品牌如“Dr’s Secret皙之密”护肤品牌,“Avance维格尔”保健品牌及“Optrimax”品牌都是功能性的产品,比较适合通过直销管道推出。因为这些产品的特性,所以它需要通过直销渠道来为顾客提供面对面的咨询、指导及售后服务,才能发挥其最大效用,因此我们一直都计划将这些品牌留给直销渠道,所以也就没有把这些产品带入到浙江子公司的零售渠道。[/font]

《直销》:优质的产品是企业长久发展的基石,全美世界(浙江)在产品研发和生产上有何优势。另外,目前全美世界(浙江)申报的直销产品包含哪些?

[font=微软雅黑]范博士:全美世界(浙江)是以研发、生产和销售保健品为主的科技型医药企业,其所拥有的“全金”注册商标于2008年获得驰名商标的认定,“全金”的品牌已经获得了市场的充分肯定。全美世界(浙江)拥有标准GMP认可,所有公司产品全部自己生产,GMP所有证件齐全、完善。[/font]

[font=微软雅黑]全美世界(浙江)被新加坡全美世界(Best World Lifestyle Pte Ltd)全资收购后,除了继续引进国际先进生产技术外,还将结合科学的管理模式,将继续确保产品质量安全和优质的售后服务。未来,全美世界(浙江)还将开发和推出更多系列的优质保健产品,满足消费者的健康需求。[/font]

目前,全美世界(浙江)申报的直销产品有以下6种:全金多种维生素片、全金养生源胶囊、全金蛋白粉、全金大豆异黄酮软胶囊、全金西洋参含片、全金茶多酚含片。

《直销》:全美世界是进入中国直销行业的第29家外资公司,准备何时启动中国直销市场?结合全美世界在世界其他国家市场的发展,谈谈全美世界(浙江)将如何实现在中国市场上的本土化发展?

[font=微软雅黑]范博士:目前我们着手设立杭州的8个网点,之后会申请增加产品类,明年开始会着手扩大直销的区域范围,我们预计明年开始启动直销业务[/font]

[font=微软雅黑]我们规划未来在浙江药厂研发以草本为主的保健品,用于中国及海外市场的销售。我们也不排除在3-5年后在中国设立化妆品厂房以包装、生产全美世界的功能性护肤品来供应中国市场需求的可能性。[/font]


《直销》:在越来越多的企业获得直销经营许可的现状下,人才短缺成为了许多新获牌企业面临的问题之一。全美世界(浙江)将如何应对人才问题?

范博士:全美世界已经拥有了26年直销经营的历史及经验,也在亚洲发展了十多家子公司,内部已经有了一套健全的营运及管理系统。另外,公司在总部及子公司也培养了众多的直销及专业管理人才。而在中国的公司也已经有了一批有管理经验的人才。因此,我们觉得只要有一套管理系统,在国内增聘人才融入全美世界的企业文化,应该都不是太大问题。

另一方面,全美世界也研发了一套直销商培训及运作的663系统。因此在培训新的直销商掌握直销运作也将不是一个问题。

《直销》:直销企业的持续稳定发展,培训至关重要。全美世界将如何结合中国市场的实际,将IKASH培训融入到中国市场之中?

范博士:全美世界已经研发一套配合公司的产品特征及企业文化的IKASH培训课程,并且也开发了直销商的运作系统——663系统,在每一个国家运行时,这两套系统的架构和理论都是保留的,而针对不同的市场操作内容上会根据其需要稍作调整。

《直销》:全美世界(浙江)获得直销牌照,是否会对新加坡全美世界集团的股价产生影响,您如何看待这种影响?

范博士:事实上,当全美世界公布领取直销经营许可证时,当天的股价即刻飙升了百分之二十,由公告前的新币S$1.15跳到S$1.35。我想这是市场及投资者对全美世界(浙江)持证后,在中国正式展开直销业务抱正面乐观的看法,一方面他们或许认为中国是公认的庞大市场,潜力无限。另一方面,他们也许对拥有26年直销经营经验的全美世界管理层也有信心,另外,全美世界在台湾地区市场发展的成功更是给投资者们打了一支强心针。

《直销》:您对全美世界中国市场未来3-5年的规划是怎样的?

