KOLEJ UNIVERSITI TUKU ABDUL RAHMAN

FACULTY OF ACCOUNTANCY, FINANCE AND BUSINESS

ACADEMIC YEAR 2015/2016
BBMF 2063 Investment & Financial Analysis
COURSEWORK: Group Assignment
TUTORIAL GROUP

: 3RAF5

TUTOR

: Siew Mei Ling

No.

Group Members Name

Student ID No.

1.

Gan Siew Fang

15PBR10815

2.

Goh Chee You

15PBR10338

3.

Khor Keo Shin

15PBR11138

4.

Khor Weei Heng

15PBR11241

5.

Ko Su Im

15PBR10888

SUBMISSION DATE

: 20 July 2016

Table Content
No.

Content

Page number

1.

Overview of investment plan

2.

Benefits of Unit Trust and Bond

3.

Fundamental Analysis
(a) Economy Analysis
(b) Industry Analysis
(c) Company Analysis

4.

Reasons for choosing Bonia

5.

References

6.

Appendices

1) Investment Plan

Instruments

Weight (%)

Stock

20

Bond

60

Unit Trust
Total

20
100

This investment plan was created for the investors that have presently invested in our
companys fund. In this investment plan, 20% of the funds will be allocated to stock
investment, follows by 60% to bond investment and the remaining 20% to unit trust.
The main reason why we allocate only 20% of funds into stock market is that Bonia
has lower intrinsic value as compared to its current stock price which would been shown in
the company analysis. This may indicate that Bonia stock is overvalued. However, the market
price of a stock reflects the current stock demand. If there is higher demand by investors for a
particular stock, the stock price increases above the book value. Though a stock may appear
at least temporarily overvalued, it does not mean that it must not be invested. Investing in
stocks can have an expected return which is about 11-12% in a year (Davidson. L, 2012).
Over the long term, stocks tend to offer the more potential growth which preferred by most
investors (Morningstar, 2016). As compared to other type of investments, investing in more
stocks can provide much more growth over a long period of time although invest in stocks is
more risky as compared to bonds. Basically, higher risk investments offer higher return to the
investors. This is known as risk-return trade off.
Investing in stocks would lead to high satisfaction of Bonia investors who desire to
have a long term growth. Investing in more stocks is able to cope with the rising cost of
living due to the sustained increase in inflation rate. Most shares provide income in the form
of dividend, which are generally paid twice a year (Harold. A, 2016). The investors would
receive a non-guaranteed dividends from company stock. The more profits that a company
can generate, the higher the dividend payments a stockholder can receive from. Based on the
company analysis, Bonia shows that it has ROA at 7.4% which is considered effective in
managing its assets with the purpose of generating profits. This results in an increase in value
of Bonia investors as they would probably reap higher income and thus the share price rises.
It is necessary for the investors to diversify their investment in order to have a better
risk-adjusted returns (Thomas. K, 2016). Therefore, 60% of funds will be proportioned to
investing in bonds. Bonds are typically considered the safe investment portfolio as it has one
feature saying that bondholders have the priority to be paid first while the stockholders can
only receive a claim after bondholders. Thus, investing 40% in bonds will allow the investors
to obtain fixed cash flow as there is an expected interest from the bonds. The bonds interest
are paid on semiannually, or annually basis (Sifma, 2016).

Moreover, investing in bonds can guarantee the investors with a fixed interest in short
time period unless the investee company goes into liquidation (Petch. K, 2016). The reason
why should invest the funds in some bonds rather than invest all in stocks is that stocks are
able to generate potential growth only after a long period of time. Due to the high risk in
stocks investment, it is good to invest in other type of low-risk investment portfolio such as
bond. Bonds are less risky and volatile than stocks because the bonds price is relatively stable
as compared to stocks price.
Lastly, the reason why allocation of 20% in unit trust for the investment portfolio is
that investing in unit trust enable investors to hold at least an amount of money as reserves.
Unit trust has lowest investment risk among the investment instruments as it consists of pool
of funds gathered from a group of investors which helps to spread the investment risk across
various markets. Furthermore, the investors are able to access to the funds that they invested
easily through selling a unit trust at any time. This can also advantage the investors to obtain
additional funds when an emergency fund is needed. Due to its low return features, it is
unnecessary to invest a large proportion of funds in unit trust. The main purpose for investors
to invest in unit trust is not to acquire huge amount of dividend or interest, but to hold a
fraction of money in reserves for their own use.

