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25-Apr-2019 23:23

Best World / THE BEST IS YET TO BE

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Probably working hard to get a perfect answer to the question raised, in law terms and financial terms, it's serious allegation this time, probably need go through many layers of checks and approval, too sloppy an answer will satisfy the shortist desire. Can't give them a good time or time to escape unpunished.

Berani ( Date: 25-Apr-2019 23:09) Posted:

2 days liao... still halt

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25-Apr-2019 22:39

Best World / THE BEST IS YET TO BE

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No bro, their users, ladies all don't use make up, go to raffles branch and see, the counter ladies all are without make up, just lipsticks and extended lashes at most.. no makeup and flawless skin is their selling point

michaeltan ( Date: 25-Apr-2019 22:35) Posted:

But most ladies like makeup.
I used to share thing in FB. it is quite standard as everybody experience the same thing or received a few likes. Unless you are celebrity will be different. Otherwise is likely to be your friends only.

Sen9999 ( Date: 25-Apr-2019 22:19) Posted:

Actually it's impossible to compare their model to traditional over the counter products. It's simply comparing apple with orange. U can't just judge on best searched on search engines(that's for traditional products that invest mainly in search engine marketing) , BWL simply doesn't work this way. Although I agree that more transparency is needed, the company may be trying to keep as long as it can because is not difficult for their competitors to follow if they see through their model.
Having said that, to judge the real demand, have a look at their upcoming convention, that I suppose only 5-10% of their members earned to be there. so the actual population of users are x 10 or x 20 of the people there. It's easy to judge users from non users as users usually appear without makeup with flawless skin. If got makeup means not users.
So it's hard to fake as in how to find so many pple with good skin and without make up to appear there.

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25-Apr-2019 22:19

Best World / THE BEST IS YET TO BE

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Justice888 ( Date: 25-Apr-2019 21:48) Posted:

Yeap I type 皙之密

Sen9999 ( Date: 25-Apr-2019 21:39) Posted:

https://s.weibo.com/weibo/%25E7%259A%2599%25E4%25B9%258B%25E5%25AF%2586?topnav=1&wvr=6&b=1

Because weibo uses Chinese, 皙之密

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25-Apr-2019 22:02

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U will see alot of posts but not many likes.. because they share everyday to create awareness.. my wife shares on FB everyday but no one like also.. 😂 because they do it every day.. but when ladies see.. they enquire and that's how they get their leads and users.

There are some influencers like 李藤 , bloggers who uses the product and review it as well

Justice888 ( Date: 25-Apr-2019 21:48) Posted:

Yeap I type 皙之密

Sen9999 ( Date: 25-Apr-2019 21:39) Posted:

https://s.weibo.com/weibo/%25E7%259A%2599%25E4%25B9%258B%25E5%25AF%2586?topnav=1&wvr=6&b=1

Because weibo uses Chinese, 皙之密

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25-Apr-2019 21:39

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https://s.weibo.com/weibo/%25E7%259A%2599%25E4%25B9%258B%25E5%25AF%2586?topnav=1&wvr=6&b=1

Because weibo uses Chinese, 皙之密

Justice888 ( Date: 25-Apr-2019 21:26) Posted:

I went to Weibo and type dr secret. There aren?t many post or likes on their products

warrenbuffet2018 ( Date: 25-Apr-2019 20:36) Posted:

What make me most uncomfortable is when ST reported no sign of Dr. Secret in China popular online shop.
BWI took one week to reply.
After that, i google and can find Dr. Secret in popular online shop.

Cant anyone explain why?

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25-Apr-2019 21:13

Best World / THE BEST IS YET TO BE

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Can short big.. but remember to exit beforethe result and the independent report is out😂

michaeltan ( Date: 25-Apr-2019 21:12) Posted:

I guess he must be shorted 1 million shares. Wish you good luck!

Tiger04 ( Date: 25-Apr-2019 21:07) Posted:

Did you short big big

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25-Apr-2019 20:48

Best World / THE BEST IS YET TO BE

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Their main source of marketing is through consumer to consumer, word of mouth. Even when you see in SG, they don't have big ads online, they sponsored 小毛病大问题， anyone saw? I think no point for them to compete in traditional channels. Why word of mouth? Because their product is not like traditional products where u buy over the counter and use, then u see improvements. Their model is you have to have someone to teach u how to use, 1 set of products for all skin, just varying which product to use first. That's why they don't give tester set. Users can only start using when buy 1 set, because that's the most effective.
That's why their product produces result. And skin care is such that when you see result, you won't want to change, you can check with your wives if they see result they want will they want to change

warrenbuffet2018 ( Date: 25-Apr-2019 20:36) Posted:

warrenbuffet2018 ( Date: 25-Apr-2019 20:16) Posted:

TOTAL DIVIDEN PAYOUT in 2018

$0.05 = $28 millions

Owe supplier $95 milions

People call BWI cash rich??

