[%edrh%] 
Research by RHB
Not Rated – Target Price RM2.52

“Clearer Skies Ahead”

MYR2.52 FV based on 12x CY24F P/E. Bonia Corp is poised to grow from a more favourable base effect, while its successful business transformation leading to stable earnings delivery and dividend payout (c.6- 7% yield) could drive a valuation re-rating. Currently trading at a single-digit valuation (a steep discount to peers), we view Bonia as a laggard play within the consumer sector – long established yet underappreciated, as well as benefitting from its enhanced brand reputation and likely improving consumer sentiment.

Analyst:
Tai Yu Jie 
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$KLSE-BONIA 
Research by RHB
Not Rated – Target Price RM2.52

“Clearer Skies Ahead”

MYR2.52 FV based on 12x CY24F P/E. Bonia Corp is poised to grow from a more favourable base effect, while its successful business transformation leading to stable earnings delivery and dividend payout (c.6- 7% yield) could drive a valuation re-rating. Currently trading at a single-digit valuation (a steep discount to peers), we view Bonia as a laggard play within the consumer sector – long established yet underappreciated, as well as benefitting from its enhanced brand reputation and likely improving consumer sentiment.

Analyst:
Tai Yu Jie 
tai.yu.jie@rhbgroup.com