2) Benefits of Unit Trusts

(i) Diversify of risks
Unit trust is a form of investment which a group of investors pay their capitals
to professional fund managers in order to invest in different portfolios. This is
considered spread investment which enable investors to obtain greater return
at the end of the investment period. As the portfolios have been diversified by
the manager, the risk of investment is said to be minimize.
(ii)

Liquidity
Liquidity is important to investors when they need to convert their investments
into cash in order to invest in another market when they see the opportunity

arises. Hence, most investors prefer liquid investments. Therefore, unit trust is
preferred by most of the investors because they are able to sell off their unit
trust at any time.
(iii)

Professional management
Unit trust will be managed by a professional fund manager. Professional fund
managers will use their relevant experiences and investment skills to conduct
research on any aspect of economy to make investing decision such as stocks,
bonds, bills and so on (Bifm, 2016). Thus, unit trust holders capital will be
more secured.

(iv)

Affordability
Generally, a unit of unit trust is sold at relatively affordable prices (Malaysian
Industrial Development Finance Berhad, 2016). Investors in Malaysia have
two ways to invest unit trust, by debit order or by a lump sum (Nedgroup
Investments, 2016). As unit trust is a form of collective investment scheme,
investors in Malaysia are able to start their unit trust investment at a minimum
amount RM100. As compared to other investment methods, unit trust allows
investors to invest in a lower cost.

(v)

Unit trust holders cash are safe

The Financial Services Board regulates unit trust and the professionals who
handling those investments on behalf of holders to make the investment
choices and decisions (Jackie. C, 2016). However, they are prohibited to
access holders cash as the legal structure has been well designed to prevent
others from stealing unit trust holders money.

(vi)

Competitive cost
As an individual investor, investing in unit trust will often be more cost
effective when investor seek to access to a range of investments. Unit trusts
initial payment is relatively lower than transaction cost when investor buys
share through stock market because of broker commission. Consequently,
investment value will be reduced.

Benefits of Bond
(i) Low-risk investment
Bonds are considered safe and low risk investment instrument for new investors as
bonds pay lower interest as compared to other investments (Lawrence. M, 2015).
This is known as risk-return trade off. Risk adverse investors prefer to invest in
bonds as it can guarantee the investors with a regular interest without taking too
much risk.
(ii) Diversification in portfolio
Bonds are usually less volatile than stock investments as its price is relatively
stable that stocks price. Therefore, it will stabilize and balance out bondholders
portfolio during the stock market down.
(iii)

Stability
As bonds are less fluctuate and volatile than stocks market, this is more safe and
stable when investing a large amount of money. Technically, return of bonds is

come from interest payments or coupon payments, but the fluctuation of bonds
price will not have big impact on the value of investment.
(iv) Consistent income
Through coupon payment or interest payment made annually, semi-annually or
quarterly, this is different from the dividend paid from stock issuers (Marc. P,
2012). So bonds can help generate a steady, predictable cash inflow from their
savings. Besides, bondholders have priority over stockholders in receiving their
claims.
(v) Tax savings
Payments or return of some bonds are exempted from federal taxes, which means
certain bonds are provided tax-free income. Those tax-free bond usually paid a
lower yield than taxable payment bonds but for individuals in high-tax brackets,
free-tax bonds will increase or provide higher profit for the investors.
3) (i) Fundamental Analysis using top down approach
(a) Economy Analysis
Malaysia is an upper-middle income country. Based on The Growth Report, Malaysia
was identified by the Commission on Growth and Development to have maintained an
average growth of more than 7% each year for the past 25 years. Today, Malaysia has
become a diversified economy in exporting electrical and electronic (E&E) components,
natural gas and palm oil (The World Bank, 2016). Malaysias economy continues to grow
faster than market expectations with the rising in domestic demands. The Malaysia
economy has expanded 4.5% during the fourth quarter 2015 and down from 4.7% during
the third quarter of that year (The Straits Times, 2016).
In Malaysia, production side was spearheaded by several sectors, namely
construction, manufacturing, agriculture and services. In the first quarter of 2016, all
production sectors except agriculture sector have contributed a positive growth to
Malaysia economy. There are continuous expansion in the construction, services and
manufacturing sectors which acted as the main catalyst and have positively contributed to
the economy growth. Construction sector grew at a rate of 7.9% which spurred by civil
engineering activity. Meanwhile, manufacturing sector moderated at a rate of 4.5% which