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25-Apr-2019 20:29

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45mil in 2017 to 95mil in 2018, it is stated in their clarification that they will pay in 2019 leh, so nett off say their 90mil debt, they still have 100mil cash left. Pay off 25mil as dividend, they still by right have 75mil left. So nett still no debt as to speak of. And businesses don't always pay their suppliers on time one what, got credit terms.

warrenbuffet2018 ( Date: 25-Apr-2019 20:08) Posted:

Got money give founder/dividen {40% of dividen all go to founder)
BUT No money to pay suppliers (owe $95 millions)
its trade and payables balance at an all-time high of S$ 95 million and its receivables touching all-time lows at S$ 5.2 million.

BWI claimed got $197 millions cash and cash equivalents.
The money is in S' pore Bank or China Bank?
BTW If got money why dont pay suppliers? The amount jump from $60 millions to $95 millions from Jan - April 2019.
BWI do cash deal so the receivables is only S$ 5.2 million.
This work out to be $90 million debt.

This is typical cash out tactics.
My advise is RUN while you can.
Do not hold, those who strongly ask to hold are properly funds managers.
They will ask you to hold until they dispose the last monkey.

I do not wish to see retailers burn this time. I do not want to hear any Hong Lim Park meeting becasue of BWI.

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25-Apr-2019 14:46

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Yah how can they be unbiased? They already said they are biased. The first phrase already biased. 😂

michaeltan ( Date: 25-Apr-2019 14:39) Posted:

You are promoting Bonitas is a very reputable firm. LOL!

sbscap ( Date: 25-Apr-2019 14:20) Posted:

" Since January 2019 we have communicated with 24 separate Best World China member representatives (&ldquo Member Rep(s)&rdquo ) and have conducted field visits to 12 BWL Lifestyle Centers (~36% of Best World&rsquo s listed franchisee locations) to better understand Best World&rsquo s sales model..."

From above is from the Bonitas bearish report on BW. I was an investment analyst in my younger years. There was no such time and budget luxury due to the typical workload of an analyst. I' m sure the same goes to the average auditor or banker. I also remembered I was being right on a company I was following and right after my sell report, I was hit by angry phone calls from London and New York from very senior people who have never spoken to me. That' s why I give alot more respect and credibility to a good firm like Bonitas. Of course nobody is 100% right but their meticulous and unbiased analysis only increases their odds of being right.

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25-Apr-2019 13:46

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Hmm they are a 27years company, and which mum will put their daughters in the picture if they are running a scam?

sbscap ( Date: 25-Apr-2019 13:36) Posted:

@beng1102, I think the illustration Operator91 used is just a simplistic example. I' m not referring specifically to BW. The real operation of a good scam is much more complex as it involves some real businesses (real customers, suppliers, products, etc) and a very clever way to get around auditors, regulators, bankers, investors, buy/sellside analysts, media, etc. Afterall, the best cheats would want to be around to enjoy thier ill-gotten gains instead of running away to some remote places and pretending to be poor.

beng1102 ( Date: 25-Apr-2019 11:48) Posted:

If they sell share the share price will not go up to $3.3 in the first place.

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25-Apr-2019 13:00

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Very true leh..
I just read their report again.
The only point worth BWL explaining is the alleged tampering of the accounts(which is vet through and approved by auditors), which I don't think will make such amateur mistake.
2nd is the compliance issue, if it is legal to operate in their system in China. (You can't based on 2 person's showing you of the picture and deduce the CEO lied and is not trustworthy)

The rest, shop fronts as explained are only used to service members. Similar to SG model, the places of their office are often not in high traffic areas. They do not need to pay such rentals.

Audit fee to EY, I don't see anything wrong and EY probably won't Risk reputation for the $398k.

Tiger04 ( Date: 25-Apr-2019 12:29) Posted:

