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Retail Malaysia April 9, 2014

Bonia Corporation
BON MK / BONI.KL Current RM5.00 RM8.11 N/A 62.2%
Conviction| |

COMPANY NOTE
Free Float
Target Prev. Target Up/Downside

Market Cap

Avg Daily Turnover

US$293.5m
RM951.0m

US$0.21m
RM0.71m

43.7%
201.6 m shares

Notes from the Field

Bag this stock now!


After lying low in the past few years to focus on internal restructuring and strategy realignment, local retailer Bonia is leading other Malaysian brands in becoming a truly regional premium brand. Its international expansion is a potential re-rating catalyst.

Nigel FOO
T (60) 3 2261 9069 E nigel.foo@cimb.com

Company Visit Channel Check

Expert Opinion Customer Views

We initiate coverage on the stock with an Add recommendation and target price of RM8.11. Our valuation is derived from 19.3x CY15 P/E, a 20% premium over our target market P/E, due to Bonias relatively higher earnings growth trajectory. This implies that there is 62% upside to its current share price.

international brands such as Santa Barbara Polo & Racquet Club, Austin Reed, Valentino Rudy, Jeep, The Saville Row Company, Pierre Cardin, Bruno Magli, Enrico Coveri, Renoma Caf Gallery and Renoma.

Co-owner of Braun Buffel


Bonia acquired a 70% equity stake in Jeco Pte Ltd in Dec 2010, which gives it the right to use the Braun Buffel trademark and makes it the exclusive brand representative in the Asia Pacific region. Braun Buffel contributed 20% of the groups overall 1HFY14 revenue.

Premium local brand

The group will continue to explore new business opportunities prudently, locally and overseas, especially in the Middle East and Southeast Asia.
Chiang Sang Sem, Group Executive Chairman

Bonia was founded in 1974 by Executive Chairman Mr S. S. Chiang and now operates a network of 1,027 sales outlets and 164 standalone boutiques throughout Asia, including Singapore, Malaysia, China, Taiwan, Japan, Vietnam, Thailand, Myanmar, Indonesia, Brunei, Oman, and Saudi Arabia. The group is primarily focused on the manufacturing of leather goods and shoes and their design, promotion and marketing under its in-house brands. In addition to its flagship fashion label, Bonia, the groups two other major in-house brands are Sembonia and Carlo Rino. Bonia is also involved in the distribution of clothing and footwear for other international brands. It is the licence holder for
Financial Summary

A premium brand at a discount


The groups EPS is expected to more than double in three years time. We estimate that Bonias EPS will rise by 125% from RM0.21 in FY13 to RM0.46 in FY16, translating into 3-year EPS CAGR of 31.1%. We are of the opinion that the stocks current valuation does not reflect the companys earnings growth trajectory, as it is trading at only 12.5x FY15F P/E and 10.2x FY16 P/E.

Price Close 4.40 3.40 2.40

Relative to FBMKLCI (RHS) 222 171 119

Vol m

1.40 5 4 3 2 1
Apr-13 Source: Bloomberg Jul-13 Oct-13 Jan-14

68

52-week share price range


1.72 4.73 4.73

8.11
Current Target

Revenue (RMm) Operating EBITDA (RMm) Net Profit (RMm) Normalised EPS (RM) Normalised EPS Growth FD Normalised P/E (x) DPS (RM) Dividend Yield EV/EBITDA (x) P/FCFE (x) Net Gearing P/BV (x) ROE % Change In Normalised EPS Estimates Normalised EPS/consensus EPS (x)

Jun-12A 579.8 89.6 40.89 0.20 4.4% 23.32 0.025 0.53% 10.60 39.50 (6.3%) 3.54 16.3%

Jun-13A 632.3 99.0 41.35 0.21 1.1% 23.06 0.050 1.06% 9.81 46.49 1.6% 3.15 14.5%

Jun-14F 692.3 125.7 61.78 0.31 49.4% 15.43 0.050 1.06% 7.72 19.82 (1.2%) 2.69 18.8% 1.00

Jun-15F 800.1 153.9 76.12 0.38 23.2% 12.52 0.080 1.69% 5.98 11.73 (14.5%) 2.30 19.8% 1.01

Jun-16F 936.4 181.6 93.14 0.46 22.3% 10.24 0.095 2.01% 5.04 22.61 (15.5%) 1.95 20.6% 1.06

SOURCE: CIMB, COMPANY REPORTS IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. Designed by Eight, Powered by EFA

Bonia Corporation April 9, 2014

PEER COMPARISON

Research Coverage
Bonia Corporation Bloomberg Code BON MK Market MY Recommendation ADD Mkt Cap US$m 294 Price 4.73 Target Price 8.11 Upside 71.5%

Rolling P/BV (x)


3.00 2.50 2.00 1.50 1.00 0.50 0.00 Jan-10

Rolling FD P/E (x)


18.0 16.0 14.0 12.0

10.0
8.0 6.0

4.0
2.0

Jan-11

Jan-12

Jan-13

Jan-14

0.0 Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Bonia Corporation

Bonia Corporation

Peer Aggregate: P/BV vs ROE


3.00 2.50 2.00 1.50 1.00 0.50 0.00 Jan-10 25.0% 20.8% 16.7% 12.5% 8.3% 4.2% 0.0%

Peer Aggregate: FD P/E vs FD EPS Growth


18.0 16.0 14.0 12.0 50.0% 44.4% 38.9% 33.3%

10.0
8.0 6.0

27.8%
22.2% 16.7%

4.0
2.0 0.0 Jan-10

11.1%
5.6% 0.0%

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Rolling P/BV (x) (lhs)

ROE (See Footnote) (rhs)

FD P/E (x) (See Footnote) (lhs)

FD EPS Growth (See Footnote) (rhs)

Valuation
FD P/E (x) (See Footnote) Dec-13 Dec-14 Dec-15 18.46 13.82 11.27 Dec-13 2.90 P/BV (x) Dec-14 2.48 Dec-15 2.11 Dec-13 8.63 EV/EBITDA (x) Dec-14 6.76 Dec-15 5.48

Bonia Corporation

Growth and Returns


FD EPS Growth (See Footnote) Dec-13 Dec-14 Dec-15 25.4% 33.6% 22.5% ROE (See Footnote) Dec-13 Dec-14 16.8% 19.4% Dec-15 20.2% Dividend Yield Dec-13 Dec-14 1.06% 1.38% Dec-15 1.85%

Bonia Corporation

SOURCE: CIMB, COMPANY REPORTS Calculations are performed using EFA Monthly Interpolated Annualisation and Aggregation algorithms to December year ends. NPAT/EPS values for calculations and valuations are based on recurring and normalised values for GAAP and IFRS accounting standard companies respectively.

