[%lAHf%] 
Research by Kenanga
Not rated – Target Price RM1.98

“Wooing Younger Audience”

BONIA is poised for growth through a partnership with the Malaysian subsidiary of a leading Hong Kong based fashion retailer, focusing on the youth streetwear market. Furthermore, its shift to digital branding and boutique retailing aligns with the evolving consumer trends. Despite current subdued consumer sentiment, an improvement is expected in 2HCY24, influenced by clearer subsidy rationalization plans from the government. BONIA's net profit is projected to rise to RM47m in FY25, a 35% YoY increase from RM35m in FY24. An 'ADD' rating has been given to BONIA, with a fair value of RM1.98, representing a 30% discount to the sector leader's PER.

Analyst:
Cheow Ming Liang 
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$KLSE-BONIA 
Research by Kenanga
Not rated – Target Price RM1.98

“Wooing Younger Audience”

BONIA is poised for growth through a partnership with the Malaysian subsidiary of a leading Hong Kong based fashion retailer, focusing on the youth streetwear market. Furthermore, its shift to digital branding and boutique retailing aligns with the evolving consumer trends. Despite current subdued consumer sentiment, an improvement is expected in 2HCY24, influenced by clearer subsidy rationalization plans from the government. BONIA's net profit is projected to rise to RM47m in FY25, a 35% YoY increase from RM35m in FY24. An 'ADD' rating has been given to BONIA, with a fair value of RM1.98, representing a 30% discount to the sector leader's PER.

Analyst:
Cheow Ming Liang 
cheowml@kenanga.com.my