KUALA LUMPUR (July 18): CGSCIMB Research has maintained its “Hold” rating on Bonia Corp Bhd at 32 sen with a higher target price (TP) of 31 sen (from 24 sen) and said it came away from a recent meeting with Bonia feeling neutral on its earnings prospects.

In a note July 17, the research house said keen competition from international brands competing for market share in Bonia’s target markets may hamper an earnings recovery.

“Maintain Hold. We change our TP basis from P/E to P/BV in light of uncertain earnings outlook. Our new TP is 31 sen, based on 0.7x CY20F P/BV,” it said.