Bonia Corporation April 9, 2014

BY THE NUMBERS

Share price info


Share px perf. (%) Relative Absolute Major shareholders Bonia Holdings Sdn Bhd Freeway Team Sdn Bhd Milingtonia Limited 1M 27.1 28.2 3M 26.7 27.8 12M 132.9 142.6 % held 24.9 16.8 7.3

P/BV vs ROE
3.00
2.50 2.00 1.50 1.00

FD Normalised P/E vs FD Normalised EPS


25.0%
20.8% 16.7% 12.5% 8.3%

0.50
0.00 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15

4.2%
0.0%

Growth 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Rolling FD Normalised P/E (x) (lhs)

60.0% 53.3% 46.7% 40.0% 33.3% 26.7% 20.0% 13.3% 6.7% 0.0%

Rolling P/BV (x) (lhs)

ROE (See Footnote) (rhs)

Diluted Normalised EPS Growth (rhs)

Profit & Loss

Bonias pretax profit is expected to breach RM100m in FY15, supported by its strong revenue growth and improved profitability.

(RMm) Total Net Revenues Gross Profit Operating EBITDA Depreciation And Amortisation Operating EBIT Financial Income/(Expense) Pretax Income/(Loss) from Assoc. Non-Operating Income/(Expense) Profit Before Tax (pre-EI) Exceptional Items Pre-tax Profit Taxation Exceptional Income - post-tax Profit After Tax Minority Interests Preferred Dividends FX Gain/(Loss) - post tax Other Adjustments - post-tax Preference Dividends (Australia) Net Profit Normalised Net Profit Fully Diluted Normalised Profit

Jun-12A 579.8 341.5 89.6 (16.2) 73.4 (6.3) (0.2) 0.0 66.9 66.9 (21.3) 45.6 (4.7)

Jun-13A 632.3 385.6 99.0 (19.7) 79.4 (7.5) (0.0) 0.0 71.9 71.9 (24.3) 47.6 (6.2)

Jun-14F 692.3 422.3 125.7 (21.1) 104.5 (10.4) (0.0) 0.0 94.1 94.1 (23.5) 70.6 (8.8)

Jun-15F 800.1 488.1 153.9 (25.9) 128.0 (12.0) (0.0) 0.0 116.0 116.0 (29.0) 87.0 (10.9)

Jun-16F 936.4 571.2 181.6 (27.1) 154.5 (12.6) (0.0) 0.0 141.9 141.9 (35.5) 106.4 (13.3)

40.9 45.6 40.9

41.3 47.6 41.3

61.8 70.6 61.8

76.1 87.0 76.1

93.1 106.4 93.1

Cash Flow
(RMm) EBITDA Cash Flow from Invt. & Assoc. Change In Working Capital (Incr)/Decr in Total Provisions Other Non-Cash (Income)/Expense Other Operating Cashflow Net Interest (Paid)/Received Tax Paid Cashflow From Operations Capex Disposals Of FAs/subsidiaries Acq. Of Subsidiaries/investments Other Investing Cashflow Cash Flow From Investing Debt Raised/(repaid) Proceeds From Issue Of Shares Shares Repurchased Dividends Paid Preferred Dividends Other Financing Cashflow Cash Flow From Financing Total Cash Generated Free Cashflow To Equity Free Cashflow To Firm Jun-12A 89.6 (0.2) (4.6) 12.1 (6.3) (21.0) 69.6 (16.3) 0.2 (11.3) (13.6) (41.0) (4.4) 1.1 (9.6) Jun-13A 99.0 (0.0) (33.6) 11.1 (7.5) (22.4) 46.6 (28.9) 0.1 (3.9) (0.5) (33.2) 7.1 0.0 (15.9) Jun-14F 125.7 (0.0) (10.8) 11.1 (10.4) (23.5) 92.0 (40.0) 0.0 (3.9) 0.0 (43.9) 0.0 0.0 (10.1) Jun-15F 153.9 (0.0) (8.7) 11.1 (12.0) (29.0) 115.2 (30.0) 0.0 (3.9) 0.0 (33.9) 0.0 0.0 (16.1) Jun-16F 181.6 (0.0) (68.6) 11.1 (12.6) (35.5) 76.1 (30.0) 0.0 (3.9) 0.0 (33.9) 0.0 0.0 (19.1)

Despite the expected increase in borrowings, the groups free cash flow is expected to remain strong in FY14.

(13.0) 15.6 24.1 34.9

(8.8) 4.6 20.5 20.9

(10.1) 38.0 48.1 58.5

(16.1) 65.2 81.3 93.3

(19.1) 23.0 42.2 54.7

SOURCE: CIMB, COMPANY REPORTS

Bonia Corporation April 9, 2014

BY THE NUMBERS

Balance Sheet
(RMm) Total Cash And Equivalents Total Debtors Inventories Total Other Current Assets Total Current Assets Fixed Assets Total Investments Intangible Assets Total Other Non-Current Assets Total Non-current Assets Short-term Debt Current Portion of Long-Term Debt Total Creditors Other Current Liabilities Total Current Liabilities Total Long-term Debt Hybrid Debt - Debt Component Total Other Non-Current Liabilities Total Non-current Liabilities Total Provisions Total Liabilities Shareholders' Equity Minority Interests Total Equity Jun-12A 71.2 89.5 84.0 2.4 247.1 72.1 30.6 67.8 5.8 176.3 18.4 65.1 7.6 91.1 34.8 13.2 48.0 0.0 139.1 269.4 14.9 284.3 Jun-13A 75.8 105.4 110.3 0.7 292.2 84.4 48.3 66.5 1.6 200.8 29.3 75.5 8.1 112.9 51.6 13.0 64.6 0.0 177.5 302.4 13.1 315.5 Jun-14F 109.6 108.0 102.3 0.7 320.7 104.5 66.4 68.4 1.6 241.0 42.0 59.4 8.1 109.5 63.0 13.2 76.2 0.0 185.7 354.1 21.9 376.0 Jun-15F 174.8 138.6 143.4 0.7 457.6 110.0 66.4 67.1 1.6 245.1 44.0 122.4 10.1 176.5 66.0 13.3 79.3 0.0 255.8 414.1 32.8 446.9 Jun-16F 197.9 150.0 144.1 0.7 492.8 114.1 66.4 65.8 1.6 248.0 46.0 66.0 12.3 124.3 69.0 13.3 82.3 0.0 206.6 488.1 46.1 534.2

Bonias liquidity and solvency remain solid and are not cause for concern.

