Bonia Corporation Berhad

BONIA - Notice of Book Closure

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

PROVISION OF FINANCIAL ASSISTANCE

Interim Dividend

KUALA LUMPUR: The shareholders of Bonia Corporation Bhd are eyeing substantial growth opportunities amidst an anticipated surge in Malaysia’s retail sector this year. 

© New Straits Times Press (M) Bhd

OTHERSBonia Corporation Berhad - Letter of intent in respect of the proposed subscription of new ordinary shares in IT SEA Holdings Sdn. Bhd. by Bonia Corporation Berhad

BONIA - Notice of Book Closure

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

PROVISION OF FINANCIAL ASSISTANCE

Interim Dividend

$BONIA / 9288 (BONIA CORPORATION BERHAD)
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

$BONIA / 9288 (BONIA CORPORATION BERHAD) - Brand owner of Bonia, Braun Buffel and Sembonia. Proudly owned by Malaysian.

Top & bottom line (margin) were declining for many years, since 2015; Business turnaround in 2022 & 2023 with strong improvements a the top & bottom line (margin).

Healthy balance sheet and cash flow position. Consistent dividends payout. Dividend yield c.3% - 4%.

Is the turnaround short-lived or this is just the start of a long ride?

In the near term, operating cost is expected to rise given the opening of new boutiques, increased product offerings and higher finance cost. To maintain the margins recorded in FY23, revenue need to rise.

I expect some pullback in profitability in FY24.

$BONIA / 9288 (BONIA CORPORATION BERHAD)
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

BONIA - Notice of Book Closure

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

PROVISION OF FINANCIAL ASSISTANCE

General Meetings: Outcome of Meeting

Interim Dividend

Annual Report & CG Report - 2023

CIRCULAR TO SHAREHOLDERS IN RELATION TO THE PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE TO ENABLE BONIA CORPORATION BERHAD TO PURCHASE UP TO 10% OF ITS TOTAL NUMBER OF ISSUED SHARES

General Meetings: Notice of Meeting

OTHERSBonia Corporation Berhad - Proposed renewal of shareholders' mandate to enable Bonia Corporation Berhad to purchase up to 10% of its total number of issued shares

MATERIAL LITIGATIONApex Marble Sdn. Bhd. And Mcore Sdn. Bhd. (collectively as Plaintiffs) vs Leong Tat Yan (Defendant)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONSBonia Corporation Berhad - Share Sale Agreement

MATERIAL LITIGATIONApex Marble Sdn. Bhd. And Mcore Sdn. Bhd. (collectively as Plaintiffs) vs Leong Tat Yan (Defendant)

BONIA - Notice of Book Closure

Quarterly rpt on consolidated results for the financial period ended 30/06/2023

PROVISION OF FINANCIAL ASSISTANCE

Interim Dividend

Special Dividend