Best World

[chialc88]

location location location, timing timing timing or management management management?

Let's begin with a story on why Truth is always naked.

One day, Lie and Truth go to bath in a river.
Lie finished first and left after wearing the clothes belongs to Truth.

Truth come up later but refused to put on Lie's clothes.

So, until today, you always see Lie wrapped tightly in Truth clothes 
and at the same time, you'll felt the bitterness of naked Truth.

---

Besides numbers, quality of management such as integrity, vision and capabilities will be key to a successful business.
On a contrary, I felt exactly opposite that it's the brilliant and hard working management that differentiate the company from it's competitors.
In term, shown as superb financial numbers.

aka good management -> good system -> good product -> good numbers

In the case of BestWorld; 
if you choose to invest into BWL as a business and not just profit from the stock market,
is to understand Dora Hoan.

Once you understand how Dora start up BWL (with Doreen),
why did they choose to startup BWL (instead of working for others).

Feel for youself, the circumstances that lead them to leap,
see for yourself, how and why do they have a common vision of building Bestworld into aworld class business.

Understand why are they so passionate about helping their Bao Bei to be successful,
why both+HBC working so hard in building a platform, a e-commerce system to broaden the customer base.

Not easy.  In fact, the results is not just some good market plot, 
good business development strategy, good partner, efficient distribution network.
It's everything plus 100% hard works.
link




The background of the movie begins with a very difficult period in Taiwan.
Post war, lots of soldiers return home without any ability to find a decent job.
Our main character decided to adopt a girl and rough out his life for her sake.

I see BestWorld similar to the poor soldier
... created a system, a platform for those needy 
....... to work hard 
............ and give them a chance to live their life meaningfully.

BestWorld Bao Bei, Jia You! Jia You!

没有天哪有地
没有地哪有家
没有家哪有你
没有你哪有我

[chialc88]

1-to-2 split
from #25 (Apr 2017) 
to   #17 (May 2017)

---

Many people like to use scientific approach to perform analysis.
Using scientific method will gives them an impression of objective and concrete result.

You might heard about a scientist conducting experiments using fleas.

First, he remove one leg and shouted "JUMP".
The flea jump a little bit.
Then, he remove the other leg and shouted "JUMP".
This time round, the flea did not move a little bit.

Written in his research paper:
"When flea loss both of it's legs, it losses it's hearing too."

Enjoy, my friend. Hope you like it.



十年之前 我不認識你 你不屬於我 我們還是一樣
陪在一個陌生人左右 走過漸漸熟悉的街頭
十年之後 我們是朋友 還可以問候 只是那種溫柔
再也找不到擁抱的理由 情人最後難免淪為朋友

[chialc88]

We are like islands in the sea.  Separate on the surface but connected in the deep. - William James

Gratitude to Entrepreneur like Dora.
Your vision of seeing a new world of possibilities.
A world where everyone is given a chance to improved.
Helping others to enjoy good health and achieve personal growth and success.

First thing first, a quiz:
Which company that has #1 fans/investors/customers,
that they fall in love with the company,
and crazy enough to tattoo the company name/logo?
to show off to their friends?
Give it a try, ok?

---

Back to BestWorld.

I'm very grateful that Dora working hard to set up a platform
for those who willing to work hard to be successful in life.

Dora started BWL during a difficult time.
She had been a clerk (despite being a degree holder).
That's how she got her name "Dollar", "Dollar".
Those uncles and aunties called her when she hand over their salaries.

"Dora", not a bad name at all.
Having a degree is actually a stumbling block to her low ranking job.

When her colleagues, subsequently know that Dora is a graduate,
they treated her differently, coldly.

I'm sure that as our business going thru the ups and downs cycles;
transiting into GIG economy;
more and more employee will be dis-satisfying with their job;
fresh grad who cannot find a place to horn their skills;

It is company like BestWorld which gives them a possibility to be successful in life.

Thou I did not directly benefited from BestWorld platform, I am sure many people will.

Thank you BestWorld.
Stay focus and do the right things!

[Boon]

1) Shouldn’t BWI be in the Global Top 100 DS companies ? (Based on FY2016 Revenue) .
 
FY2016 Revenue ~SGD 200 m = ~ USD 145 m
 
ðShould be ranked around 84th .
 
http://directsellingnews.com/index.php/view/dsn_announces_the_2017_global_100#.WT6TrTOB1-U
 
2) How did those PD (GD, SD, etc) in China being “created” under the "Export Model” ? Ha-ha!
 
https://www.facebook.com/BWLConvention/?fref=nf
https://www.facebook.com/pg/BWLConventio...e_internal
 
3) Next Convention is in Changsha.
 

[Value Explorer81]

1) Shouldn’t BWI be in the Global Top 100 DS companies ? (Based on FY2016 Revenue) .
 
FY2016 Revenue ~SGD 200 m = ~ USD 145 m
 
ðShould be ranked around 84th .
 
http://directsellingnews.com/index.php/view/dsn_announces_the_2017_global_100#.WT6TrTOB1-U
 
2) How did those PD (GD, SD, etc) in China being “created” under the "Export Model” ? Ha-ha!
 
https://www.facebook.com/BWLConvention/?fref=nf
https://www.facebook.com/pg/BWLConventio...e_internal
 
3) Next Convention is in Changsha.
 

BWI seems like a fast growing company with a stock split... Do you feel that the earnings can continue to grow over the next few years?

[grandslam]

Taiwan June sales so far not bad

https://www.facebook.com/BWL-Taiwan-1515...f=NEWSFEED

BWL Taiwan
6 hrs ·
入會套組加碼送，截至6/12:
外在分享套組還剩587個機會!!🤤
你還在等什麼?再等，加送HA晶棒2盒就不等你囉!

