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http://tw.bwlgroup.com/images/bulletin/2...-02_03.pdf
The BWL Taiwan bi-monthly bulletin for February/ March 2017 is out early this time – presumably due to the upcoming CNY.
Interesting read on Country Manager’s analysis on their achievements
Taiwan Revenue Growth:
FY2014 = 77%
FY2015 = 141%
FY2016 = 123%
Impressive growth record for the past three years – FY2016 revenue would likely propel them into the Top 10 DS company in Taiwan.
Strategy for 2017 is on “VIP membership”.
Will roll out more products including detergents, coffee, shampoo, shower gel, lipsticks etc in 2H2017
Still “dreaming” on achieving TWD 10,000 million revenue in 2020.
Can growth momentum be maintained in 2017?
Looking at the “promotion head counts” of the last two months – the figures didn’t look too good to me.
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Dear value buddies,
Take note:
Release Of Full Year Financial Results
Wednesday, 22 February 2017 after trading hours.
Link
 Love Compression
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https://www.facebook.com/pg/BWL-Taiwan-1...5395286436
💪 相信今年45億目標，我們將肯定達成👌👌👌
2017 Revenue target for BWL Taiwan has been set at TWD 4,500 million (which is > SGD 200 m). Wow !!!!!!!!!!!!!!
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FY2016 Results:
Revenue (SGD million):
FY2004 = 31.007
FY2005 = 55.098
FY2006 = 77.114
FY2007 =102.180
FY2008 = 96.063
FY2009 = 72.956
FY2010 = 49.549
FY2011 = 41.532
FY2012 = 48.218
FY2013 = 41.081
FY2014 = 75.265
FY2015 =101.672
FY2016 =200.764 (+ 97.5%) (New all time high record)
Revenue of Taiwan Market (SGD million):
FY2009 = 4.423
FY2010 = 5.619
FY2011 = 6.458
FY2012 = 9.589
FY2013 = 13.209
FY2014 = 22.710
FY2015 = 59.393
FY2016 =122.959 (+ 118%) (New all time high record)
Revenue of China Market (SGD million):
FY2013 = 2.571
FY2014 = 12.980
FY2015 = 19.771
FY2016 = 57.861 (+192%) ((New all time high record)
GPM (Gross Profit Margin):
FY2004 = 77.8%
FY2005 = 77.9%
FY2006 = 77.7%
FY2007 = 76.2%
FY2008 = 76.7%
FY2009 = 73.9%
FY2010 = 77.2%
FY2011 = 79.1%
FY2012 = 77.2%
FY2013 = 77.4%
FY2014 = 74.4%
FY2015 = 75.6%
FY2016 = 73.2% (- 2.4 p.p)
NPM (Net Profit Margin):
FY2004 = 17.0%
FY2005 = 15.4%
FY2006 = 15.4%
FY2007 = 13.2%
FY2008 = 11.1%
FY2009 = 13.3%
FY2010 = 4.9%
FY2011 = 0.7%
FY2012 = 3.7%
FY2013 = 3.5%
FY2014 = 5.4%
FY2015 = 9.9%
FY2016 = 17.2% (+7.7 p.p) (New all time high record)
NPAT (SGD, million)
FY2004 = 5.039
FY2005 = 8.464
FY2006 = 11.861
FY2007 = 13.504
FY2008 = 10.626
FY2009 = 9.671
FY2010 = 2.450
FY2011 = 0.274
FY2012 = 1.800
FY2013 = 1.429
FY2014 = 4.054
FY2015 = 10.104
FY2016 = 34.569 (+242%) (New all time high record)
EPS (SGD, cents)
FY2004 = 4.48
FY2005 = 5.50
FY2006 = 7.19
FY2007 = 6.55
FY2008 = 5.15
FY2009 = 4.79
FY2010 = 1.19
FY2011 = 0.13
FY2012 = 0.88
FY2013 = 0.70
FY2014 = 1.86
FY2015 = 4.59
FY2016 =12.56 (New all time high record – even on post bonus basis)
DPS (SGD, cent) - (Payout as % of NPAT)
FY2004 = 0.8
FY2005 = 2.6 (47%)
