1.
APPARELS INDUSTRY
PEER COMPARISON
8 November 2015
L. C. Chong

2.
DISCLAIMER
I am NOT an investment advisor nor a financial advisor, and no information
provided here is to be interpreted as a suggestion to buy or sell securities.
Stock analysis in this presentation may not neutral because I have
incorporated my risk appetite and principles in the analysis.
2

3.
DECLARATION OF INTEREST
• At the time of writing, I owned shares of PADINI.

4.
KEEP IN TOUCH
http://lcchong.wordpress.com
https://goo.gl/jjkq4P

5.
SCOPE
• Figures and ratios are based on the figures reported in Annual Report or the
latest Q4 Quarterly Report (QR)
• Comparisons are made merely based on financial figures
• Growth drivers and risks/challenges are not covered here
• Valuation is not covered in this analysis.

6.
CHANGES
• 5 Nov 2015 – First write up in PowerPoint format
• 8 Nov 2015 – Applied new template

7.
ECONOMIC MOATS
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
ROIC
PADINI BONIA ASIABRN VOIR TGL KAMDAR
PADINI 28.4%
BONIA 16.4%
TGL 6.2%
KAMDAR 4.6%
ASIABRN 3.9%
VOIR 1.1%
ROIC of all companies are in the downtrend. This is in tandem with risks, such as poor consumer
spending and stiff competition.

8.
ECONOMIC MOATS (CONT.)
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
CROIC
PADINI BONIA ASIABRN VOIR TGL KAMDAR
PADINI 51.8%
VOIR 14.8%
BONIA 10.6%
ASIABRN 7.1%
TGL 5.3%
KAMDAR 1.4%
CROIC of these companies are not consistent. This is industry norm where cash flow are highly
dependent on working changes inventory.

9.
PROFITABILITY
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
EBITA
PADINI BONIA ASIABRN VOIR TGL KAMDAR
In FY15, EBITA of most of the companies declined due to poor consumer spending.

10.
PROFITABILITY (CONT.)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
EBITA Margin
PADINI BONIA ASIABRN VOIR TGL KAMDAR
Margin of these companies have been squeezed due to intensified competition and higher
operating expenses.
PADINI 14.9% (Baa)
BONIA 12.0% (Baa)
KAMDAR 8.4% (Ba)
TGL 6.5% (B)
ASIABRN 4.9% (Caa)
VOIR 0.8% (Ca)

11.
LEVERAGE
0.00 x
1.00 x
2.00 x
3.00 x
4.00 x
5.00 x
6.00 x
7.00 x
8.00 x
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
Leverage
PADINI BONIA ASIABRN VOIR TGL KAMDAR
TGL 0.24 x (Aaa)
PADINI 0.27 x (Aaa)
BONIA 1.36 x (A)
VOIR 2.99 x (Baa)
ASIABRN 4.07 x (Ba)
KAMDAR 5.00 x (B)

12.
LIQUIDITY
0
50
100
150
200
250
300
350
400
450
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015
Cash Conversion Cycle
PADINI BONIA ASIABRN VOIR TGL KAMDAR
PADINI 78
BONIA 201
TGL 247
VOIR 332
ASIABRN 366
KAMDAR 400
Compare to others, PADINI’s CCC is the lowest in the industry, and it is trending down. This means
PADINI can sell their stocks in shorter period if compare to its competitors.