Best World

[Boon]

http://zxgl.mofcom.gov.cn/front/getEnter...0400049586
 
Two trainers (直销培训员) have been added last months on the mofcom website – progress has been made though very slowly – but this is not a worry, as it is business as “usual” under the “export” mode.
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[Boon]

http://infopub.sgx.com/FileOpen/BWI%20Fi...eID=447378

AR2016 is out
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[Boon]

Look at how Best World paid her 2 CEOs and COO in 2014:
Executive Directors
Dr Dora Hoan Beng Mui $1,000,000 to $1,200,000
Dr Doreen Tan Nee Moi $1,000,000 to $1,200,000
Mr Huang Ban Chin $600,000 to $800,000
Note: Must hide actual salary within 20% band. Lack transparency in top mgt pay.
NPAT: $4.1m and EPS: 1.86c

Versus

How Nordic Holding paid her 3 top management last year:
Chang Yeh Hong (Chairman) $715K
Dorcas Teo Ling Ling (CEO) $377K
Eric Lin Choon Hin (ED) $354K
Note: Very specific in disclosure. Good transparency in top mgt pay.
NPAT: $7.9m and EPS: 2c


From my assessment, Best World is paying her top management so well that they have been too complacent in developing her business and we shall not expect too much from her china play, which will take a long time as they would prefer to enjoy steady pay than rock the boat of enjoying so high salary per year.

Top management's pay would get HIGHER I reckon...........

2016:

Dr Dora Hoan Beng Mui $3,000,000 to $3,250,000 (Salary =26%; bonus = 73% ;benefits in kind = 1%)
Dr Doreen Tan Nee Moi $3,000,000 to $3,250,000  (Salary =26%; bonus = 73% ;benefits in kind = 1%)
Mr Huang Ban Chin $1,500,000 to $1,750,000       (Salary =31%; bonus = 68% ;benefits in kind = 1%)
NPAT: $34.569 m and EPS: 12.56c
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[laowangnextdoor]

NPAT 8 folded from 2014 to 2016, but salary only increased about 3 times, not bad eh lol? The company is in a multi-level marketing business, of course, those at the top of chain get paid the most.

[Boon]

The 32% income tax rate for FY2016 seems high !

Wondering what could be done to reduce the income tax expenses ?
 
FY2015 (SGD million):
Revenue = 101.672
PBT = 16.992
Income tax expenses = 7.691 = 45 % of PBT
(includes adjustment on Indonesia tax assessment on fiscal year 2008 of 3.418 m).
 
FY2016 (SGD million):
Revenue = 200.764
PBT = 50.930
Income tax expenses = 16.525 = 32% of PBT
 
From page 90 of AR2016:
 
Profit before tax                                             = 50,930

Income tax expense at the above rate                         =  8.658
Non-taxable items                                                        =    (293)
Non-deductible items                                                    =   2.446
Tax exemptions                                                            =      (61)
Deferred tax assets not recognised                              =      906
Under adjustments to tax in respect of prior periods    =        77
Effect of different tax rates in different countries          =      586
Amount in connection with interests in subsidiary        =    4.651
Effect of tax concessions and tax rebate                     =     (453)
Other items less than 3% each                                     =         8
 
Total income tax expense                                           =  16.525
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[chialc88]

Q1 result announcement Tuesday, 9 May 2017, after trading hours <eom>

[chialc88]

Happy Labour Day!
Do take note of key dates to BWL stock split:

1. Last day of trading Pre-split    19 May 2017 by   5pm
   
2. First day of trading Post-split  22 May 2017 from 9am
   
3. Book Closure Date                24 May 2017 at   5pm
   

Read BWL Stock split announcement
here

---

So Tell me what you want?
What you really really want?

If you wanna be my lover,
 you have got to give,
Taking is too easy,
 but that's the way it is.

[weijian]

Happy Labour Day!
Do take note of key dates to BWL stock split:

1. Last day of trading Pre-split    19 May 2017 by   5pm
   
2. First day of trading Post-split  22 May 2017 from 9am
   
3. Book Closure Date                24 May 2017 at   5pm
   

Read BWL Stock split announcement
here

hi chialc88,
Tell me frankly, do/did you really feel richer with the split?

[chialc88]

WJ,
What I think might not be important.
What Warren think might be a bit important.
Click the following to refresh your memory:
link

Most important, is what you think.
Care to share?

---

Ok, after get rid of all the songs and dance,
this is what I think.

1. Trading volume will definitely increase b4 and after stock split.
I mean, few days before and few days after, the volume will spike.
This is because with the current market sentiment (esp BWL),
a lot of $$$ is moving and looking to churn.
Don't want to waste this golden opportunity to take a quick bite.

2. After stock split, for many years...
the volume will be higher.
Why? that's precisely the reason justifying a stock split mah...
To encourage market participants/participations.
More players (esp junior) find the price *reasonable*,
and hence increase the chance of buying BWL instead of other expensive stocks.

Personally, I do hope that the total sum after split will be higher than b4 split.
But, I'm very mindful that the trade-off is BWL will become more risky stock to own.



I'm just a little girl lost in the moment
I'm so scared but I don't show it
I can't figure it out
It's bringing me down I know
I've got to let it go
And just enjoy the show

The sun is hot
In the sky
Just like a giant spotlight
The people follow the sign
And synchronize in time
It's a joke
Nobody knows
They've got a ticket to that show

For a million $$$,
did you brought the ticket?

For another million $$$,
are you going for an opera or rock concert?

Ask me and I will tell you.

[weijian]

WJ,
What I think might not be important.
What Warren think might be a bit important.
Click the following to refresh your memory:
link

Most important, is what you think.
Care to share?

---

Ok, after get rid of all the songs and dance,
this is what I think.

1. Trading volume will definitely increase b4 and after stock split.
I mean, few days before and few days after, the volume will spike.
This is because with the current market sentiment (esp BWL),
a lot of $$$ is moving and looking to churn.
Don't want to waste this golden opportunity to take a quick bite.

2. After stock split, for many years...
the volume will be higher.
Why? that's precisely the reason justifying a stock split mah...
To encourage market participants/participations.
More players (esp junior) find the price *reasonable*,
and hence increase the chance of buying BWL instead of other expensive stocks.

Personally, I do hope that the total sum after split will be higher than b4 split.
But, I'm very mindful that the trade-off is BWL will become more risky stock to own.

hi chialc88,
It is value-investing academia. But i am interested in the practice, more than the theory itself.
Over the years, i had managed to validate some of the theories i read from the books, via myself (self actualization) and also observing people on forums/dining.

Too bad, i haven't had any X-baggers in my own portfolio to do a "stock split". I could imagine myself in one! and i think i would probably be biased towards walking away since i realized i am somehow built to be adverse to financial engineering.

I think i should probably stop, before it gets out of topic.

P.S. Moderator needs to demonstrate good forum habits to continue to stand on the moral high ground to prosecute mis-behaving VBs.