Bonvests Holdings Limited (B28) AI Stock Analysis

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Bonvests Holdings Limited

(SGX:B28)

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Rating:54Neutral

Price Target:SGD 0.96▲(6.56% Upside)

Action:reiterated

Date:09/24/26

The overall score is constrained by weak technical momentum and volatile financial performance. The stock is in a clear downtrend with price below all major moving averages and weak momentum indicators. Financially, strong cash flow generation and a solid balance sheet provide a floor, but a collapsing gross margin and very low return on equity raise concerns about the underlying business quality. The moderate valuation does not offer enough compensation for these operational and technical risks.

Positive Factors

Revenue recoveryThe multi-year revenue recovery indicates improving demand across Bonvests’ property and hospitality activities. Accelerating TTM growth can support stronger operating leverage and provide a durable base for future earnings, provided the improvement continues across reporting periods.

Negative Factors

Earnings volatilityUneven profitability reduces confidence that the recent improvement will translate into consistently durable earnings. Margin volatility can make planning and capital allocation harder, while weaker periods may limit the cash available for property investment, debt service, or shareholder returns.

Bonvests Holdings Limited (B28) vs. iShares MSCI Singapore ETF (EWS)

Market Cap: SGD 361.37M
Dividend Yield: 1.33%
Average Volume (3M): 11.10K
Price to Earnings (P/E): 16.7
Beta (1Y): 0.32
Revenue Growth: 5.22%
EPS Growth: 297.06%
Country: Singapore
Employees: 2,017
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Travel Lodging

Bonvests Holdings Limited Business Overview & Revenue Model

Company Description

Bonvests Holdings Limited operates as an investment holding company, engaging in a broad spectrum of activities. Its core businesses encompass real estate development and investment, the management and ownership of hotels, alongside providing waste m...

How the Company Makes Money

Bonvests makes money mainly through real estate and hospitality-related earnings. Key revenue streams include: (1) Property development income: revenue and profit are generated from the development and sale of residential and/or commercial properties...

Bonvests Holdings Limited Financial Statement Overview

Summary

Mixed financials: Strong cash flow growth (56% TTM) and a conservative balance sheet (D/E 0.43x) provide stability, but income statement volatility and a sharp gross margin decline to 46.6% TTM are significant concerns. Low ROE of 2.6% indicates inefficient capital use.

Income Statement

42Neutral

Balance Sheet

65Positive

Cash Flow

72Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	233.77M	228.24M	224.25M	216.76M	209.02M	134.41M
Gross Profit	108.85M	93.84M	199.59M	95.74M	185.68M	123.11M
EBITDA	52.91M	49.65M	55.08M	57.27M	67.09M	48.28M
Net Income	21.67M	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	33.10M	36.18M	29.66M	29.69M	31.90M	37.35M
Total Debt	359.93M	362.46M	376.31M	389.94M	380.02M	414.88M
Total Liabilities	427.37M	435.32M	450.98M	460.55M	453.15M	476.53M
Stockholders Equity	837.22M	840.56M	838.28M	837.71M	842.24M	847.61M
Cash Flow
Free Cash Flow	39.08M	22.03M	35.70M	19.30M	39.14M	-4.40M
Operating Cash Flow	50.14M	32.13M	45.85M	43.29M	55.85M	23.53M
Investing Cash Flow	-11.46M	-11.08M	-9.35M	-23.05M	-15.85M	-25.16M
Financing Cash Flow	-32.92M	-14.84M	-36.79M	-21.37M	-44.12M	626.00K

Bonvests Holdings Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price0.90

Price Trends

50DMA0.93Negative

100DMA0.95Negative

200DMA0.95Negative

Market Momentum

MACD-0.01Positive

RSI37.31Neutral

STOCH7.33Positive

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 0.90 is below the 20-day moving average (MA) of 0.92, below the 50-day MA of 0.93, and below the 200-day MA of 0.95, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 37.31 is Neutral, neither overbought nor oversold. The STOCH value of 7.33 is Positive, 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

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SG:B28 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SG:OU8	70Outperform	SGD 1.07B	15.46	5.59%	5.77%	26.02%	-77.59%
SG:H07	67Neutral	SGD 677.05M	22.50	3.27%	1.12%	0.28%	-10.91%
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SG:H18	58Neutral	SGD 510.20M	-25.18	-1.58%	2.13%	7.24%	-8.57%
SG:B28	54Neutral	SGD 361.37M	16.71	2.58%	1.33%	5.22%	297.06%
SG:M01	42Neutral	SGD 277.39M	-1.36	-20.02%	5.97%	-6.56%	9.61%
SG:5DP	37Underperform	SGD 97.55M	-500.00	-0.06%	2.50%	7.30%	93.83%

* Consumer Cyclical Sector Average

Performance Comparison

SG:B28 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SG:B28	Bonvests Holdings Limited	0.90	-0.06	-6.54%
SG:5DP	Heeton Holdings Limited	0.20	-0.06	-24.24%
SG:H07	Stamford Land Corporation Ltd	0.45	-0.05	-10.82%
SG:H18	Hotel Grand Central Ltd.	0.70	0.03	4.29%
SG:M01	Metro Holdings Ltd	0.34	-0.19	-36.31%
SG:OU8	Centurion Corporation Limited	1.30	0.06	5.01%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 24, 2026

Bonvests Holdings Limited AI Stock Analysis