(Not sure who wrote this.... ) Who is running the SGX? The 3 amigos or Bonitas Research? First I declare that I do not currently hold a position in Best World. If SGX is looking into why the market is so dead and they can't attract any IPO, this is the best example of a reason. Any ang moh can come out and say something bad about a company without any proof and SGX will respond by calling the company to prove that it is not true. Since when was such logic correct? The company is guilty until it can prove itself innocent. Even if SGX dun mean that, the tone of their notice points to that. Under this kind of ecosystem, who wants to list here? People must bear in mind that it is always very difficult to convince investors on the merits of a business and business model. It takes a lot of time to build confidence. But out of the blue, someone with an ang moh name can come out and whack a company and every one is supposed to pay attention. Then the whole country lose confidence in their own home grown company and that can bring about its collapse. It is so easy to attack Singapore isn't it. Dun ever talk to me about the bullshit about various aspects of defence in SG when we can't even defend our own businesses. An audit review is now going on. SGX's response should be to wait for the audit report to come out. Means there is already due process. The way I see it, SGX panic when Bonitas came out with the report. I am not saying that there is absolutely nothing wrong with Best World. I dun know. But I think the way it is attacked is also dubious. The regulator must be seen to be fair and impartial and generally supportive of companies listed. And if the listco is errant, by all means, take action. There is a famous case in the US when Bill Ackman attacked Herbalife, also an MLM firm, calling it a ponzi scheme. A few other big investors like Carl Icahn came out on the opposite side and attack back. Bill Ackman lost billions. And he was later attacked by other big investors including Warren Buffet. The US has the ecosystem for such things. SG dun. But what we dun need is the regulator to panic and "side" with the short seller as well. Then everyone will panic and the company can die before it can even defend itself. A broking house has already stipulated that all purchases must be 100% cash backed. I dun blame them. The reasoning here is straight forward. People dun do such things because they are too free. There is something to be gained by Bonitas to issue such a report. Bonitas is not doing NS and it certainly is not trying to protect investors here. Purely from that angle, a regulator must never be seen to take side. That is exactly what Bonitas hope for and that is exactly what they got! As I declared, I have no position in Best World. TKB

Tiger04 ( Date: 25-Apr-2019 11:13) Posted:

Reply kenna blocked ! Why ?

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25-Apr-2019 11:51

Best World / THE BEST IS YET TO BE

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We are all speculating that EY and other auditors, including PWC are not doing their audit job well? BR stated $398k as branded pig lipstick service? For $398k will they risk their reputation?
How about PWC, where so far stated nothing that is stated in previous report is true?
All paid service? For a small sum of money

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25-Apr-2019 08:53

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Yah SG counters also almost the same, serves members mainly. The "walk in" customers always make contact online first then make appt to meet a specialist at the office before purchasing. This is the SG model

michaeltan ( Date: 24-Apr-2019 20:56) Posted:

Anything wrong BWL lifestyle Centers sales model cater it for all it members. Not for the walk in customer but you need sign in as member then enjoy the benefits. Anything wrong with this kind of sales models?

Justice888 ( Date: 24-Apr-2019 20:47) Posted:

I think they meant they started since jan. Well they also need time to visit all the branches

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24-Apr-2019 18:34

Best World / THE BEST IS YET TO BE

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Yes it's really a defamation case already.
Now it's on the integrity of the owners

JarBinx ( Date: 24-Apr-2019 18:29) Posted:

That' s true.. but recall the previous plunge was due to the CLSA report. Trading wasn' t halted back then, and BWL also totally ignored the report.

I think the fraud allegation is just too serious.. without it BWL may not even have called for a halt. The other allegations BWL can just dismiss it as outsiders not understanding their operations / specialised direct-selling model etc.

Goldfinger ( Date: 24-Apr-2019 18:13) Posted:

A company that keeps having to halt trading to defend allegations, does not seem to have a very bright trading future nor instil confidence in investors. They should just let the markets trade. Good will right itself out in the end.

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24-Apr-2019 12:20

Best World / THE BEST IS YET TO BE

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You are reading a short-biased opinion piece. We stand to profit if the price of Best World?s stock declines. This report and all statements contained herein are the opinion of Bonitas Research LLC (?Bonitas?) and are not statements of fact. Our opinions are held in good faith, and we have based them upon publicly available evidence, which we set out in our research report to support our opinions. We conducted research and analysis based on public information in a manner that any person could have done if they had been interested in doing so. You can publicly access any piece of evidence cited in this report or that we relied on to write this report. Think critically about our report and do your own homework before making any investment decisions. We are prepared to support everything we say, if necessary, in a court of law. As of the publication date of this report, Bonitas (a Texas limited liability company) (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a direct or indirect short position in the stock (and/or possibly other options or instruments) of the company covered herein, and therefore stands to realize significant gains if the price of such instrument declines. Use Bonitas? research at your own risk. You should do your own research and due diligence before making any investment decision with respect to the securities covered herein. The opinions expressed in this report are not investment advice nor should they be construed as investment advice or any recommendation of any kind.

This is their disclaimer

Newlearner ( Date: 24-Apr-2019 12:19) Posted:

The report did not accuse best world having fake bank figures, but points out on the balances sheet.

but it did assumed best world inflated the sales and performance, and accused management of overpaying themselves.

And importantly , it accused best world subjecting to varies way of running the business operations in China to avoid being illegal.

