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Results Note - Bonia (BUY, maintain) - 1HFY06/13 core net profit plunged -31% yoy to RM23m




Affin Hwang Investment Bank Bhd


26 Feb 2013





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Below expectation Bonia’s 1HFY06/13 topline revenue grew +6.6% yoy to RM323.6m driven by the increase in its overseas sales from Indonesia and Vietnam as well as improved performance from Carlo Rino and Sembonia. By segment, sales from its retailing and manufacturing divisions surged by +6.5%, and +37% yoy respectively. Notwithstanding the healthy growth in topline revenue, Bonia’s 1HFY06/13 EBIT margin fell by -5.4%-points to 13%, thereby dragging PBT down by -26% to RM38.9m. We attribute this to the increase in start-up cost (eg renovation, advertising and promotional activities) from its rapid expansion plan in Indonesia and Vietnam. Overall, results were slightly below both our and consensus forecasts, accounting for only 40% of both our and street’s full year forecast.

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