was underpinned by electronic and electrical (E&E) products. Moreover, services sector
which stimulated by retail and wholesale trade activity as well as information and
communication, has increased to 5.1% in the first quarter of 2016, which previously grew
at 5.0% during the fourth quarter of 2015 (Appendix 1). Hence, the Gross Domestic
Product (GDP) in supply side for the first quarter of 2016 expanded 1.0% after adjusted
by a quarter-on-quarter seasonally basis (Department of Statistics Malaysia, 2016).
On the other hand, there is an increasing domestic demand in Malaysia which support
the economy growth continuously. There are the three major components of economy as
well as the two remaining components which are foreign trade by importers and
exporters. During the first quarter of 2016, private consumption strengthened to 5.1%
which compared to 4.5% in the fourth quarter of 2015 (Appendix 2), mainly in utilities
(6.9%), clothing and footwear (8%) as well as communication (9.7%) (Ministry of
Finance Malaysia, 2016).

Meanwhile, the Gross Fixed Capital Formation (GFCF)

increased 0.1% at a slower pace due to lower public investment. Private investment
posted a growth 2.2% in the first quarter of 2016, while due to lower spending of capital,
public investment eased to 4.5%. In this quarter, foreign exports decreased to 0.5% and
imports moderated to 1.3% due to the contraction in goods imports.
Inflation remains manageable in Malaysia. During the first quarter of 2016, inflation
rate increased by 3.4% compared with the 2.6% inflation rate in the fourth quarter of
2015, which measured in the Consumer Price Index (CPI). The rising in inflation rate was
mainly due to the higher prices of three major parts, namely the non-alcoholic beverages
and food; housing, utilities, gas and other fuels; as well as tobacco and alcoholic beverage
groups (Ministry of Finance Malaysia, 2016).

Based on the statistical table, food and

non-alcoholic beverage contributed 1.47 percentage points to the total increase and
increased by 4.6% compared to 4.5% in the fourth quarter of 2015. There was an
increased by 3% in the prices of housing, utilities, gas and other fuels compared to 2.5%
in the fourth quarter of 2015. Furthermore, the prices of tobacco and alcoholic beverage
groups rose by 22.6%. However, prices in the clothing and footwear group remained low
which only contributed 0.01 percentage points to the total CPI. (Appendix 3)
During the first quarter of 2016, the unemployment rate in Malaysia rose to 3.4%.
Despite this, the labour market in Malaysia remained stable as the total labour force was
maintained at 14.6 million persons. Meanwhile, the retail and wholesale trade sector

accounted for the largest proportion at 8.3 million out of 14.1 million total employment,
followed by manufacturing sectors (2.3 million) and agriculture sector (1.6 million).
Based on Appendix 4, total job vacancies dropped from 221,353 in the fourth quarter of
2015 to 156,753 in the first quarter of 2016 (Central Bank of Malaysia, 2016).

In

manufacturing sector registered 29.5% of total vacancies. This was followed by

agriculture sector at 27.9% and services sector at 27.6%. On an occupational-category
basis, elementary occupations recorded at 62.4% of total job vacancies which was the
highest job vacancies, followed by 12.4% by plant and machine operators as well as
10.1% by service and sales staffs (Ministry of Finance Malaysia, 2016). At the end of
March 2016, the number of active job seekers declined to 253,793.