If China enforcement were to step in to investigate, it may cause damages even if best world is running legally...

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17-Apr-2019 09:16

Best World / THE BEST IS YET TO BE

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Seems like a good run up this morning, BB entering? Space of 500lots in few sec run up

Sin_Cos_Tan ( Date: 17-Apr-2019 09:09) Posted:

Good cashflow ?
Pay dividend?
Bear in mnd that their Net Assest Value (NAV) per share is barely30 cents!
How much they can pay??

Goldfinger ( Date: 14-Apr-2019 17:56) Posted:

Maybe the only way to save this stock is to pay out a 20 cent dividend

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16-Apr-2019 08:45

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另外 18项拟取消的则是过往历史时期曾批准过但现已不再受理审评审批的保健功能，包括（辅助）抑制肿瘤、改善微循环、升高白细胞等。

在这 18项拟取消的保健功能中，共有 3款直销产品涉及了其中两项，包括：无限极一款具有 ?（辅助）抑制肿瘤 ?功能的保健食品；安利和春芝堂各有一款含有 ?抗突变 ?功能表述的保健食品。

公告中称，自发布取消上述保健功能之日起，相关产品应当立即停止生产，已生产的保健食品，不涉及质量安全的，可销售至保质期结束；国家市场监管总局不再受理、审评审批上述保健功能。

也就是说，公告中所提出的拟取消的保健功能一旦生效，上述五款直销产品将不可再进行生产、销售。

Stop production because the function mentioned is prohibited on the list that was drafted before, only the three product from the above companies are affected. And facial products is not affected?

"6项 ?有待进一步研究论证的保健功能 ?涉及的直企数量及产品数量 " not affecting BWL products?

And the last table, out of the 487 保健 product, BWL has 3 that is 待调整 , but 0 for 待论证 , and 0 for stopping production.
0 for 待论证 means not under additional quality check?

stockpicker ( Date: 16-Apr-2019 00:28) Posted:

It is not only a change in the description. The chinese text also touched on some products that has quality issue must have the production stopped immediately. (相关产品应当立即停止生产 ). May be the word " scrutiny" being used is a bit heavy。 the Chinese wording is " 待调整 &ldquo 　 which mean " awaiting for adjustment" which can also mean the 3 products have been found to contain " misleading informations (虚假宣传 )" . May be the blog writer can amend it.

Sen9999 ( Date: 15-Apr-2019 23:46) Posted:

Wah made me read through the whole Chinese article.
This blog post is misleading, as if you can read Chinese, it says 附表 1：保健功能调整后 75家经营保健食品的直销企业受影响情况 , meaning just a change of description and not under scrutiny.

Full Chinese article is here: http://www.zhixiao001.com/html/20295.html

Whole article is talking about changing of description as not to mislead consumers in china.
The review is review of the description of product. 😂 Quite surprising the writer of the blog don't really understand Chinese

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15-Apr-2019 23:46

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stockpicker ( Date: 15-Apr-2019 21:53) Posted:

For those who are interested to know.. The Chinese Authority has come up with an Administrative request to review the products on sale by the Direct Selling companies and Best World has 6 products under their list and 3 of them under scrutiny.. there are altogether over 487 products under the review which is about 60% of the market in the China.. read more about it here

https://skyjuiceiswater.blogspot.com/2019/02/direct-selling-in-china.html

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14-Apr-2019 09:01

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On a side note, just saw on IG that their Dr Secret T6 is currently out of stock in HK and some parts of China due to overwhelming demand. Still a stock worth investing over the long run. Especially when they open their facilities in tuas in the near future.

like2learn ( Date: 13-Apr-2019 20:34) Posted:

I also think after the intense selling yesterday, there shd be a technical rebound coming mon.

On the other hand, in the impending near term, i am of the view - " the worst(share price) is yet to be" because Fri' s share buyback by the Co is only 30,000 - my guess is the Co is of the view that the selling has more to run, and thereby holding their " ammunition(cash on hand)" .

I reckon this counter is more suitable for long term investors i.e. holding period 1 year or more(till 4Q2019 when hopefull, the Co can report a substantial improvement in results).

beng1102 ( Date: 13-Apr-2019 10:55) Posted:

Short sellers are getting desparate to sell as the short sell vol increased to 3.6m at average price of $1.82. It is time to reboun

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12-Apr-2019 15:35

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This iceberg besides Noble case, which other case have they reported correctly on?

positivity88 ( Date: 12-Apr-2019 15:25) Posted:

im suspecting since they were targeted by iceberg.. people are afraid or funds are afraid that PWC dig really throughly and finds something.. PWC has to do it . they cannot do another noble and make people lose confidence in them. by them taking up the job they risk a second scenario happening and hurting their own auditing business.

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