FY2006 = 2.5 (35%)
FY2007 = 3.212 (45%)
FY2008 = 2.2 (43%)
FY2009 = 2.2 (47%)
FY2010 = 2.2 (185%)
FY2011 = 0.6 (448%)
FY2012 = 1.2 (135%)
FY2013 = 0.3 (43%)
FY2014 = 0.8 (43%)
FY2015 = 2.0 (43.6%)
FY2016 = 2.0x0.8 + 3 = 4.6 (post-bonus) (36.6%)
OCF – after change in working capital - (SGD million)
FY2004 = 4.822
FY2005 = 5.608
FY2006 = 12.524
FY2007 = 20.491
FY2008 = 11.230
FY2009 = 3.080
FY2010 = 6.049
FY2011 = 0.898
FY2012 = 0.818
FY2013 = 0.712
FY2014 = 11.115
FY2015 = 17.097
FY2016 = 20.060
Cash and Cash Equivalents (SGD million)
FY2004 = 9.319 (Debt = 1.9)
FY2005 = 19.003 (Debt = 1.4)
FY2006 = 21.712 (Debt = 1.0)
FY2007 = 35.323 (Debt = 1.7)
FY2008 = 30.610 (No Debt)
FY2009 = 36.079 (No Debt)
FY2010 = 36.733 (No Debt)
FY2011 = 31.975 (No Debt)
FY2012 = 28.241 (No Debt)
FY2013 = 33.283 (Debt = 3.5)
FY2014 = 40.975 (Debt = 6.0)
FY2015 = 47.247 (Debt = 0.018)
FY2016 = 54.933 (Debt = 7.361)
NAV per share (SGD Cents)
FY2004 = 11.05
FY2005 = 17.44
FY2006 = 21.77
FY2007 = 22.06
FY2008 = 24.01
FY2009 = 26.18
FY2010 = 24.65
FY2011 = 23.63
FY2012 = 23.27
FY2013 = 24.11
FY2014 = 25.57
FY2015 = 28.93
FY2016 = 32.91 (post-bonus)
Number of shares issued :
FY2005 = 165,000,000
FY2006 = 165,000,000
FY2007 = 206,249,997 (165,000,000 + 41,249,997 bonus shares)
FY2008 = 206,249,997
FY2009 = 206,249,997
FY2010 = 205,431,997 (Share buy back = 818,000)
FY2011 = 204,751,997 (Share buy back = 680,000)
FY2012 = 204,681,997 (Share buy back = 75,000 ; conversion of warrant into shares = 4,000)
FY2013 = 204,684,147 (Conversion of warrant into share = 2,150)
FY2014 = 220,183,864 (Placement of 15,500,717 shares at SGD 0.199 per share)
FY2015 = 220,183,864
FY2016 = 275,229,757 (220,183,864 + 55,045,893 bonus shares)
Comments:
1) Excellent set of record-breaking results in many respects – within my expectation though.
2) 2-for-1 share split is a bit of a surprise after the recent bonus issues – but it would be good for market liquidity though.
3) Management believes that China will be its fastest growing market for at least the next three to five years, barring any unforeseen circumstances.
4) Mangement is still bullish on Taiwan
5) As the saying goes: "the best is yet to be…………….."
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22-02-2017, 08:32 PM
(This post was last modified: 22-02-2017, 08:41 PM by chialc88.)
Today press release:
link
A) Final dividend of 3 cents (likely xd in May)
+ already paid 2 cents
represent 36.6% Net Profit
B) Proposed stock split 2-for-1 (aka if you have 1000 share-> you have 2000 share)
meaning cheaper stock price (and more affordability)
C) Growth initiatives:
1. inorganic growth
2. new ChangSha RC and refresh Taipei RC
3. optimise and expand online and Mobile apps
(FYI, taiwan online/mobile revenue grow from $2.5m in FY15 to $43.6m in FY16)
4. HangZhou - phase approach to convert export to direct selling model
5. Beyond HZ - expands geographical coverage of direct selling license
starting with those cities currently have presence
Q: how about BWL result?
