Bonvests Holdings Limited (B28) AI Stock Analysis

• Market Cap: S$387.46M
• Dividend Yield: 0.82%
• Average Volume (3M): 4.43K
• Price to Earnings (P/E): 20.0
• Beta (1Y): 0.39
• Revenue Growth: 0.58%
• EPS Growth: -9.33%
• Country: SG
• Employees: 2,712
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Travel Lodging
• EPS (TTM): 0.04
• Shares Outstanding: 401,516,970
• 10 Day Avg. Volume: 3,460
• 30 Day Avg. Volume: 4,433
• PEG Ratio: 0.02
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 1.69
• P/FCF Ratio: 17.49
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: S$1.00 ▲(4.06% Upside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is held back mainly by uneven profitability and choppy/free-cash-flow performance, including a meaningful 2025 FCF decline. Technical indicators also lean weak (negative MACD, RSI below 50), while valuation is only average with a modest P/E and low dividend yield.

Positive Factors

Recurring rental income

A meaningful share of revenue comes from contractual rental and leasing, providing stable, recurring cash inflows that smooth operating volatility from development or hospitality cycles. This durable income supports debt servicing, base EBITDA and planning over the next several quarters.

Healthy operating margins

Consistently healthy EBITDA margins indicate the core property and hospitality operations generate solid operating profits. Margin resilience cushions earnings against modest revenue dips and supports long-term cash generation and reinvestment capacity across business cycles.

Moderate, stable leverage

Debt-to-equity around the mid-0.4s signals conservative financial policy relative to asset size, leaving headroom to fund selective developments or weather hospitality troughs. A steady balance sheet reduces refinancing risk and preserves strategic optionality over months ahead.

Negative Factors

Weak recent revenue trend

A switch to negative revenue growth undermines the growth runway for recurring rental and hospitality income. If this marks a structural slowdown in demand or leasing momentum, it constrains ability to expand NOI, fund developments, and improve earnings consistency over a multi-quarter horizon.

Choppy free cash flow

Volatile and falling free cash flow reduces capacity to invest, pay down debt, or sustain distributions without tapping external funding. A sharp FCF decline limits financial flexibility to execute developments or upgrade hospitality assets and raises execution risk in coming periods.

Low capital efficiency (ROE)

Persistently low ROE signals the group earns modest returns on invested capital, implying slower value creation and limited ability to compound shareholder value. This structural inefficiency can cap long-term growth and constrain reinvestment without improved asset productivity.

Bonvests Holdings Limited Business Overview & Revenue Model

Company Description

Bonvests Holdings Limited, an investment holding company, engages in the property development and investment, hotel ownership and management, and waste management and contract cleaning businesses. The company operates through Rental, Hotel, Industrial, Investment, and Others segments. It owns and manages various commercial and residential properties. The company also engages in the operation of the golf course, hotels and restaurants, bars, spas and thalassotherapy centers, resorts, and food and beverage outlets; and securities trading and investment holding activities. In addition, the company offers business and management, and public relations consultancy services; sales and marketing support; contract cleaning; and waste management services, such as waste disposal services to commercial, industrial, and residential properties, as well as other waste disposal related services. It operates in Singapore, Maldives, Africa, Australia, and internationally. The company was incorporated in 1969 and is based in Singapore. Bonvests Holdings Limited is a subsidiary of Goldvein Holdings Pte Ltd.

How the Company Makes Money

Bonvests Holdings Limited generates revenue through multiple streams primarily related to its real estate and hospitality operations. The company earns rental income from leasing its commercial and retail properties, which provides a steady cash flow. Additionally, it derives income from its hotel operations, which includes room bookings, food and beverage sales, and other hospitality services. Bonvests also benefits from capital appreciation of its property assets over time. Strategic partnerships with local and international developers and hospitality brands enhance its market presence and operational efficiency, further contributing to its revenue generation. Overall, the company's diversified portfolio and focus on property management and development are key factors in sustaining its earnings.