Key Ratios
Revenue Growth Operating EBITDA Growth Operating EBITDA Margin Net Cash Per Share (RM) BVPS (RM) Gross Interest Cover Effective Tax Rate Net Dividend Payout Ratio Accounts Receivables Days Inventory Days Accounts Payables Days ROIC (%) ROCE (%) Jun-12A NA NA 15.5% 0.09 1.34 11.63 31.9% 12.3% 52.46 127.0 90.8 22.8% 23.1% Jun-13A 9.1% 10.5% 15.7% (0.02) 1.50 10.58 33.8% 24.4% 56.26 143.7 104.0 23.9% 21.6% Jun-14F 9.5% 26.9% 18.2% 0.02 1.76 10.06 25.0% 16.3% 56.26 143.7 91.2 27.5% 23.8% Jun-15F 15.6% 22.5% 19.2% 0.32 2.05 10.65 25.0% 21.2% 56.26 143.7 106.3 30.2% 24.7% Jun-16F 17.0% 18.0% 19.4% 0.41 2.42 12.28 25.0% 20.6% 56.41 144.1 94.4 35.2% 25.6%

Key Drivers
ASP (% chg, main prod./serv.) Unit sales grth (%, main prod./serv.) No. of POS (main prod/serv) SSS grth (%, main prod/serv) ASP (% chg, 2ndary prod./serv.) Unit sales grth (%,2ndary prod/serv) No. of POS (2ndary prod/serv) SSS grth (%, 2ndary prrod/serv) Jun-12A N/A N/A N/A 11.0% N/A N/A N/A -9.0% Jun-13A N/A N/A N/A 9.0% N/A N/A N/A 1.0% Jun-14F N/A N/A N/A 6.0% N/A N/A N/A -3.0% Jun-15F N/A N/A N/A 8.0% N/A N/A N/A 2.0% Jun-16F N/A N/A N/A 8.0% N/A N/A N/A 2.0%

SOURCE: CIMB, COMPANY REPORTS

Bonia Corporation April 9, 2014

Bag this stock now!


Table of Contents
1. BACKGROUND 2. OUTLOOK 3. RISKS 4. FINANCIALS 5. VALUATION AND RECOMMENDATION p.4 p.8 p.13 p.17 p.20

1. BACKGROUND 1.1 From manufacturer to well-known brand owner


Bonia was founded in 1974 by the groups Executive Chairman, Mr S.S. Chiang, as a business involved in the design and manufacturing of leather goods for wholesale in Singapore. In 1977, Mr Chiang attended the Leather Trade Fair in Bologna, Italy and was inspired by the artwork of a 16th century sculptor named Giambologna. He subsequently registered Bonia as a brand name and launched products under the brand in the Malaysian market in 1978. Bonia opened its first boutique in Singapore in 1981, followed by its first boutique in Malaysia in 1988. In 1990, it ventured beyond its core markets of Malaysia and Singapore to enter Indonesia, Hong Kong, Brunei and Taiwan. Today, the Bonia group has a network of 1,027 sales outlets and 164 standalone boutiques throughout the world, including countries such as Singapore, Malaysia, China, Taiwan, Japan, Vietnam, Thailand, Myanmar, Indonesia, Brunei, Oman, and Saudi Arabia. The group is involved in the manufacturing of leather goods and shoes and their design, promotion and marketing under its in-house brands, as well as the distribution of clothing and footwear for other international brands. In addition to its flagship fashion label, BONIA, the group has successfully developed two other in-house brands, namely SEMBONIA and CARLO RINO. It is also the license holder for international brands such as Santa Barbara Polo & Racquet Club, Austin Reed, Valentino Rudy, Jeep, The Saville Row Company, Pierre Cardin, Bruno Magli, Enrico Coveri, Renoma Caf Gallery and Renoma. Bonia was listed on the Second Board of the Kuala Lumpur Stock Exchange on 23 Aug 1994 and transferred to the Main Board on 23 Apr 2007.

1.2 Co-owns Braun Buffel


In Dec 2010, Bonia acquired a 70% equity stake in Jeco Pte Ltd for S$28m (RM65m). The acquisition instantly increased Bonias stable of brands as Jeco owns the Braun Buffel trademark and is the exclusive brand representative in the Asia Pacific region, as well as the sole distributor of Bruno Magli in Singapore, the master licensee for Renoma in Singapore, Malaysia and Indonesia, and the licensee for Pierre Cardin in Singapore. In Feb 2012, Bonias acquisition trail continued with Jeco acquiring 49% equity interest in Braun Verwaltungs-GmbH and Braun GmbH & Co. KG (Braun KG), Germany, which owns the Braun Buffel trademark, for a total cash consideration of 3.2m (RM13.1m). The acquisition effectively gives Jeco the right to use the Braun Buffel trademark in the Asia Pacific region until 30 Jun 2034. Subsequent to the expiry of the agreement, Braun KG agreed to grant Jeco a licence to use the trademark for a royalty rate not exceeding 6% of annual turnover of the products bearing the trademark. Jeco also became the rights owner of the trademark in the United Arab Emirates, US and Canada. In short, the deal ensured that Braun KG still has the rights to distribute Braun Buffel goods in Europe, the countries of the former Soviet Union and Turkey, while giving Bonia (through Jeco) the distribution rights for all other countries. The acquisition has been beneficial for Bonia, as Braun Buffel contributed 20% of group revenue in 1HFY14.