范博士:全美世界是一家以产品为导向,以教育为基础的正规直销公司,我们无论开拓任何一个市场都是一步一脚印的、以优质产品及售后服务建立客群,再由客群中挑选适合的人选成为直销商,并非常重视每个直销商的系统培训,我们常以“好产品留住客群,好系统培育人才”为经营策略来开拓我们的市场。我们非常相信建立好的人才方能维持好的公司,我们一直以来都不急于追求最大,但我们非常在乎成为最好。

因此,我们在前两三年会注重于把基础打好,再进一步扩充。首先,我们会设立杭州的8个网点,明年会开始针对其他几个重要的城市申请扩大直销范围,在这些城市开旗舰店及服务网点,把全美世界的优质产品带给更多的客群。

我们管理层对未来3-5年的发展充满信心!
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Thanks namralk for the link.

It is good to see the confidence and optimism expressed by Dora Hoan on BWI’s ability to tap the mammoth market potential of China. She certainly believes BWI has what it takes to succeed in China.
___________________________________________________________________________________________________
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
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(29-07-2016, 02:19 PM)Boon Wrote: Thanks namralk for the link.

It is good to see the confidence and optimism expressed by Dora Hoan on BWI’s ability to tap the mammoth market potential of China. She certainly believes BWI has what it takes to succeed in China.
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Hi Boon, you're welcome Smile . I would also like to thank you for your multiple sharing. This interview gave important insights into management's thinking of its business. I like Dora's answer to the last qs. "BWL is based on products, education of distributor and slow & steady built-up."
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http://tw.bwlgroup.com/images/bulletin/2...-08_09.pdf
 
The 08/09 (2016) BWL Taiwan bi-monthly-bulletin is out.
 
1H2016 Taiwan revenue of TWD 1,300 m (~SGD 54m) is confirmed.
 
2H2016 Taiwan revenue target of TWD 1,700m (~SGD 71m) or FY2016 Taiwan revenue target of TWD 3,000m (~125 m) has been set.
 
To achieve this new target, BWL Taiwan seems to have plans and “road maps” on how to get there – including the 10th anniversary activities to drive sales…….
___________________________________________________________________________________________________________________________________________________________
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
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Best World posted an excellent set of results today , i.e. 1H 2016 earnings surge 466.1% to $13.3 million. An interim dividend of 2.0 cents per share and proposed bonus issue of one bonus share for every four ordinary shares.

To be honest, I am not that much surprised about the earnings due to excellent analysis by Boon.   Smile

I must say I am very pleased about the bonus share, the last time the free warrants were issued, they ended below exercise price(as in my last post). Hopefully, with the increase in issued share capital, it will attract more institutional investors.

Boon, many thanks for your replies to my last post - Sorry, I know it is very late. Blush
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Boon, I agree, has done a sterling service to us who have followed his posts and gathered conviction to invest in BW. He deserves our million thanks!
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2Q2016 results (Released on 04-Aug-2016)
 
Revenue (SGD Million)
1Q2014 =  12.802     (= 17% of FY2014 Revenue)
2Q2014 =  18.278     (= 24% of FY2014 Revenue)
3Q2014 =  19.229     (= 26% of FY2014 Revenue)
4Q2014 =  24.957     (= 33% of FY2014 Revenue) FY2014  =  75.226
1Q2015 =  13.507     (= 13% of FY2015 Revenue)
2Q2015 =  21.029     (= 21% of FY2015 Revenue)
3Q2015 =  26.191     (= 26% of FY2015 Revenue)
4Q2015 =  40.945     (= 40% of FY2015 Revenue) FY2015 = 101.672
1Q2016 =  35.226     (=  X % of FY2016 Revenue)
2Q2016 =  51.568     (New quarterly revenue record)
1H2016 =  86.794     (New 1H revenue record)
 
GPM / NPM
1Q2014 = 74.0% / 0.9%
2Q2014 = 69.8% / 4.1%
3Q2014 = 75.5% / 5.8%
4Q2014 = 77.1% / 8.2%
FY2014  = 74.4% / 5.4%
1Q2015 = 74.9% / 1.8%
2Q2015 = 75.8% /10.0%
3Q2015 = 77.1% /15.4%
4Q2015 = 74.8% / 9.1%
FY2015 =  75.6% / 9.9%
1Q2016 = 75.5% /16.9%
2Q2016 = 74.8% /14.3%
1H2016 = 75.1% /15.4%
 
GPM stayed above 70% mark.
2Q2016 NPM dipped 2.6% compared to 1Q2016 due to increase in AE (administrative expenses), some of which like professional fees are one-offs. Overall, 1H2016 NPM still looks very impressive at 15.4%.
 
