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Results Note – Bonia (ADD, maintain) - On sturdy growth




Affin Hwang Investment Bank Bhd


28 May 2014





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9M14 earnings jumped 32.7% yoy to RM48m Bonia’s 9MFY14 revenue grew by a sturdy 10% yoy to RM525.7m, driven by improved performance across all brands. We understand that licensed brands Sembonia, Carlo Rino and Santa Barbara registered strong double-digit revenue growth, while revenue from subsidiary Jeco’s holding in Braun Buffel have also chalked up healthy growth. By segment, sales from its core retail division rose 10% yoy to RM525m. The strong growth in revenue have also offset the growth (+7.3% yoy) in operating costs. Recall that Bonia had in 9MFY13 incurred higher initial investment costs for renovation, advertising and promotional expenses due to expansion plans for Indonesia and Vietnam. In 9M13, Bonia opened 4 boutiques in Indonesia and 10 boutiques in Vietnam. However, Bonia slowed down its expansion activities in 9M14, whereby the group opened only 3 new boutiques in Indonesia and 2 boutiques in Vietnam. As a result, the 9MFY14 EBIT margin expanded by 2.2ppt yoy to 15.5%. Together with a lower effective tax rate (9MFY14: 30% vs 9MFY13: 32%), 9MFY14 core earnings rose by 32.7% yoy to RM48m. Results were within both our and consensus’ expectation, accounting for 79% and 75% of both full-year forecasts.

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