Bonia Corporation April 9, 2014

Figure 1: Revenue breakdown, by brand (1HFY14)

License 15%

Bonia 31%

Braun Buffel 20%

Sembonia 14%

Carlo Rino 20%

SOURCES: CIMB, COMPANY REPORTS

Figure 2: Jeco groups businesses


Brand names Braun Buffel Bruno Magli Renoma Pierre Cardin Products Leather goods, apparel and Premium luxury fashion, leather goods Fashion accessories and leather goods Leather goods Description Owner of trademark and brand representative globally Franchisee in Singapore (excluding duty-free stores) Master licensee in Singapore, Malaysia and Indonesia Licensee in Singapore
SOURCES: CIMB, COMPANY REPORTS

Figure 3: Brands under Bonia group

SOURCES: CIMB, COMPANY

Bonia Corporation April 9, 2014

Figure 4: Bonias corporate chart

SOURCES: CIMB, COMPANY

1.3 Malaysia and Singapore contributes >90% of sales


Although it has exposure in 10 countries (Malaysia, Singapore, Vietnam, Indonesia, Thailand, Brunei, Myanmar, Saudi Arabia, Taiwan and Japan), the bulk of Bonias earnings come from Malaysia and Singapore. The Malaysia and Singapore boutiques combined constituted 76% of the groups total number of boutiques in FY13 and the sales counters in these two countries comprised 91% of the groups total counters. In total, the sales from Malaysia and Singapore accounted for 92% of the groups total revenue in 1HFY14. Of the 10 countries it operates in, Bonia owns the operations in Malaysia, Singapore, Vietnam and Indonesia but sells its products outright in other countries. Although Vietnam and Indonesia only accounted for 5.2% of the groups total sales in 1HFY14, the sales in both countries are growing rapidly.
Figure 5: Revenue breakdown, by geography (1HFY14)
Saudi Arabia, 1.0% Others, 0.8%

ASEAN, 5.8%

Singapore, 31.4%

Malaysia, 61.0%

SOURCES: CIMB, COMPANY REPORTS

Bonia Corporation April 9, 2014

1.4 Consignment sales still the main revenue driver


The group is currently focusing on expanding its boutique business segment as it offers higher margins and brand recognition. On average, the boutiques gross margin is between 5% and 10% higher than that of the consignment counters. However, consignment sales still accounted for half of group revenue in 1HFY14. It is easier to set up consignment counters than boutiques in terms of location, financial requirements and planning. The higher proportion of consignment sales was also due to Bonias strong tie-ups with the large department stores. In fact, one of its key strategies is to expand with the department stores. At end-1HFY14, consignment counter sales made up 53% of Bonias total sales in Malaysia and 47% of its total sales in Singapore. Overall, 50% of group revenue comes from consignment sales.
Figure 6: Revenue breakdown, by business model (1HFY14)
Export, 14%

Boutique, 36%

Consignment, 50%

SOURCES: CIMB, COMPANY REPORTS

Figure 7: Malaysia revenue, by business model (1HFY14)

Figure 8: Singapore revenue, by business model (1HFY14)


Title: Source: Please fill in the values above to have them entered in your report Export, 23%

Export, 10%

Boutique, 37%

Consignment, 53% Boutique, 30%

Consignment, 47%

SOURCES: CIMB, COMPANY REPORTS

SOURCES: CIMB, COMPANY REPORTS

Bonia Corporation April 9, 2014

Figure 9: Malaysia consignment sales, by department store (1HFY14)


Pacific, 4% The Store, 1% Isetan, 3%

Figure 10: Singapore consignment sales, by department store (1HFY14)


Others, 3% Title: Isetan, 8% Source: Please fill in the values above to have them entered in your report BHG, 25%

Others, 8%

Metrojaya, 7%

Parkson, 37%

CK Tang, 13%

Sogo, 19% AEON, 21%

OG, 15%

Takashimaya, 21%

Metro, 15%

SOURCES: CIMB, COMPANY REPORTS

SOURCES: CIMB, COMPANY REPORTS

1.5 Highest sales for leatherwear


Consistent with its origins, Bonia sells mainly leather products (leatherwear and footwear) and apparel. The group is better known for its leather products and leatherwear is its main revenue generator. Leatherwear contributed 39% of Bonias total revenue in Malaysia and 89% of revenue in Singapore in 1HFY14. Overall, leatherwear made up 61% of group revenue in 1HFY14.
Figure 11: Revenue breakdown, by product (1HFY14)
Accessories, 5%

Men's footwear, 7%

Men's apparel, 14%

Leatherw are, 61% Ladies footw ear, 13%

SOURCES: CIMB, COMPANY REPORTS

Bonia Corporation April 9, 2014

Figure 12: Malaysia sales, by product (1HFY14)


Accessories, 5.0%
Others, 0.0%

Figure 13: Singapore sales, by product (1HFY14)


Men's apparel, Ladies Title: 0% Others, 1% footwear, 1% Source: Accessories, 9% Please fill in the values above to have them entered in your report Men's footwear, 0%

Men's apparel, 23.0%

Leatherwear, 39.0%

Men's footwear, 11.0%

Ladies footwear, 22.0%

Leatherwear, 89%

SOURCES: CIMB, COMPANY REPORTS

SOURCES: CIMB, COMPANY REPORTS

1.6 Brand recognition to drive growth


Brand recognition is a key factor in ensuring success in this line of business. Over the years, the group has expanded its Carlo Rino and Sembonia brands in addition to its flagship Bonia and Braun Buffel brands. Its efforts have borne fruit, as Carlo Rino and Sembonia contributed 22% and 19%, respectively, of the groups total Malaysia sales in 1HFY14. We believe that these brands will continue to be growth drivers for the group as it moves up the value chain. For now, the groups main labels, Bonia and Braun Buffel, are still the largest contributors to its topline. The Bonia brand generated 33% of the groups Malaysian revenue and Braun Buffel comprised 50% of its Singaporean revenue.
Figure 14: Revenue breakdown, by brand (1HFY14)
License, 15%

Bonia, 31%

Braun Buffel, 20%

Sembonia, 14%

Carlo Rino, 20%

SOURCES: CIMB, COMPANY REPORTS

10

Bonia Corporation April 9, 2014

Figure 15: Malaysia revenue breakdown, by brand (1HFY14)

