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#81
[Image: 12239284_897978143619498_3834992861308078917_o.jpg]

Wow ! Within a space of one and a half month since early October, BWL Taiwan's sales has now reached TWD 350 million (~SGD 15 million). Amazing ! 
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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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#82
今天是西洋所迷信的13號黑色星期五,一般人認為這是個不幸、不吉利的ㄧ天。  

但今天台灣全美世界打破迷信,戰勝魔咒,在下午一點零8分的時候,提前達成了今年業額10億的目標(1,000,030,000元),創歷史紀錄!  

感謝各位高階領導的帶領,感謝所有會員的努力,但也對週年慶期間因業績爆量的關係,導致缺貨與服務不週,在此致上深深的歉意(鞠躬)。  

經ㄧ事,長ㄧ智,接下來我們行政團隊會以最快的速度來做調整與加強。各位放心,我們ㄧ定會跟上你們的腳步的

[Image: 12240908_898367216913924_8233465633419430014_o.jpg]

So, BWL Taiwan has achieved the newly revised "taller" 2015 revenue target of TWD 1 Billion (~ SGD 43 million) on this Black Friday - with one and half month to go before year end !  

https://www.facebook.com/151508721599781...=3&theater
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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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#83
Boon, in 2014, 4Q was the best quarter. Is there seasonality? If yes, it follows that we can expect 4Q this year to be the best for 2015. Without any seasonality, Taiwan is going to make 4Q a great quarter if the sales force there can keep up the momentum. Thus, if got seasonality and Taiwan momentum, BWL will see a super 4Q. Maybe that's why the vol of trades has turned up and the share price is moving forward. What is your NP forecast, Boon?
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#84
(30-11-2015, 10:47 AM)Coco Wrote: Boon, in 2014, 4Q was the best quarter. Is there seasonality? If yes, it follows that we can expect 4Q this year to be the best for 2015. Without any seasonality, Taiwan is going to make 4Q a great quarter if the sales force there can keep up the momentum. Thus, if got seasonality and Taiwan momentum, BWL will see a super 4Q. Maybe that's why the vol of trades has turned up and the share price is moving forward. What is your NP forecast, Boon?

Hi Coco,
 
In terms of revenue for the Taiwan market:
 
4Q was the best quarter in 2014.
4Q is expected to be not only the best quarter in 2015, but also the best quarter ever.
FY2015 is expected to be yet another record-breaking year.
 
I am not too sure if this has to do with seasonality – but it seemed that the 9th anniversary sales promotion launched in early October (beginning of 4Q) has been very successful.
 
Also, I believe sales agents are striving for the final push in 4Q to cross the line of sales target in order to get a better promotion next year.
 
At the Group level:
 
I would expect 4Q to be the best quarter in 2015 i.e. revenue would surpass that in 3Q2015 (of SGD 26.191 m).
 
Net Profit Projection for FY2015:
Low end = 85 m (FY2015 Revenue) x 10.5% (FY2015 NPM) = SGD 8.925 m
 
High end = 6.390 m (9M2015 NPAT) + 30 m (4Q2015 Revenue) x 15.4% (4Q2015 NPM) = SGD 11 m
 
Both volume and share price have been trending up with the much improved fundamentals - coupled with the fact that the counter has relatively small public floats – hence, most shares are tightly held. 
_______________________________________________________________________________________________________________________________________
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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#85
 
https://www.facebook.com/151508721599781...permPage=1
 
The BWL Taiwan bi-monthly bulletin has just been released. According to the Country Manager of BWL Taiwan, FY2015 revenue for the Taiwanese market is estimated to come in at around TWD 1.2 billion (or about SGD 51.724 million; using SGD = 23.2 TWD) => another record breaking year !
 
=> this implies a 4Q2015 revenue of around SGD 22.890 million for Taiwan - which would be the best quarterly revenue of all time ~ another new record !

Taiwan Revenue Projection : (SGD million)
1Q2014 =  2.418
2Q2014 =  4.157   
3Q2014 =  4.940   (9M2014= 11.515)
4Q2014 = 11.196  (FY2014 = 22.711)
1Q2015 =  4.465
2Q2015 = 10.244 
3Q2015 = 14.125  (9M2015 =28.834)
4Q2015 = 22.890  (FY2015  =51.724) = projection
 
4Q2015 Group Revenue Projection (SGD million)
Singapore = 1.767 (Assume same as 3Q2015)
China       =  4.805 (Assume same as 3Q2015)
Taiwan     = 22.890
Philippines=  0.529 (Assume same as 3Q2015)
Others      = 4.965  (Assume same as 3Q2015)
Total        =34.956
 

