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Results Note – Bonia (BUY, maintain) - All is good, and valuation is also appealing




Affin Hwang Investment Bank Bhd


01 Sep 2013





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FY06/13 core earnings up +0.5% Bonia’s FY06/13 topline revenue grew +9.1% yoy to RM632.3m driven by higher overseas sales revenue, - Indonesia (+14% yoy) and Vietnam (+16%), as well as improved performance from Carlo Rino (revenue +20% yoy) and Sembonia (revenue +27% yoy). By segment, sales from its retailing and manufacturing divisions surged +9% and +15% yoy respectively. Notwithstanding the healthy revenue growth, Bonia’s FY06/13 EBIT margin slid by -0.3%-points to 14.1%, due to the strong +9.5% yoy increase in operating cost. This was due to higher overheads related to new store openings (10 new boutiques in Vietnam, 4 boutiques in Indonesia and 14 boutiques in Malaysia.) All in, Bonia still managed to chalk up a marginal growth (+0.5% yoy) in core net earnings to RM51.2m. Results were slightly above our and consensus estimates, accounting for 106% of our full year forecasts.

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