Figure 16: Singaore revenue breakdown, by brand (1HFY14)


Title: Sembonia, License, 2%Source: 8%

License, 17%
Bonia, 33% Braun Buffel , 9%

Please fill in the values above to have them entered in your report

Carlo Rino, 11% Braun Buffel, 50%

Sembonia, 19%

Carlo Rino, 22%

Bonia, 29%

SOURCES: CIMB, COMPANY REPORTS

SOURCES: CIMB, COMPANY REPORTS

1.7 Chiang family owns >50% of the group


Bonia Holdings Sdn Bhd and Freeway Team Sdn Bhd hold a combined 41.7% of Bonia Corporation (Bonia). Including the familys other individual shareholdings, the Chiang family collectively owns 51% of Bonia. The familys stake in the company increased from 33% in 2012 after it launched a general offer to acquire Bonia shares at RM2.04, at a 9.3% discount to the 5-day volume weighted average price (VWAP) up to 27 Aug 2012.

2. OUTLOOK 2.1 Cleaner and more solid company now


Bonia has gone through various rough patches. During the global economic crisis in 2008-09, it registered the slowest revenue growth since 2003 (4.9%) and net profit decline of 26.3% yoy in FY09. Bonias EBITDA margin also fell from 18% in FY08 to 15% in FY09. The weaker-than-expected earnings performance during this period prompted management to realign its strategy to achieve more sustainable growth in the future. In efforts to strengthen the company, management consolidated the non-performing outlets and changed the business model of certain boutiques from fixed compensation to a dealer partnership programme. In other words, instead of hiring a store manager with a fixed salary, the company appoints dealers to manage the stores and counters, and these dealers will bear the salary for their sales staff. In return, when a product is sold, the sales revenue is captured by the Group, but it will pay a certain percentage of commission based on the sales revenue to these dealers at the end of every month. This system is used in almost every store and counters in Malaysia. The change in strategy, coupled with the economic recovery boosted Bonias net profit growth to 63% in FY10 and 17% in FY11. In 2011, the group was negatively affected by its Vietnam operations. The group wholly owns the Vietnam business now but it had a JV with a local partner then. The relationship with its local partner soured and Bonia was prevented from accessing the Vietnam companys sales and inventory records. In Aug 2011, Bonia filed a civil suit against its previous partner for alleged breach of contract and fiduciary duties in relation to its JV in Vietnam. This caused Bonia to incur losses of RM5.4m in FY11 and terminate its JV in Vietnam. This incident forced Bonia to rebuild its business in Vietnam by investing substantially in advertisement and promotion (A&P), as well as aggressive new outlet opening, which negatively affected its financials in FY12-13.

11

Bonia Corporation April 9, 2014

2.2 Expanding Braun Buffel brand


At 31 Dec 2013, Bonia operated a total of 24 Braun Buffel boutiques and 33 consignment counters in Malaysia, Singapore and Vietnam. Of the total, 17 boutiques and eight counters are located in Malaysia, six boutiques and 24 counters in Singapore and one of each in Vietnam. Looking to capitalise on Braun Buffels strong brand recognition, the group has been aggressively expanding the Braun Buffel presence globally. This was evident when its associate company Braun KG opened two iconic Braun Buffel boutiques in Hamburg and Munich in FY13. This was followed by the opening of four new boutiques by Bonia in 2QFY14 alone, of which two were located in Singapore and two in Malaysia. As for its long-term plan, the group is going to build another building at its existing factory which will have new production lines to cater for the anticipated increase in demands for its handbags, which may include the Braun Buffel brand.

2.3 Increasing focus on boutiques


The groups consignment business has been its main revenue generator, contributing 53% of its Malaysian revenue and 47% of Singaporean revenue in 1HFY14. Moving forward, management will place more emphasis on expanding its boutique segment because of the following reasons: 1) the boutiques produce better brand recognition than the consignment counters, which allows the group to price its products at a higher premium. The groups commitment to boutique expansion was demonstrated in FY13 when it increased the number of its boutiques by 28% to 131 boutiques by end-FY13. Bonia added 15 new boutiques (various brands) in Malaysia and Singapore, 10 new boutiques in Vietnam and four new boutiques in Indonesia in FY13. The new store openings caused the groups costs to rise, with total renovation costs of RM2.6m in FY12 and RM9.8m in FY13 for the Vietnam and Indonesia stores alone. During the same period, its counterpart in Saudi Arabia also opened one new Bonia boutique. Continuing with its aggressive expansion strategy, the group has added 13 new boutiques (various brands) in Malaysia and Singapore and two new boutiques in Indonesia in 1HFY14. This implies an 11% increase in the number of boutiques from end-FY13. In addition to the new boutiques, the group has been renovating and upgrading its boutiques across the region. In Malaysia alone, the group has renovated 16 of the 21 existing Bonia boutiques YTD. Managements efforts have borne fruit, with the boutiques contribution to total Malaysian revenue rising from 30% in 1HFY13 to 37% in 1HFY14. The boutiques earn a higher profit margin than the consignment counters as the group does not have to deduct the trade margin to department stores. This is partly offset by the rental cost incurred but generally, the rental cost is lower than the trade margin. The boutiques average gross margin is between 5%-10% higher than that of the consignment counters.

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Bonia Corporation April 9, 2014

Figure 17: Number of outlets at end-1HFY14

SOURCES: CIMB, COMPANY

2.4 Aggressive expansion in Vietnam and Indonesia


Although Malaysia and Singapore are still the groups main markets, the group recorded the highest growth rates in its other ASEAN markets in 1HFY14. Bonias total ASEAN revenue spiked by 34.6% yoy, while same-store-sales jumped by 26% yoy to RM20.6m in 1HFY14. With the right strategy, the ASEAN markets, especially Vietnam and Indonesia, offer huge growth potential in the long term. Their huge populations (87m in Vietnam and 237m in Indonesia), growing economies and rising middle classes provide a much larger scale than the combined markets of Malaysia and Singapore. To tap into these opportunities, the group has been aggressively expanding its presence into these markets. Bonia more than doubled its number of stores in Vietnam in FY13 (143% yoy growth) by opening 10 new boutiques during the year, to bring its total to 17 stores. In Indonesia, the group opened four new boutiques in FY13 (200% yoy growth) and another two in 1HFY14, bringing its total number of boutiques in Indonesia to eight. The groups expansion in these two countries has affected its margin in the short term. Bonias bottomline has been negatively affected by the high investment costs incurred for the initial set-up, renovation, rental and A&P expenses. The group has also undergone some consolidation, including the closure of certain non-performing stores in Vietnam. The group also applies a conservative accounting policy under which the cost of opening new stores are charged immediately and not capitalised in its balance sheet. In the long run, we expect the contribution from these markets to rise significantly and contribute positively to the groups topline and earnings. Furthermore, as a significant portion of the store opening costs have already been charged, Bonias profit margin is likely to improve in the next few years.

