Best World International

Best World International: A potential play? Another SGX company with a presence in Myanmar. Co. has evaded the attention of investors, vs the more well-known names of Yoma, Sin Heng and Interra. Best World International has been in Myanmar for 3 yrs already, since 2009 and sells its range of quality skincare, personal care, nutritional and wellness products wholesale to an agent in Myanmar who in turn sells the products to retail outlets as and more wealthy Myanmarese. Best World does not disclose its Myanmar sales in its financial reports as it is booked at export price, although co. note that the export price, being a % of the distributors' price, in which the Grp's rev are being booked in, is not significant. Best World chalked up $41.5m in sales last yr with top markets SG and Thailand contributing $10.1m and $7.8m, respectively. The stock traded recently at 18c, translating into a market cap of S$36.9m. This is just a little above Co’s net cash position of $29.8m as at FY11. The business' profitability, however, has yet to recover from the sharp drop in FY10 ($2.45m vs $9.7m in FY09).