[chialc88]

@G, Thank you very much for the +ve notes.

@B, Did I smell something bad?

[grandslam]

https://www.youtube.com/watch?time_conti...dWEhkbt7Rk

BWL convention 2017 Dora speech

[awtj]

Wow.. this fund spotted BWI in 2015. 


http://www.businesstimes.com.sg/companie...d-managers


**A startup life, for these two fund managers, Mr Lee and and Mr Mah of Astral Asset Management. **

IN humble digs at the Regus business centre at Suntec City Tower 2 sit two fund managers planning to make a name for themselves.

From inauspicious beginnings in May 2015 right before the China crash, Astral Asset Management has grown from US$5 million in initial capital to US$13 million of assets under management (AUM) today.

The Astral Value Fund, which the firm manages, has returned 18.5 per cent from inception till end-May this year.

The firm has broken even on their operational costs, says Sean Mah, 36, the fund's cherubic-looking chief investment officer. "We're very good at bootstrapping."

Mr Mah, together with chief executive officer Lee Kian Soon, 42, are the brains, the brawn, and everything else in between behind Astral.

No excessive spending

They pay themselves fresh graduate salaries. They share a tiny office with a Bloomberg terminal, while fund administration is outsourced and investor meetings held in a larger Regus room.

"You don't spend excessively on rental or entertainment. We believe performance is a better way to attract investors," Mr Lee explains.

Astral was down 1.8 per cent in 2015, up 7 per cent in 2016, and up another 12.8 per cent year-to-date till end-May.

The firm was only about half-invested at the beginning of the mid-2015 crisis, and also benefited from investing throughout the stock-market downturn. From US$5 million raised from eight investors in 2015, including the two founders, the fund now counts more than 20 investors today. It is open to accredited investors only.

"Many guys gave us US$100,000 to start with. But those with conviction kept topping up even when the market went down. So while on paper we made 18 per cent after two years, those who bought at the worst moments made even more," Mr Mah notes.

Astral's performance was due to bets on a number of consumer and healthcare firms. A large gainer it is still holding on to is Hong Kong-listed Hop Hing Group, which owns the rights to operate Japanese fast food chain Yoshinoya and US chain Dairy Queen in northern China.

"Last year was a bad year for China; this was one of the few companies that had positive same store sales growth," Mr Mah says. "If you bothered to talk to management, you could see they had a turnaround story coming, benefiting from food deliveries."

According to Mr Lee, food and beverage chains which expand too quickly will end up closing stores. But once the restructuring is over and write-offs are incurred, profitability can be regained. This thesis also applies to another significant holding for the firm, BreadTalk Group, he adds.

Striking out

A former McKinsey consultant covering financial services, Mr Lee joined family office Mingly Corporation and helped set up its Singapore operations in 2007.

It was when he was looking for investment professionals in 2008 that he decided to hire Mr Mah. The younger man had just graduated in 2006 and worked as an auditor with PwC for two years.

"Sean came across as very logical and keen in investing, at a point when most people were looking to work in an investment bank," Mr Lee remembers.

Both Mr Lee and Mr Mah worked at Mingly until end-2014, when they decided to strike out. A track record of returns and many years of experience made the duo confident that they had the skills needed to make a living from investing.

"I always wanted to have a shot at entrepreneurship. By then, I was almost 40. Potential investors also gave strong signals," Mr Lee says.

Astral follows a value strategy and has around 70 stocks in its portfolio. It originally began targeting to have two-fifths of AUM in Hong Kong, two-fifths in Singapore, and the remaining fifth in the United States.

But it now has two-thirds in Hong Kong and the remaining third in Singapore.

"Over time US got so expensive that we decided to stay out of it. Hong Kong got cheaper and cheaper," Mr Mah points out. "Today, Singapore mid- and small-caps have rallied a lot but not Hong Kong mid-small caps."

Singapore stocks added recently include private hospital operator Health Management International and hotel play Amara Holdings.

Legitimate business model

Mr Mah says a lesson he learnt through the years is the importance of ensuring that a firm's business model is legitimate. A firm's shareholders and management are also important, Mr Lee adds.

"A lot of companies have conflicts of interest or corporate governance issues. No matter how good their business model is, or how cheap, they still cannot perform," Mr Lee notes.

Cross-checks with sector experts in personal networks and through published information on suppliers, customers and competitors are thus critical, he says. If the duo disagree on a stock, the fund usually takes a small position first, Mr Mah reveals.

Astral was notably in beauty products direct seller Best World International in 2015 before its spectacular 10-bagger rally in 2016 and 2017.

However, it has sold off most of its position through the rally. "We still think it's the right thing to do," Mr Lee says. He notes the business is not a "franchise" stock with pricing power and a predictable revenue stream, and its growth is already priced in.

Astral can expand to US$50 million with its current lean set-up without any change in strategy or personnel, Mr Mah says.

Asked about fees, a hot topic of debate in the investment industry, he argues that a modest management fee is necessary. "The manager doesn't have to take excessive risk to get performance fees, because he has a pay cheque at the end of the month," he says.

Ultimately, it will take time and returns to build up Astral, according to the founders.

Asked how both of them can keep track of 70 stocks, Mr Lee replies: "We have been in (the industry) for 10 years each, so we have a good sense of stocks listed in Hong Kong and Singapore. We didn't do this overnight."

[weijian]

Going back to the earlier part of this thread....and maybe some folks here started to take note of it in 2013? (this comparison is actually quite futile, IMO)

There is 1 thing i do take note when evaluating fund managers - (1) the evaluation either has to be done real time as events unfold (to overcome survival-ship bias), (2) look at the mistakes that the fund manager has professed to make (overcome halo effect)