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Bonia Corporation April 9, 2014

2.5 Adding new brands to its portfolio


Bonias licence business segment is of equal importance to the group. The group holds distribution licences for several international brands in the region. This segment contributed 17% of its Malaysian revenue and 8% of its Singaporean revenue in 1HFY14. The group has consistently added new brands to its portfolio and increased in footprint in the regions luxury segment. In FY13, it secured the rights to develop, distribute and market products under Enrico Coveri, an Italian brand. It also secured the distribution rights for Bruno Magli, Italy pursuant to a JV agreement signed in Jun 2013 for the purpose of distributing and marketing Bruno Magli products in Singapore, Malaysia, Indonesia, the Philippines, Vietnam and Thailand. The group plans to open one Enrico Coveri boutique and one Bruno Magli store in both Malaysia and Singapore (four boutiques in total) in FY14.

2.6 SWOT analysis


Our SWOT analysis highlights Bonias strengths and the areas in which it can improve. Bonia has a long history of producing high quality leather goods, which is still the companys main product group. Its brands also possess strong recognition after years of heavy A&P investment. The acquisition of Jeco gave Bonia immediate access to Braun Buffel, a globally renowned brand. However, the group needs to raise the profile of its non-leather products.
Figure 18: SWOT analysis
Strengths Experienced leather goods maker Strong brand recognition Healthy balance sheet High quality premium products Weaknesses Overdependence on leatherwear Still relatively unknown outside Asia Opportunities Penetrate other regional markets Secure more brand licenses Increasing affluence in Asia Leverage on Braun Buffel to enter global markets Threats Slowing consumer spending Unpredictable start-up costs in new markets
SOURCES: CIMB, COMPANY REPORTS

High dependence on its main markets Rising competition from international brands

3. RISKS 3.1 Slowdown in consumer spending


As the group is involved in the retail business, any drop in the level of consumer spending would have an adverse impact on its sales. In its main market of Malaysia, there are concerns that the rising cost of living will lead to lower consumer spending in the retail segment. However, we expect the impact to be minimal to the group as its products target the middle-to upper-class markets, which are relatively insulated from the rising cost of living.

3.2 Slower-than-expected turnaround for its new stores


Its focus on opening boutiques will cause the group to incur higher initial investment set-up cost than that of consignment counters. As such, the group faces higher risk if the new boutiques sales growth is lower than expected and the new stores take a longer-than-expected time to break even.

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Bonia Corporation April 9, 2014

3.3 Increasing competition in its main markets


The rising affluence of the population in the region has attracted a number of international brands to the ASEAN markets. Malaysia and Singapore are not exceptions, with a number of globally established brands like Uniqlo, H&M and Michael Kors setting up shop in the past few years. The presence of these brands is expected to cause competition in the local fashion retail landscape to intensify.

4. FINANCIALS 4.1 Robust earnings growth


We forecast that Bonias net profit will rise by 50.5% yoy in FY14, 21.3% in FY15 and 22.4% in FY16. This would translate into an impressive 30.7% 3-year net profit GAGR. The growth will be driven by the aggressive expansion in Bonias overseas operations, coupled with steady growth in its Malaysian and Singaporean operations. Its expansion into Indonesia is proceeding well, with 70% yoy same-store-sales growth and a 76% yoy increase in revenue in 1HFY14. Its Vietnam operations is also turning around, with relatively flat same-store-sales growth in 1HFY14 compared to negative growth in FY13. We expect this market to improve significantly in FY15 onwards.
Figure 19: Revenue and earnings growth
1,000.0 900.0
800.0

200.0 180.0
160.0

700.0 600.0 500.0 400.0 300.0 200.0 100.0 Jan-11 Jan-12 EBITDA Jan-13 Net profit Jan-14 Jan-15 Total revenue Jan-16

140.0 120.0 100.0 80.0 60.0 40.0 20.0 -

SOURCES: CIMB, COMPANY REPORTS

4.2 Improved profitability


Bonias conservative accounting policy and the process of cleaning up of its books in FY12-13 have borne fruit, with net profit improving by a significant 2.9%-points in 1HFY14. Its 1HFY14 operating margin improved by 3.4% pts to 16.0%, and its pretax profit increased by 3.5% pts compared to FY13. Moving forward, we expect the higher net margin to be sustained as the group has already booked all of its expansion costs in Indonesia and Vietnam in the past two years.

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Bonia Corporation April 9, 2014

Figure 20: Profit trends


61.5% 61.0% 60.5%
60.0%

18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Jan-11 Jan-12 Jan-13 Gross Profit Jan-14 EBIT Jan-15 Net profit Jan-16

59.5% 59.0% 58.5% 58.0% 57.5% 57.0% 56.5% 56.0%

SOURCES: CIMB, COMPANY REPORTS

4.3 Healthy balance sheet


Bonias borrowings have risen substantially, increasing by 52% yoy in FY13 and 55% yoy in 1HFY14. The higher debt was mainly used to fund its expansion and the acquisition of fixed assets. Although Bonias net cash position in FY12 has turned into net debt in FY13, we are not worried about its net gearing level as its gross debt-to-equity ratio was still 0.26x and its net debt-to-equity ratio remained at 0.02x at end-FY13.
Figure 21: Gearing levels
0.30

0.25

0.20

0.15

0.10

0.05

0.00 Jan-11 Jan-12 Jan-13 long term debt to equity Jan-14 total debt to equity Jan-15 Jan-16

SOURCES: CIMB, COMPANY REPORTS

4.4 Consistent dividends


Bonia has consistently rewarded its shareholders in the past few years, with an above-24% dividend payout ratio in FY11-13. Although management has not declared a dividend policy, we expect the dividend payout ratio to remain relatively unchanged at 24-25% in FY14-16. Our DPS forecasts are 8.0 sen in FY14, 9.5 sen in FY15 and 11.5 sen in FY16. This translates into an FY15 net dividend yield of 2.2%.