FY 2015 Group Revenue Projection: (SGD Million)
1Q2014 = 12.802
2Q2014 = 18.278   
3Q2014 = 19.229   (9M2014 =50.308)
4Q2014 = 24.957   (FY2014 = 75.265)
1Q2015 = 13.507
2Q2015 = 21.029
3Q2015 = 26.191   (9M2015 = 60.727)
4Q2015 = 34.956   (FY2015  = 95.683)

Note: highest ever quarterly group revenue of SGD 33.489 m was achieved in 4Q2007 - there is a chance that 4Q2015 may beat it. Will see.................
Highest ever yearly group revenue of SGD 102.180 m was achieved in FY2007 - a harder target for FY2015 to beat. 

Net profit projection (SGD million)
 
Assuming FY2015 NPM of 10.5%: 
ð  NPAT = 95.683 x 10.5% = SGD 10.0 million
 
Assuming 4Q2015 NPM of 15.4%
ð  NPAT = 6.390 m (9M2015 NPAT) + 34.956  m (4Q2015 Revenue) x 15.4% (4Q2015 NPM) = SGD 11.8 m

Highest ever yearly NPAT of SGD13.504 m was achieved in FY2007 as well - which again is hard for FY2015 to beat - may be FY2016 could beat it - ha-ha! Will see !

That said, I would be equally pleased if NPAT for FY2015 were to come in at just around SGD 9 million.

As always, an analysis is only as good as its underlying assumptions
_______________________________________________________________________________________________________________________________________
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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#86
Direct Selling’s Strength in the World’s Billion Dollar Markets
September 01, 2015
by Andrea Tortora
http://directsellingnews.com/index.php/v...m5AjoQxGqA

Direct selling continues to gain ground worldwide, with global retail sales and the total salesforce both reaching record highs in 2014...........................................

The China Factor
Despite the growth in the U.S., all eyes are on China. With 2014 sales of $30.2 billion, it is growing ever closer to claiming the No. 1 spot among the world’s billion-dollar direct selling markets. China’s phenomenal year-over-year growth rate of 18.6 percent puts it on pace to bump the United States to the No. 2 spot in 2015, as long as current growth trends continue, predicts DIR Group Management Co. Ltd., a Wuhan City-based firm that provides industry research and consulting to direct selling companies in China.

DIR Group Management subsidiary and consultancy Syncplex predicts China will continue to grow in retail direct selling revenue for 2015. According to Syncplex CEO and Founder Lau Chong Guan, “The number of licensed companies is on the rise and should reach 70 by the end of 2015. The Chinese government granted 15 new licenses as of July 2015, and there is rapid growth among new companies.”

China’s $30.2 billion in 2014 sales, as recorded by the WFDSA, only includes licensed companies. Syncplex believes there is another 20 percent in sales recorded by companies without licenses, which would bring the China market close to $36 billion in 2014.

Clearly, China is a country primed for direct selling. Its growing middle class has money to spend and is eager to experience a wide range of consumer goods, including health and wellness products that focus on prevention. At the same time, transportation issues that once made it difficult to get products to consumers in rural China are less of an issue today. 

For the bulk of direct selling companies, China will remain an intriguing market to observe. Only the very largest direct sellers based outside the country—such as Amway, Avon, Herbalife, Mary Kay, Nu Skin and Oriflame—have achieved success in China. As well, several Chinese and Asian players have been successful, for instance, Perfect, Infinitus, Joymain and Tiens. Still, growth in the market is likely to be concentrated among a few players. Here’s why:

China’s relationship with direct selling began in the 1990s, when Avon entered the country. Scandals among other companies caused the Chinese government to ban direct selling in 1998. When China joined the World Trade Organization in 2001, it agreed to reopen its doors to direct selling, which it did in 2005. Today there are about 50 licensed direct selling firms operating in China. The official number of independent consultants is unknown.

During the ban, companies that first entered China, including Avon and Amway, evolved their business models to comply with Chinese law. This meant opening standalone retail stores (called specialty shops) that allowed for continued sales and a brand presence. Despite the ban, direct sellers that operated retail outlets maintained growth rates and grew their market share in cosmetics and toiletries from 2000 to 2005. Stores expanded at rates between 2 percent and 5 percent, and direct sales grew between 4 percent and 9 percent. 

Quote:
The industry’s 6.5 percent three-year compound annual growth rate (CAGR) from 2011 to 2014 is evidence of direct selling’s strength and its ability to keep reaching more people in all corners of the globe.


