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Bonny Worldwide Limited

8467.TW
52
Leisure · Consumer Cyclical
Price
NT$84.00
-0.30 (-0.36%)
Market Cap
NT$4.06B
Exchange
Taiwan Stock Exchange
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 16, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Strong

Share count falling — buybacks

6.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 53.9M (2021) → 50.7M (2025)

§Winston Score History

The full picture

Bonny Worldwide Limited, together with its subsidiaries, engages in the manufacture and sale of OEM and ODM carbon fiber rackets and related sporting goods in China. The company offers hockey sticks, tennis and badminton rackets, and carbon fiber rims. It also provides carbon fiber sports products, such as hockey sticks, helmets, and baseball bats. In addition, the company operates and manages a sports center. The company offers its products under the BONNY brand name. Bonny Worldwide Limited was founded in 1982 and is headquartered in Grand Cayman, the Cayman Islands.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
34.4%
Modest — 34.4% gross margin
Profit after running costs
Operating Margin
16.8%
Healthy — 16.8% operating margin
Return on the money invested
ROCE
10.8%
Below par — 10.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-12.5%
Shrinking sales (-12.5% YoY)
Profit growth
EPS YoY
-49.8%
Earnings shrinking (-49.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
175%
Turns 175% of profit into real cash
Spare cash per sale
FCF Margin
11.9%
Modest free cash flow (11.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.65
Moderate — manageable debt (0.65)
Covers its interest
Interest Cover
11.75x
Comfortably covers interest (11.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.3x
Attractive valuation — P/E 13.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-9.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.57%
Moderate income — 3.57% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+43.7%
Dividend growing fast (43.7% YoY)

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