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Bonia Corporation April 9, 2014

Figure 22: Dividends


14.0 12.0 10.0 25.5% 8.0 25.0% 6.0 24.5% 4.0 2.0 Jan-11 Jan-12 Jan-13 Net DPS (sen) Jan-14 DPR (%) Jan-15 Jan-16 24.0% 26.5%

26.0%

23.5%

SOURCES: CIMB, COMPANY REPORTS

5. VALUATION AND RECOMMENDATION 5.1 Massively undervalued


Although Bonias share price has risen by 25% YTD, we believe that the stock is still trading at a huge discount to its intrinsic value. Given that Bonia has laid a strong base for growth, we expect its net profit to more than double in three years time. We forecast that net profit will increase by 124% from FY13 to FY16. As such, we are of the opinion that Bonias current valuation does not reflect the companys earnings growth trajectory, as it is trading at only 13.2x FY15 P/E and 10.8x FY16 P/E. Padini Holdings Bhd (Padini), Bonias closest competitor among the local listed fashion retailers, is trading at 10.4x FY06/16 P/E. This is higher than Bonias 10.2x FY16 P/E. However, Padini has a much lower earnings growth trajectory (see Figure 23). Padinis 3-year EPS CAGR (FY13 to FY16) is 13.5% based on consensus estimates but Bonias EPS CAGR during the same period is 31.1% based on our forecasts. Bonias EPS CAGR is a whopping 130% higher than Padinis. In other words, Bonia is currently trading at a FY16 PEG ratio of 0.33x, much lower than Padinis 0.77x. Therefore, we strongly believe that Bonia is significantly undervalued and its large valuation discount to Padini is highly unjustified.
Figure 23: Bonia EPS growth vs. Padini
50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0
10.0 20.5

46.2

37.8 30.7

19.0 14.4 16.3

13.0

5.0 FY13 FY14F FY15F FY16F

Bonia

Padini

SOURCES: CIMB, COMPANY REPORTS

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Bonia Corporation April 9, 2014

Figure 24: Bonia EPS vs. Padini


FY11 Bonia yoy growth 3y CAGR Price (current) P/E PEG Padini yoy growth 3y CAGR Price (current) P/E PEG 13.0 14.4 11.1% 16.3 13.1% 19.4 FY12 20.3 FY13 20.5 FY14F 30.7 49.4% FY15F 37.8 23.2% FY16F 46.2 22.3% 31.1% 4.7 10.2 0.3 19.0 16.3% 13.5% 2.0 10.4 0.8
SOURCES: CIMB, COMPANY REPORTS

5.2 Initiate with Add rating


Based on our analysis above, we believe that Bonia deserves to trade at higher valuations. We have strong conviction that Bonia should trading at a large premium over Padini due to its significantly higher projected earnings growth in the next three years. Although Bonias 3-year EPS CAGR (FY13-16) forecast is 130% higher than Padinis, both stocks are trading at the same 10x FY16 P/E. This indicates that Bonia has been significantly mispriced. We initiate coverage on Bonia with an Add recommendation and target price of RM8.11, based on 19.3x CY15 P/E. Our valuation was derived from a 20% premium over our target market P/E of 16.1x, due to the relatively higher earnings growth trajectory of Bonia compared to the market. In our opinion, there is potential 62% upside to Bonias current share price. We advise investors to accumulate the stock.
Figure 25: sector comparison
Company Bonia Corp Bhd Padini Holdings Bhd Aeon Co (M) Bhd Asia Brands Bloomberg Market Ticker Price Cap Core EPS (sen) BON MK PAD MK AEON MK ABB MK 4.96 2.00 2.82 4.02 311.2 403.3 942.1 98.5 34.2 15.4 16.7 73.0 46.3 42.0 17.7 18.1 79.3 N/A Core P/E 14.5 13.0 16.9 21.1 8.7 11.8 11.3 15.5 19.4 N/A P/BV (x) 2.6 3.1 1.1 3.0 1.3 2.2 2.9 1.1 2.7 N/A Recurring ROE (%) 17.9% 24.3% 8.2% 14.8% 14.5% 21.0% 25.1% 6.1% 14.4% N/A 22.0% 26.5% 6.2% 14.0% N/A DPS (sen) 8.8 11.2 9.8 23.6 5.0 10.5 12.1 11.7 25.7 N/A Dividend Yield (%) 1.8% 5.6% 3.5% 1.5% 1.2% 2.1% 6.0% 4.2% 1.7% N/A

(RM) (US$ m) CY2014 CY2015 CY2014 CY2015 CY2014 CY2015 CY2013 CY2014 CY2015 CY2014 CY2015 CY2014 CY2015

Parkson Holdings Bhd PKS MK

15.4 1,671.3

SOURCES: CIMB, COMPANY REPORTS

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Bonia Corporation April 9, 2014

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Bonia Corporation April 9, 2014

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Score Range: 90 100 80 89 70 79 Below 70 or No Survey Result Description: Excellent Very Good Good N/A United Arab Emirates: The distributor of this report has not been approved or licensed by the UAE Central Bank or any other relevant licensing authorities or governmental agencies in the United Arab Emirates. This report is strictly private and confidential and has not been reviewed by, deposited or registered with UAE Central Bank or any other licensing authority or governmental agencies in the United Arab Emirates. This report is being issued outside the United Arab Emirates to a limited number of institutional investors and must not be provided to any person other than the original recipient and may not be reproduced or used for any other purpose. Further, the information contained in this report is not intended to lead to the sale of investments under any subscription agreement or the conclusion of any other contract of whatsoever nature within the territory of the United Arab Emirates. United Kingdom and Europe: In the United Kingdom and European Economic Area, this report is being disseminated by CIMB Securities (UK) Limited (CIMB UK). CIMB UK is
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Bonia Corporation April 9, 2014

