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Best World
10-11-2018, 08:43 AM.
Post: #841
RE: Best World
(09-11-2018, 08:15 AM)Boon Wrote: Hi Chialc88,
You were expecting a "good fight" but it seems like there was none. Instead, the China agent had to pay a substantial amount of one-time trademark royalty fee to BWI for the termination of his/her agency contract. Would you believe it? Ha-ha!

Good to see you again.
Pretty chill and pretty cool.

HBC must had been watching your posts intensely.
He took the opportunity to demonstrate his 101% control on China export partner.

宝贝, 加油!
感恩 京都先斗町 Pontocho @ https://valuebuddies.com/thread-3938-pos...#pid150276

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11-11-2018, 11:54 AM.
Post: #842
RE: Best World
Interesting sets of numbers from 3Q/9M2018 results to ponder over:
 
# 1:
Cost of Sales (or COGS):
3Q2017 = 15.355
3Q2018 = 14.809 (DOWN 3.6%)
9M2017= 44.493
9M2018 =30.921 (DOWN 30.5%)
 
Assuming purchasing costs (i.e. the price BWI pays their suppliers to manufacture their products) remain unchanged, what was the actual DEMAND or CONSUMPTION for BWI’s products?
UP, FLAT or DOWN?
 
# 2:
Revenue (SGD) million:
3Q2017 = 46.780
3Q2018 = 92.067 (UP 96.8%) 
9M2017= 146.807
9M2018 = 152.457 (UP 3.8%)  
 
Distribution Costs (DC):
3Q2017 =  7.460
3Q2018 = 32.707 (UP  338.4%%) 
9M2017= 32.186
9M2018 =52.922 (UP 64.4%)
 
Administrative Expenses (AE):
3Q2017 = 8.162
3Q2018 = 16.535 (UP  102.6%) 
9M2017= 26.348
9M2018 =31.928 (UP 21.2%)
 
In 3Q, revenue has gone UP 96.8% (mainly due to higher price point under the Franchise segment), however, Franchise related expenses has resulted in DC and AE going UP by 338.4% and 102.6% respectively.
 
What does it say about the NPM (net profit margin) of Franchise segment compared to Export segment? BETTER, SAME, WORSE, COULDN”T TELL ?
 
# 3:
NPAT:
3Q2017 = 12.182
3Q2018 = 29.887 (UP 145.3%)
9M2017= 33.870
9M2018 =44.786 (UP 32.2%)
 
Other Operating Income (OOI):
3Q2017 = 1.159
3Q2018 = 9.061 (UP 681.8%) 
9M2017= 5.471
9M2018 =17.380 (UP 220.8%)
 
WITHOUT the Other Operating Income, how would the NPAT look like?
 
# 4 :
Profit Before Tax (PBT):
3Q2017 = 17.196
3Q2018 = 35.761 (UP 108%)
9M2017= 47.612
9M2018 =53.700 (UP 12.8%)
 
Income Tax Expense:
3Q2017 = 5.123
3Q2018 = 5.993 (UP 17.0%)
9M2017= 14.116
9M2018 = 9.166 (DOWN 35.1%)
 
Income Tax Expense / PBT:
3Q2017 = 5.123/17.196= 29.8%
3Q2018 = 5.993/35.761= 16.8%
9M2017= 14.116/47.612=29.6%
9M2018 = 9.166/53.700= 17.1%
 
Income tax as a proportion of PBT has DECREASED, why?
 
China is a HIGH tax regime, HIGHER proportion of profit is being derived from BWI’s China subsidiary, BWCP, under the Franchise model, one would have expected tax bill as proportion of PBT to increase, wouldn’t it?
 
# 5:
NPAT (SGD million):
FY2013 = 1,429
FY2014 = 4.052 (+184%)
FY2015 = 10.104 (+149%)
FY2016 = 34.569 (+242%)
FY2017 = 55.673 (+  61%)
1Q2018 =  5.771
2Q2018 = 14.899
3Q2018 = 29.887      (9M2018= 44.786)
4Q2018 = ??????? (=10.887 to make FY2018=FY2017) 
FY2018 = ???????
 
What to expect for 4Q/FY2018 results ?
 
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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6 hours ago.
Post: #843
RE: Best World
BEST WORLD: Stunning 3Q18 profit, cashflow; now, a billion-dollar company
Best World International delivered a stunning set of 3Q18 results that included several record achievements as its China, Taiwan and Indonesia markets grew significantly.

Its 3Q18 profit of $29.9 million (+145% y-o-y) was its best quarterly ever since the company's listing in 2004 on the Singapore Exchange.

[Image: doreen-tan.jpg]

Doreen Tan, Co-Chairman and President of Best World.
[size=undefined][size=undefined]This was boosted by "other operating income", which increased by 681.8% to $9.1 million in 3Q2018.

The company said this was "mainly due to a one-time trademark royalty fee received from Best World's China agent prior to the termination of the agency arrangement".

Best World's operating cashflow of $52.8 million was another "never before" event.

So was the net profit margin of 32.5%, boosted by the "other operating income".[/size][/size]

http://www.sharejunction.com/sharejunction/index.html

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