(b) Industry Analysis

Retail Life Cycle
In this retail industry, the companies classify their products into categories based on sales and
product life cycle, commonly known as Retail Life Cycle. This theory concerning the
change through time of the retailing outlets. It normally shows an s-shaped development
curve which has been classified into four main phases, namely Innovation, Growth, Maturity
and Decline stage. (Sree Rama Rao 2009). (Appendix 5)
Innovation
Innovation is known as the first stage of the retail life cycle in retail industry. This stage also
can named as Launch. Most of the retail organisation usually aims to create positive vibe for
the product which is still new and untested in the market. Retail organisations usually build
brand awareness in the way of implementing various advertising and promotional programs
in order to attract potential customers. During this stage, profits in the organisation tend to be
low due to an increase in marketing and developmental cost, or losses might incur at this
phase. However, the losses might be recovered from other phase despite the product go

through the beginning stage of retail life cycle which is considered as a zero compromise
phase.
Growth
The second phase is known as Growth, where there are few competitors emerge. During the
beginning of this stage, the sales and profits start to increase gradually. Since the organisation
has been enter the market for a short period, the product becomes well-recognized and
continues to gain more buyers. Thus, there will be an increase in gross margin due to a
smaller scale in marketing and promotional activities. Price in this stage is maintained or may
rise as there is high demand and low competition. Meanwhile, the rapid growth of sales may
encourage new competitors to enter and promote competition in the retail market. During
this stage, the organisation should keep creative and innovate in the way of doing business.

Maturity
Maturity is phase where the product is well establish and market share stabilizes, but the
growth rate tends to decline and as compared to the previous stage. The faster the
organisation enter this phase, the longer the product can sustain in the market as the market
shares increase. As an increase in direct competition which leads to the market become more
competitive, the growth rate slows down and profits start to decline gradually. At this point,
in order to retain customer, product price should be reduced because of intense competition in
the retail market. Moreover, retail organisation needs to differentiate its product by improving
or modifying its product features. They usually needs to plan a new and effective strategy
such as re-launching the product with an improved features in order to maintain the market
share gained.
Decline
At this stage, the market becomes saturated and if the organisation is unable to change or
replace the company strategy, it will definitely hit saturation in market share and eventually it
will enter into the last phase of retail life cycle named Decline phase. Retail organisation will

lose its competitive edge as better quality products being launched in the market for the
similar price. In this phase, company will try to maintain the product by using lower cost or
discontinue the product if there is no profit available. Furthermore, retailers can try to
penetrate lower end markets and new markets by selling product at lower price, discount on
product to liquidate the existing stocks will ultimately phased out the product from its market.

Porter's Five Force Analysis

Threat of New Entrants
Bonia has established their business with manufacturing. This shows that they are operating
their daily routine business at the relatively low cost as compared to other company. Bonia
achieved economies of scale as they are using lower cost in their operation process which
helps to create high entry barrier for new comers to enter into the market. However, new
entrants might look for other alternatives to promote their products to customers such as build
brand awareness through social media in order to enter into the market. But in fact, current
state of the industry is "high risk, high rewards" for new entrants (Thomas Bush, 2016).
Hence, it seems to be difficult for new entrants to successfully dive into the fashion industry
as there is the existence of high barrier to entry.

Threat of Substitutes
There is no substitute product available within the retail industry for apparel as clothing is the
basic necessity. However, it is possible to have various substitutes in reaching to the

customers. There are several fast growing ways used by other retailers to sell their products.
Most of retailers prefer to sell products through these methods such as online selling, direct
mail and any other method which can substitute physical retail store method. In Malaysia,
there are several popular online shopping platforms available such as Lazada, Mudah, and
Cosway. However, the threat of substitutes for this industry is low as there is not an entry yet
on apparel.
Bargaining Power of Buyers
In the retail industry for apparel, there are many alternative shops to choose from other than
Bonia such as H&M, Padini, and Giordano. This indicates that this industry tend to have high
bargaining power of buyers as the cost of switching is low. Individual buyers of Bonia has
high indirect bargaining power because there is only a little incentive to stay with particular
company (Thomas Bush 2016). Therefore, Bonia must be sensitive and understand to
customers needs by differentiating their products in order to stay competitive in the market.