To avoid a repeat of earlier scandals, in 2005 the Chinese Ministry of Commerce put strict rules in place to obtain a direct selling license. The process is complicated and lengthy. However the government did loosen up rules for online sales. It wants online shopping to account for more than 5 percent of China’s total retail sales by the end of 2015. To achieve that goal, Chinese officials are encouraging multi-channel sellers that operate traditional stores to offer online shopping. 

Today, direct selling fits nicely into China’s current economy and cultural outlook. The person-to-person interactions dovetail with the cultural aspect of guanxi or “doing business with people you know. “

“More people want to be entrepreneurs, and so direct selling, in fact, provides them with the opportunity to invest small to start their own business,” Brian Liu, a senior manager at DIR Group Management, says via email.

Quote:
China’s phenomenal year-over-year growth rate of 18.6 percent puts it on pace to bump the United States to the No. 2 spot as soon as next year, some industry experts believe.


Claiming a Spot on the World Stage

From the Chinese perspective, there are two major direct selling markets in the world: one is the global market minus China, and the other one is the China market. The ability to use Internet sales and smartphones in direct selling embraces China’s entrepreneurial spirit. 

Social media channels such as WeChat let consultants create online “micro-shops” to promote and sell their products, and many of these online stores use a simple multi-level payout structure, says DIR Group Management President Brian Cai.

\Native and international companies are keen to tap the China market, especially pharmaceutical firms. Two new healthcare and beauty product firms began direct selling operations in 2014—Taiwan-based Orient Pharmaceutical and Shandong Province-based Sanzhu Fuer Pharmaceutical. Both make medical and health products. Other established native Chinese direct sellers are eager to show off their success while rewarding their salespeople with tours around the world.

In May 2014, Perfect China (a seller of health food, household, beauty and skincare products) sent 7,000 distributors on a tour of California. The group logged 12,000 hotel room nights at 30 hotels. It was the largest single group meeting from China to ever visit the U.S., says the Anaheim/Orange County Visitor & Convention Bureau. The event generated $85 million in revenue for the region’s economy.

This May, the Tiens Group, which offers healthcare products, booked more than 4,700 rooms in 79 hotels in France to take 6,000 consultants on a four-day excursion to celebrate the company’s 20th anniversary. The trip generated $20 million in revenue.

In the same month, Infinitus, a direct seller of modern Chinese herbal products, sent 12,700 consultants, sellers and customers on six-day trips to Thailand. The company sent people in groups of 2,000 to 3,000 to visit Bangkok and the beach town of Pattaya. Thailand’s tourism officials reported an economic impact of $18 million, according to published reports.

Quote:
Today, direct selling fits nicely into China’s current economy and cultural outlook. The person-to-person interactions dovetail with the cultural aspect of guanxi or “doing business with people you know.”


Surrounded by Growth

Direct retail sales and direct sellers are on the rise across the globe, as WFDSA data illustrates.
Asia is by far the largest region for direct sales in 2014, claiming 45 percent of global retail sales. China, Japan and Malaysia make up 64 percent of that. The three-year CAGR for the region is up 8.4 percent to $81.5 billion..........................................................
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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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#87
UPDATE OF CORPORATE INCOME TAX ASSESSMENT OF FISCAL YEAR 2008 FOR PT BEST WORLD INDONESIA (“PT BWI”)

The Board of Directors of the Company (the “Board”) refers to the Contingent Liability amounting to IDR31,361,377,029 (equivalent to S$3,205,374) (the “Disputed FY 2008 Tax Liability”) disclosed in Note 35B(a) of the Company’s 2014 annual report. This pertains to the then potential tax liability for financial year 2008 (“FY2008”) of our Indonesian subsidiary, PT BWI, which was the subject of appeal to the Indonesian Supreme Court.

PT BWI has since been informed that it was not successful in its appeal to the Indonesian Supreme Court. Following the decision of the Indonesian Supreme Court, PT BWI has to pay the full sum of the Disputed FY2008 Tax Liability.

To date, PT BWI has already paid tax instalments totaling IDR23,781,984,649 (equivalent to S$2,430,701), of which IDR21,831,984,649 (equivalent to S$2,231,397) were previously recorded as other assets in the audited consolidated balance sheet of the Company in FY2014. After deducting a tax refund of IDR201,063,000 (equivalent to S$20,550), a balance sum of IDR7,378,329,380 (equivalent to S$754,122) remains payable.

