1

Stock Focus
(023849) 22 September 2010
Bonia Corporation Berhad RM 1.63
BUY

FY June 2007 2008 2009 2010 2011F

RM m
Revenue 246.3 300.2 314.9 360.1 450.8
PBT 37.1 38.3 29.5 44.8 59.1
Net Profit 28.2 27.9 20.6 32.8 42.1
EPS (sen) 10.0 13.8 10.2 16.3 20.9

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
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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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Bonia Corporation Berhad

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Brands Products Jeco’s role

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

Roccobarocco Leather goods Exclusive distributor in Singapore and Indonesia

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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

Growth (%) (qoq)

Revenue 21.4 (13.8) (3.1) 0.1 27.8 (5.5) 2.5 (10.3)
PBT 77.2 (13.5) (0.6) (15.8) 68.7 (1.8) 20.4 (5.7)
Net Profit 71.3 (17.1) (8.5) 22.3 29.2 (2.5) 29.0 6.3

Growth (%) (yoy)

Revenue 26.2 (4.8) (1.4) 1.5 6.8 17.2 23.9 10.9
PBT (3.3) (42.1) (16.8) 28.4 22.2 38.8 68.1 88.1
Net Profit 71.3 (44.6) (34.3) 58.9 19.9 41.0 98.8 72.7
Bonia Corporation Berhad

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GDP (%)
30.0 3
PBT
RM m

25.0 2
GDP rate
20.0 1
15.0 0
10.0 -1
5.0 -2
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2007 2008 2009 2010

2007 2008 2009 2010

PBT 37.1 38.3 29.5 44.8
GDP rate 6.5 4.7 -1.7 5.5*
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Bonia Corporation Berhad

5 !

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

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Published and Printed by:

PM Securities Sdn. Bhd. (66299-A)

A Participating Organisation of Bursa Malaysia Securities Berhad
Ground, Mezzanine & First Floor, Menara PMI, No: 2, Jalan Changkat Ceylon, 50200 Kuala Lumpur
General Line : 03-2146 3000, 03-2731 3000 Fax No : 03-2710 7830