Tiong Woon / Best World

Tiong Woon / Best World (Myanmar plays) With the Key Myanmar stocks (Yoma, Interra and Sin Heng) all up on high vol today, we like to highlight other potential Myanmar stocks which are still lagging today, namely Tiong Woon and Best World. See some posts regarding the 2 Co’s below: Tiong Woon - Plans to set up a Myanmar office to prospect for new business, Kim Eng says, noting the company won a maiden contract with an Indian conglomerate for a Myanmar infrastructure project in November. Kim Eng notes Tiong Woon will supply cranes and provide marine-transportation services; "this is a good example of the company leveraging on its various capabilities to win projects." It doesn't rate the stock. Best World - Co. has evaded the attention of investors, vs the more well-known names. 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).