Bonvests Holdings Limited Financial Statement Overview

Summary

Financials are stable but not strong: revenue growth turned negative in 2025 (-1.6%) and net income has been volatile despite healthy EBITDA margins. The balance sheet is steady with moderate leverage (debt-to-equity ~0.45–0.49), but low ROE suggests weak capital efficiency. Cash flow is positive recently, yet free cash flow is choppy and declined sharply in 2025 (-33.1%), weighing on quality and consistency.

Income Statement

Revenue has recovered from 2020 and remained relatively stable through 2022–2025, but growth has cooled and turned negative in 2025 (annual revenue growth of -1.6%). Profitability is mixed: EBITDA margins are consistently healthy (roughly low-20% to low-30% range in recent years), yet net income has been volatile (very weak in 2024, stronger in 2022 and 2025). This profile suggests solid underlying operating performance, but earnings quality/consistency is a key weakness.

Balance Sheet

Leverage appears moderate and stable, with debt-to-equity consistently around ~0.45–0.49 and equity remaining sizeable versus total assets. However, returns on equity are low in most years (generally low-single-digit, with a notable dip in 2020 and only modest improvement in 2022/2025), indicating the company is not generating strong profitability relative to its capital base. Overall, the balance sheet looks steady, but efficiency of capital use is a constraint.

Cash Flow

Operating cash flow is consistently positive since 2021 and free cash flow has been positive in 2022–2025, but free cash flow has been choppy (notably negative in 2020 and 2021, and down sharply in 2025 with free cash flow growth of -33.1%). Cash conversion versus earnings is reasonable in recent years (free cash flow running at ~45%–78% of net income in 2022–2025), yet cash flow relative to revenue remains modest (operating cash flow coverage ratio sits in the low-teens to mid-20% range). The main weakness is volatility and the recent step-down in free cash generation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	231.94M	228.24M	224.25M	216.76M	209.02M	134.41M
Gross Profit	126.39M	93.84M	199.59M	95.74M	185.68M	123.11M
EBITDA	53.06M	49.65M	55.08M	57.27M	67.09M	48.28M
Net Income	5.46M	19.39M	1.87M	7.17M	20.72M	12.25M
Balance Sheet
Total Assets	1.26B	1.28B	1.29B	1.30B	1.30B	1.33B
Cash, Cash Equivalents and Short-Term Investments	27.65M	36.18M	29.66M	29.69M	31.90M	37.35M
Total Debt	370.45M	392.37M	376.31M	389.94M	380.02M	414.88M
Total Liabilities	437.41M	435.32M	450.98M	460.55M	453.15M	476.53M
Stockholders Equity	820.62M	840.56M	838.28M	837.71M	842.24M	847.61M
Cash Flow
Free Cash Flow	32.93M	22.03M	35.70M	19.30M	39.14M	-4.40M
Operating Cash Flow	40.35M	32.13M	45.85M	43.29M	55.85M	23.53M
Investing Cash Flow	-7.28M	-10.80M	-9.35M	-23.05M	-15.85M	-25.16M
Financing Cash Flow	-31.35M	-15.04M	-36.79M	-21.37M	-44.12M	626.00K

Bonvests Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.96
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:B28, the sentiment is Negative. The current price of 0.96 is below the 20-day moving average (MA) of 0.97, below the 50-day MA of 0.97, and below the 200-day MA of 0.96, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 41.28 is Neutral, neither overbought nor oversold. The STOCH value of 23.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:B28.

Bonvests Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
B28	57 Neutral	S$387.46M	19.98	0.66%	0.82%	0.58%	-9.33%
H07	57 Neutral	S$723.99M	21.65	3.81%	0.99%	-2.69%	-6.28%
H18	57 Neutral	S$517.60M	-18.82	-1.41%	2.14%	-2.09%	-302.48%