Analyst Research Report Snapshot

Title:

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

Price:

$23.00

Provider:

Affin Investment Bank

Date:

26 Feb 2013

Pages:

3

Type:

AcrobatPDF

Companies referenced:

BONI.KL

Available for Immediate Download
Summary:

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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