authorised and regulated by the Financial Services Authority and its registered office is at 27 Knightsbridge, London, SW1X 7YB. This report is for distribution only to, and is solely directed at, selected persons on the basis that those persons: (a) are persons that are eligible counterparties and professional clients of CIMB UK; (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the Order); (c) are persons falling within Article 49 (2) (a) to (d) (high net worth companies, unincorporated associations etc) of the Order; (d) are outside the United Kingdom; or (e) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with any investments to which this report relates may otherwise lawfully be communicated or caused to be communicated (all such persons together being refe rred to as relevant persons). This report is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this report relates is available only to relevant persons and will be engaged in only with relevant persons. Only where this report is labelled as non-independent, it does not provide an impartial or objective assessment of the subject matter and does not constitute independent "investment research" under the applicable rules of the Financial Services Authority in the UK. Consequently, any such non-independent report will not have been prepared in accordance with legal requirements designed to promote the independence of investment research and will not subject to any prohibition on dealing ahead of the dissemination of investment research. United States: This research report is distributed in the United States of America by CIMB Securities (USA) Inc, a U.S.-registered broker-dealer and a related company of CIMB Research Pte Ltd, CIMB Investment Bank Berhad, PT CIMB Securities Indonesia, CIMB Securities (Thailand) Co. Ltd, CIMB Securities Limited, CIMB Securities (Australia) Limited, CIMB Securities (India) Private Limited, and is distributed solely to persons who qualify as "U.S. Institutional Investors" as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for Institutional Investors whose ordinary business activities involve investing in shares, bonds and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major Institutional Investor must not rely on this communication. The delivery of this research report to any person in the United States of America is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. CIMB Securities (USA) Inc, is a FINRA/SIPC member and takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CIMB Securities (USA) Inc. Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions.

Distribution of stock ratings and investment banking clients for quarter ended on 31 March 2014 1358 companies under coverage for quarter ended on 31 March 2014 Rating Distribution (%) Outperform/Buy/Trading Buy/Add Neutral/Hold Underperform/Sell/Trading Sell/Reduce
Spitzer Chart for stock being researched ( 2 year data )

Investment Banking clients (%) 5.9% 5.4% 5.2%

52.6% 31.7% 15.7%

Bonia Corporation (BON MK)


Price Close

4.90 4.40 3.90 3.40 2.90 2.40 1.90 1.40 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13

As at the time of publishing this report CIMB is phasing in an absolute recommendation structure for stocks (Framework #1). Please refer to all frameworks for a definition of any recommendations stated in this report.

CIMB Recommendation Framework #1


Stock Ratings Add Hold Reduce Definition The stocks total return is expected to exceed 10% over the next 12 months. The stocks total return is expected to be between 0% and positive 10% over the next 12 months. The stocks total return is expected to fall below 0% or more over the next 12 months.

The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months. Sector Ratings Overweight Neutral Underweight Country Ratings Overweight Neutral Underweight Outperform Neutral Definition An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation. A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation. An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation. Definition An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark. A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark. An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark. The stock's total return is expected to exceed a relevant benchmark's total return by 5% or more over the next 12 months. The stock's total return is expected to be within +/-5% of a relevant benchmark's total return.
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CIMB Stock Recommendation Framework #2 *

Bonia Corporation April 9, 2014

Underperform Trading Buy Trading Sell

The stock's total return is expected to be below a relevant benchmark's total return by 5% or more over the next 12 months. The stock's total return is expected to exceed a relevant benchmark's total return by 3% or more over the next 3 months. The stock's total return is expected to be below a relevant benchmark's total return by 3% or more over the next 3 months.

* This framework only applies to stocks listed on the Singapore Stock Exchange, Bursa Malaysia, Stock Exchange of Thailand, Jakarta Stock Exchange, Australian Securities Exchange, Taiwan Stock Exchange and National Stock Exchange of India/Bombay Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons. CIMB Research Pte Ltd (Co. Reg. No. 198701620M)

CIMB Stock Recommendation Framework #3 **


Outperform Neutral Underperform Trading Buy Trading Sell Expected positive total returns of 10% or more over the next 12 months. Expected total returns of between -10% and +10% over the next 12 months. Expected negative total returns of 10% or more over the next 12 months. Expected positive total returns of 10% or more over the next 3 months. Expected negative total returns of 10% or more over the next 3 months.

** This framework only applies to stocks listed on the Korea Exchange, Hong Kong Stock Exchange and China listings on the Singapore Stock Exchange. Occasionally, it is permitted for the total expected returns to be temporarily outside the prescribed ranges due to extreme market volatility or other justifiable company or industry-specific reasons.

Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (IOD) in 2013.
AAV Good, ADVANC - Excellent, AMATA - Very Good, ANAN Good, AOT - Excellent, AP - Very Good, BANPU - Excellent , BAY - Excellent , BBL - Excellent, BCH Good, BCP - Excellent, BEC - Very Good, BGH - not available, BJC Very Good, BH - Very Good, BIGC - Very Good, BTS - Excellent, CCET Very Good, CENTEL Very Good, CK Excellent, CPALL - Very Good, CPF Excellent, CPN - Excellent, DELTA - Very Good, DTAC - Excellent, EGCO Excellent, GLOBAL - Good, GLOW - Very Good, GRAMMY Excellent, HANA - Excellent, HEMRAJ - Excellent, HMPRO - Very Good, INTUCH Excellent, ITD Very Good, IVL - Excellent, JAS Very Good, KAMART not available, KBANK - Excellent, KKP Excellent, KTB - Excellent, LH - Very Good, LPN - Excellent, MAJOR Very Good, MAKRO Very Good, MCOT - Excellent, MINT - Excellent, PS Excellent, PSL - Excellent, PTT - Excellent, PTTGC - Excellent, PTTEP - Excellent, QH - Excellent, RATCH - Excellent, ROBINS - Excellent, RS Excellent, SAMART Excellent, SC Excellent, SCB - Excellent, SCC - Excellent, SCCC - Very Good, SIRI Very Good, SPALI - Excellent, STA - Good, STEC - Very Good, TCAP - Excellent, THAI - Excellent, THCOM Excellent, TICON Very Good, TISCO - Excellent, TMB - Excellent, TOP - Excellent, TRUE - Excellent, TTW Excellent, TUF - Very Good, VGI Excellent, WORK Good.

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