Bargaining Power of Suppliers

In fashion retail industry, the bargaining power of suppliers tend to be relatively low and
insignificant. Supplier in fashion industry are dispensable and can always be swapped out.
The supplier power is small because most of the companies in fashion retail industry can
easily obtain the resources that are essential in production process. Most companies from this
industry source their products from third world manufacturers, besides, the input prices are
relatively low therefore the company is able to switch the supplier easily without incurring
additional cost (Thomas Bush, 2016).
Industry Rivalry
In this competitive market, most companies tend to increase their company size in order to
remain competitively fit. There are large number of companies who are of equal size and
offer similar products with Bonia such as Giordano, Padini, H&M and so on. Due to their
similar size of company, Bonia will have to compete in term of market share gained, brand
image, size of customer and other relevant factors. This would result in an intense rivalry

within this industry and as a threat for Bonia. Therefore, it is difficult to stay in this industry
if the company is less likely to have innovation in this space (Thomas Bush 2016).

Risk and Return in Retail Industry

Globally, the retail market is facing a challenging time dealing with the sourcing risks.
It has large impact on costs, profitability and market position as retailers sourced their
products from the same country. Due to an increase in complex sourcing environment, more
volatility and less predictable consumer demand. Ways to manage the risk is to compare
supplier against core product categories, besides that, develop strategic partnerships with key
factories or component suppliers might boost innovation and drive down costs (Leonie
Barrie, 2014).
Organisations tend to fail in responding to shift consumer behaviour. When recession
happen, consumers reduced consumption and cut back impulsive shopping behaviour. This
increased the online price-comparison sites. Research shows that many organisations
underestimate the importance of consumers in rural markets. Therefore, organisations in retail
sector are suggested to adapt their product portfolio, value propositions and their go-tomarket strategies in order to meet the changing needs of rural consumers (New Delhi, 2015).

Another constant challenge that comes from the risk is the challenge in adjusting
complex pricing and branding strategies to adapt to trends. Price image is significant in
determining sales. Normally, consumers will base their decisions on impressions of overall
price level, but most of the retailers manage their price strategies without adequate factoring
in nonmonetary costs and other elements of value that consumers considering all the time
(Hodson.N; Kesteloo.M; Hoogenberg.M, 2013).

(c) Company Analysis (RM000)

Company analysis is a process to evaluate a companys profitability and it also known as
fundamental analysis. In this process, we want to find out the intrinsic value of the company
and compare it with the share price of the company to see whether the company, Bonia is
overvalued or undervalued the stock price. It consists of several calculations as below:

Return on Assets (ROA)

2015

RM 50,796/ RM 664,866 x 100% = 7.64%

ROA can be decomposing into: Net Income Margin and Asset Turnover:

2015

50,796/ 695,329 x 695,329/664,866

= 0.0730 x 1.0458
= 0.0764
= 7.64%

The purpose of finding Return on Assets (ROA) is substitute into DuPont Analysis of Return
of Equity (ROE) and it conveys the percentage of how the effective management to use its
assets to generate profits. As the result shows, Bonia has 7.64% in ROA which can help
generate higher income.

Return on Equity (ROE)

2015

50,796 / 404,305 x 100%= 12.56%

Return on Equity (ROE) shows that how an effective management to use shareholders equity
to generate profits. The higher the ROE is preferable where investors normally prefer a better
ROE and avoid negative ROE. The calculation shows that Bonia has generated 12.56%
profits in this year.

Calculate ROE- Dupont Analysis

2015

50,796/695,329 x RM695,329/RM664,866 x RM664,866/RM404,305

= 0.073 x 1.045 x 1.644
= 0.1256
= 12.56%

DuPont Analysis also known as DuPont Identity is to break apart ROE into the three parts
which are Net Income Margin, Asset Turnover and Leverage in order to get much better
understanding.

Calculate ROE- Extent Dupont Analysis

2015

50,796/72,706 x 72,706/83,144 x 83,144/695,329x 695,329/664,866 x

664,866/404,305
= 0.698 x 0.874 x 0.119 x 1.045 x 1.644
= 0.1254
= 12.54%

Extended DuPont Analysis provides additional decompositions of the profit margin into 3
components. The 3 components are Tax Burden Ratio, Interest Burden Ratio and Earnings
before Interest and Tax (EBIT) margin and it provides the management detail financial
analysis information.