NPAT / EPS
1Q2014 = 0.121 m / 0.06 cent
2Q2014 = 0.758 m / 0.34 cent
3Q2014 = 1.123 m / 0.51 cent
4Q2014 = 2.052 m / 0.93 cent (FY2014  = 4.054 m / 1.86 cent)
1Q2015 = 0.249 m / 0.11 cent
2Q2015 = 2.106 m / 0.96 cent
3Q2015 = 4.035 m / 1.83 cent
4Q2015 = 3.714 m / 1.69 cent  (FY2015 =10.104 m / 4.59 cent)
1Q2016 = 5.963 m / 2.71 cent
2Q2016 = 7.369 m / 3.35 cent (new quarterly NPAT/EPS record)
1H2016 =13.332 m / 6.05 cent (new 1H NPAT/EPS record)
 
1H2016 NPAT of 13.332 m already surpassed that of FY2015 NPAT of 10.104 m; 1H2016 EPS of 6.05 cents already surpassed that of FY2015 EPS of 4.59 cents – driven by increased revenue and the much improved NPM. 
 
OCF (before change in working capital and before tax):
2Q2016 = 10.846 m (~4.93 cents per share)
1H2016 = 19.225 m (~8.74 cents per share)
 
Impressive cash generative business.
 
DPS
1H2015 = 0.5 cent
1H2016 = 2.0 cent (= 4 times 1H2015 interim DPS)
 
Taiwan Revenue (SGD million)
1Q2014 =   2.418   (= 11% of FY2014 Revenue)
2Q2014 =   4.157   (= 18% of FY2014 Revenue)
3Q2014 =   4.940   (= 22% of FY2014 Revenue)
4Q2014 = 11.196   (= 49% of FY2014 Revenue) ;(FY2014  = 22.711)
1Q2015 = 4.465     (=   8% of FY2015 Revenue)
2Q2015 = 10.244   (= 18% of FY2015 Revenue)
3Q2015 = 14.125   (=  25% of FY2015 Revenue)
4Q2015 = 27.559   (=  49% of FY2015 Revenue) ;(FY2015  = 56.393)
1Q2016 = 20.221   (=  Y % of FY2016 Revenue)
2Q2016 = 35.056   (New quarterly record)
1H2016 = 55.277   (New 1H record)
 
China Revenue (SGD million) = Export Revenue + MW Revenue:
1Q2014 =  2.195
2Q2014 =  3.296
3Q2014 =  3.117
4Q2014 =  4.372  (FY2014  =12.980)
1Q2015 =  3.088
2Q2015 =  5.366
3Q2015 =  4.805
4Q2015 =  6.512  (FY2015  =19.771)
1Q2016 =10.566  (Export = 9.609 ; MW= 0.957)
2Q2016 =11.813  (Export =10.777 ;MW =1.036)
1H2016 =22.379  (Export =20.386 ;MW =1.993)
 
1H2016 China revenue of 22.379m (predominantly under Export model) already surpassed that of FY2015 revenue of 19.771 m.
 
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1)  An excellent set of 2Q2016/1H2016 results.
2)  GPM looks pretty stable;
3)  1H2016 NPM of 15.4% looks very impressive compared to 9.9% for FY2015.
4)  Revenue/NPAT/EPS (both on quarterly and half-yearly basis) are at all time high - driven by strong growth in key markets of Taiwan, China and Indonesia.
5)  1H2016 OCF (before change in working capital and before tax) of 19.225 m looks very impressive ~ could support increases in working capital + tax payment + dividend payment + higher deposit paid to suppliers + deposit paid for the newly acquired Tuas factory facility.
6)  Interim DPS (1H2016) increases to 2.0 cents = 4 times that of 1H2015 of 0.5 cent.
7)  Annualizing 1H2016 numbers => projected FY2016 revenue ~ 2 x 86.794 m = 174 m; projected FY2016 NPAT/EPS ~ 26.664m/12.06 cents, which would be all times new records. I think the FY2016 results would highly likely propel BWI into the top 100 DS company in the world.
8)  Bonus shares has been proposed ~ to allow more investors to participate in the growth of BWI……..
_____________________________________________________________________________  
Research, research and research - Please do your own due diligence (DYODD) before you invest - Any reliance on my analysis is SOLELY at your own risk.
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