A: np, it's growing like mad.
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Revenue (SGD million):
FY2004 = 31.007
FY2005 = 55.098
FY2006 = 77.114
FY2007 =102.180
FY2008 = 96.063
FY2009 = 72.956
FY2010 = 49.549
FY2011 = 41.532
FY2012 = 48.218
FY2013 = 41.081
FY2014 = 75.265
FY2015 =101.672
FY2016 =200.764 (+ 97.5%) (New all time high record)
NPAT (SGD, million)
FY2004 = 5.039
FY2005 = 8.464
FY2006 = 11.861
FY2007 = 13.504
FY2008 = 10.626
FY2009 = 9.671
FY2010 = 2.450
FY2011 = 0.274
FY2012 = 1.800
FY2013 = 1.429
FY2014 = 4.054
FY2015 = 10.104
FY2016 = 34.569 (+242%) (New all time high record)
________________________________________________________________________________________
Interestingly, NPAT of today exceeded revenue 12 years ago:
FY2016 NPAT of 34.569 m > FY2004 Revenue of 31.007 m
Would NPAT 12 years later (FY2028) exceed revenue today (FY2016) of 200.764 m?
To achieve that CAGR has to be > 15.8%
Possible ? Ha-ha !
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(22-02-2017, 10:13 PM)Boon Wrote: Revenue (SGD million):
FY2004 = 31.007
NPAT (SGD, million)
FY2016 = 34.569 (+242%) (New all time high record)
________________________________________________________________________________________
Interestingly, NPAT of today exceeded revenue 12 years ago:
FY2016 NPAT of 34.569 m > FY2004 Revenue of 31.007 m
Would NPAT 12 years later (FY2028) exceed revenue today (FY2016) of 200.764 m?
To achieve that CAGR has to be > 15.8%
Possible ? Ha-ha !
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Definite possible, and of course I hope it happens.
But the reverse is also possible too. Hmm, it might be de-listed before that?
12 years is too long a time to predict what will happen. So I prefer to just look at the next 2 to 3 years which I think it will continue to do well.
Cheers!
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Hi JanQuin,
Who knows?
https://www.valuebuddies.com/thread-1033-post-94270.html#pid94270
Less than 3 years ago, kelvesy wrote:
“Why would the D2 pay such a high price at $0.240? Do they know some good news that we don't?”
Today, share price closed at 2.09 (post-bonus) or 2.61 (pre-bonus) – a new all time high record.
Who would have imagined back then that it could become a 10-bagger in less than 3 years?
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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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PROPOSED SHARE SPLIT - RECEIPT OF IN-PRINCIPLE APPROVAL FROM THE SGX-ST
Link
subject to:
(a) Shareholders’ approval being obtained at the extraordinary general meeting of the
Company to be convened (“EGM”) for the Proposed Share Split; and
(b) the Company’s compliance with the SGX-ST’s listing requirements.
With BWL stock price surged to $2.43 (pre-bonus) or $3.04 (post-bonus)...
I imagine that SGX will issue another query soon?
Love Compassion
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(12-03-2017, 07:42 PM)chialc88 Wrote: PROPOSED SHARE SPLIT - RECEIPT OF IN-PRINCIPLE APPROVAL FROM THE SGX-ST
Link
subject to:
(a) Shareholders’ approval being obtained at the extraordinary general meeting of the
Company to be convened (“EGM”) for the Proposed Share Split; and
(b) the Company’s compliance with the SGX-ST’s listing requirements.
With BWL stock price surged to $2.43 (pre-bonus) or $3.04 (post-bonus)...
I imagine that SGX will issue another query soon?
Love Compassion
2.43 (post-bonus) or 3.04 (pre-bonus)
______________________________________________________________________________________________________________________
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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