Originated from Singapore, Bonia is a luxurious apparel manufacturing company distributing exotic products like leather apparels. As the sole luxury apparel listed company in Malaysia, Bonia faces less local competition. Instead, competitors are mainly from abroad. As the company's revenue is mainly generated from Malaysia and Singapore, it depends highly on the purchasing power of the locals as well as international tourists. In terms of location, Bonia does a pretty good job in location like Pavillion KL, luxury retail outlet and busy international airports like KLIA and Changi. These locations are able to attract a lot of consumers and in turn directly contribute to the company's revenue. As for barriers of entry, manufacturing luxurious apparel requires a tremendous amount of capital as well as materials from overseas. Being able to cooperate with Italian designer, Studio Pelletteria Alessandra, it is an extremely rare opportunity which contributes to the company's product line to cope up with latest fashion derived from European countries. Furthermore, Bosnia has long established its strong branding in Malaysia and Singapore since two decades ago which enjoy certain customer loyalty and good images from the public.

As Bonia's main target market is the wealthy high class society, this includes large portion of revenue coming from international tourists. Tourism is a very fragile industry in case of global financial crises, terrorism or pandemic outbreak. Also, trend changes in a unimaginable state where outdated design might result in excessive inventories.

According to the cash flow since 2007, it faces a huge fall during 2008 and gradually climb back to the level before after six years which is 0.23 per share. We can see that it takes a long time for the company to climb up after certain crises. Although both ratios show that the company is managing their assets and equities efficiently, the fact of the company's vulnerability is undeniable where in times of good or bad, it needs to continuously invest in its subsidiary and associates which can be up to 50 million per annum. Overall, it fails to show the ability generate steady growing income in the future which doesn't fulfill the criteria of value investing.