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(023849) 22 September 2010
Bonia Corporation Berhad RM 1.63
BUY
Growth (%)
Revenue 11.2 21.9 4.9 14.4 25.2
PBT 72.6 3.2 (23.0) 51.9 31.9
Net Profit 104.3 (1.1) (26.2) 59.2 28.2
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Margin (%)
PBT 15.1 12.8 9.4 12.4 13.1
#$
Net Profit 11.4 9.3 6.5 9.1 9.3
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F o r P r iv a t e C i r c u l a t i o n O n l y
Bonia Corporation Berhad
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%- 012 3
Leather goods,
Braun Buffel apparel and Holds the brand’s trademark & act as brand representative in Asia-Pacific
accessories
Pierre Cardin Leather goods Holds the distributorship license in Singapore and Hong Kong
Fashion
Renoma accessories and Holds the master license in Singapore and Malaysia
leather goods
Premium luxury
fashion, leather
Bruno Magli Sole distributor in Singapore
goods and
accessories
& &7 ' :&9 : &3 7& ' ')' ;" 6 ' 3 5 & ". 8 3'.'
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2009 2010
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
RM m
Revenue 89.2 76.8 74.4 74.5 95.2 90.0 92.2 82.7
PBT 8.6 7.4 7.4 6.2 10.5 10.3 12.4 11.7
Net Profit 6.0 5.0 4.5 5.6 7.2 7.0 9.0 9.6
& B7
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7
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5 6 5 !
50.0 7
45.0 6
40.0 5
35.0 4
GDP (%)
30.0 3
PBT
RM m
25.0 2
GDP rate
20.0 1
15.0 0
10.0 -1
5.0 -2
0.0 -3
2007 2008 2009 2010
3 -
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" 8 : . ' . ' :6 + $ 3'.' . : :" & &)
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ROE (%)
Forward PE (x)
(As at June 2010)
Bonia Corporation Bhd 9.7 15.9
Padini Holdings Bhd 10.0 24.9
Voir Holdings Bhd 14.6 2.6
Hing Yiap Group 5.0 13.7
DNP Holdings Bhd 9.0 7.0
Average (excluding Bonia) 9.7 12.1
*&" . &&$: )8,&$5 6C