Earning Per Share (EPS)

2015

12.54% x 404,305/201,572
= 12.54% x 2.005
=RM 0.251

Bonia has RM0.251 EPS from the calculation by ROE multiple the book values per share.

Now, we can proceed to the intrinsic value of the company which is the actual value of the
company. Thus, we use the justified P/E ratio method to find out the intrinsic value of Bonia.

Justified P/E ratio=

. In order to use the Justified P/E ratio method we need to find the

dividend per share, growth rate, earning per share, required rate of return as show in below.

Dividend Per Share:

Do = RM 0.040
= RM 0.0125

Growth Rate (g):

=
0.0125 = 0.04
=

(1+ i ) =

= 0.792
= - 0.208

Earnings Per Share (

):

= RM0.251 X (1-0.208)
= RM0.1988

Required Rate of Return (k) (Frankfurt. M, 2016)

=3.75 + 1.36 (7.29-3.75)

= 8.56%

Justified P/E Ratio:

Justified P/E Ratio

=0.2142

Intrinsic Value:

= 0.2142 0.198
=RM0.0426

As a result, the intrinsic value of Bonia is RM0.0426. In order to knowing whether the
company is undervalued or overvalued of its intrinsic value as it is needed to make a
comparison with current stock price. If the intrinsic value is lower than the current stock price
then the result is the company has overvalued of intrinsic value. The current stock price of
Bonia is RM0.59 which is higher than the intrinsic value. In conclusion, Bonia has
overvalued of intrinsic value.

3) (ii) Reasons for choosing Bonia

The primary reason why our company choose Bonia in our investment plan is our
company believes that Bonia is a company that have a high potential to grow in a long
term period. Based on the above economy analysis, services sector which underpinned by
retail industry activity has increased to 5.1% during first quarter of 2016, which indicates
that Bonia has the potential to contribute to the growth of Malaysia economy

continuously. Meanwhile, the increase in private consumption rate of clothing and

footwear at 8% shows that there are growing number of people in Malaysia willing to
spend their money on apparel. This would lead to the potential increase in sales of Bonia
as well as help the investors to reap a higher income. Furthermore, fashion retail industry
do not contribute to the rising cost of living in contrast it can be beneficial to the economy
growth. Thus, invest in Bonia would bring numerous advantages to investors as well as
economy.
Bonia Group complies with several factors that help to produce a strong business,
they utilize technology, obtain up to date equipment with a presence of fresh vision and
ideas to differentiate its products. Besides that, Bonia actually planned to re-enter China
market, as they believe that China is a big market. Over past few years, the company has
been growing steadily and healthily in those key markets such as Malaysia, Singapore,
Indonesia and the Middle East. This shows that Bonia is able to survive on a longer term
and compete with its large competitors. Therefore, investing in Bonia can benefit
investors in term of profits.
Based on Porter Five Forces Analysis, Bonia has low threat of new entrants which
would help Bonia to restrict competitive market and remain its market position. Bonia is
also able to avoid the risk of its products being substituted since there is no substitute in
the retail industry for apparel. In order to prevent the risk of losing their customers as the
customers have high bargaining power, Bonia offers various type of products time to time
with the aim of retaining their customers. For instance, The Bonia Monogram Collection,
which specially designed for male and female with strong sense of personal style. They
have been putting effort on their product designing, every products comes with different
material and colour, wide range of option being provided for their customers. The above
analysis shows that Bonia is able to maintain competitive advantage and has the potential
to generate profit for investors.
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Thomas. K. (2016). Why Invest in Bonds? Retrieved from
http://bonds.about.com/od/bonds101/a/Why-Invest-In-Bonds.htm

Appendix 1

Appendix 2

Appendix 3

Appendix 4

Appendix 5

Appendix 6
Net income/Revenue/EBT/EBIT

Appendix 7
Total assets

Appendix 8
Total equity/Total Liabilities/Ordinary share RM1 Per share/ Non-controlling interest

Appendix9
Dividend per share and dividend

Appendix 10
Risk free rate and market rate

Appendix 11
Dividend in 2010