The Disputed FY2008 Tax Liability will be reflected in the Company’s FY2015 consolidated profit and loss statement and will affect the Company’s consolidated net profit for FY2015.

http://infopub.sgx.com/FileOpen/Update%2...eID=382859
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So, to date, there remains an underpayment of CIT (Corporate Income Tax) for FY2008 in Indonesia of IDR7,378,329,380 (equivalent to SGD 754,122) to be paid - which would be accounted for in FY2015.
 
If my interpretation of Note 35B (b) of AR2014 (page 105) is correct, there should be a refund of VAT to be followed. The “overpayment” of VAT as at end of 2014 amounts to IDR 7,681,705,460 (about SGD 815,000).
 
Presumably, the CIT has to be settled first before the VAT. In short, the underpayment in CIT would roughly cancel out the overpayment in VAT - but there is a timing difference.
___________________________________________________________________________________________________________________
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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#88
(17-12-2015, 08:59 PM)Boon Wrote: UPDATE OF CORPORATE INCOME TAX ASSESSMENT OF FISCAL YEAR 2008 FOR PT BEST WORLD INDONESIA (“PT BWI”)

The Board of Directors of the Company (the “Board”) refers to the Contingent Liability amounting to IDR31,361,377,029 (equivalent to S$3,205,374) (the “Disputed FY 2008 Tax Liability”) disclosed in Note 35B(a) of the Company’s 2014 annual report. This pertains to the then potential tax liability for financial year 2008 (“FY2008”) of our Indonesian subsidiary, PT BWI, which was the subject of appeal to the Indonesian Supreme Court.

PT BWI has since been informed that it was not successful in its appeal to the Indonesian Supreme Court. Following the decision of the Indonesian Supreme Court, PT BWI has to pay the full sum of the Disputed FY2008 Tax Liability.

To date, PT BWI has already paid tax instalments totaling IDR23,781,984,649 (equivalent to S$2,430,701), of which IDR21,831,984,649 (equivalent to S$2,231,397) were previously recorded as other assets in the audited consolidated balance sheet of the Company in FY2014. After deducting a tax refund of IDR201,063,000 (equivalent to S$20,550), a balance sum of IDR7,378,329,380 (equivalent to S$754,122) remains payable.

The Disputed FY2008 Tax Liability will be reflected in the Company’s FY2015 consolidated profit and loss statement and will affect the Company’s consolidated net profit for FY2015.

http://infopub.sgx.com/FileOpen/Update%2...eID=382859
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So, to date, there remains an underpayment of CIT (Corporate Income Tax) for FY2008 in Indonesia of IDR7,378,329,380 (equivalent to SGD 754,122) to be paid - which would be accounted for in FY2015.
 
If my interpretation of Note 35B (b) of AR2014 (page 105) is correct, there should be a refund of VAT to be followed. The “overpayment” of VAT as at end of 2014 amounts to IDR 7,681,705,460 (about SGD 815,000).
 
Presumably, the CIT has to be settled first before the VAT. In short, the underpayment in CIT would roughly cancel out the overpayment in VAT - but there is a timing difference.
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I read it as there was a partial payment IDR23,781,984,649  (equivalent to S$2,430,701) for CIT. Cash wise there is another IDR7,378,329,380 (equivalent to S$754,122) left to be paid.


However from P&L view for FY2015, there would be a full hit of IDR31,361,377,029 (equivalent to S$3,205,374) as the partial payment was parked under Other Assets. It is now certain it is not a retrievable asset hence it must be accounted for in P&L.

This is a 1-off event and I would not be too worried about it.
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#89
(a) With respect to CIT:
 
(1)        From P&L perspective, for FY2015, it would be hit with an additional income tax burden of IDR31,361,377,029 (equivalent to SGD 3,205,374)
(2)        From cashflow perspective, it would be hit with an additional cash outflow of IDR7,378,329,380 (equivalent to SGD 754,122). With total cash outflow to be accounted for in FY2015 = IDR 7,378,329,380 + IDR 1,950,000,000 = IDR 9,328,329,380 (equivalent to SGD 953,426).
 
(b) With respect to VAT:
 
(1)        From P&L perspective, it would have no impact.
(2)        From cashflow perspective, it would have cash inflow of IDR 7,681,705,460 (equivalent to about SGD 815,000) being VAT refund, whenever this amount is being settled.
 
There would be impacts on P&L and BS, but overall there should only be a small impact on cash flow – after the refund of VAT – hence not much of a worry to me.
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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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#90
Increasing geographical spread.............................
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ESTABLISHMENT OF A JOINT VENTURE COMPANY IN DUBAI, THE UNITED ARAB EMIRATES (“UAE”) 

http://infopub.sgx.com/FileOpen/BWIL_Ann...eID=384816
_________________________________________________________________________________________________________________________________________
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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