Best World

Maybank Kim Eng has an unrated note noting that Best World "is gaining traction in Taiwan and China." Management expects to obtain direct selling licence in China between March 2016 and March 2017 (sounds overly conservative!).

Valuation at 9X trailing PE, 4.3X on ex-cash basis while peers averge 14.2X. Dividend yield around 4.8%

Share price will surge once they obtain the licence...

fyi, Best World will meet fund managers and analysts in Shenzhen on 8 Jan 2016. Click on image to enlarge.

The Best is yet to come!

Maybank Kim Eng report <<<<<<<<<<<<<<< Positioning for potential licence approval, Best World has put together a team of proven sales agents, mainly comprising its top sellers in Taiwan. It wants to direct their expertise to the China market to expedite its gestation period." -- Clement Ho.

factsetpdf.maybank-ke.com/PDF/CN__d75ade...8efb452d3d316a19.pdf

Great year for Taiwan ! 2015 Revenue for BWL Taiwan exceeded TWD 1,200 million, and it had grown 140% (presumably compared to 2014).

Revenue for 2014 was at TWD 530 million – a 140% growth for 2015 implies a revenue of around TWD 1,272 million (~ SGD 53 million )

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