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Latest Forum Topics / Mewah Intl    Last:0.27 --  Post Reply
Mewah
alexchia01
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28-Jul-2011 11:34     
 
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Looks like Mewah is also preparing to move up too.

 
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alexchia01
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27-Jul-2011 16:42     
 
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Just brought Mewah.

Reversal in Process.

Set a Stop-Loss at $0.780.

T.P. is $0.865.
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pharoah88
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18-Jul-2011 19:15     
 
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Month Open High Low Bid Ask Last Chg Chg% Settp Vol O.I
Aug 2011 3141 3152 3085 3030 3188 3090 -31 -0.99% 3121 848 8538
Sep 2011 3132 3148 3077 3070 3140 3085 -31 -0.99% 3116 5455 34242
Oct 2011 3128 3140 3068 3072 3130 3078 -37 -1.19% 3115 13330 31347
Nov 2011 3130 3137 3070 3015 3674 3075 -34 -1.09% 3109 1905 14696
Dec 2011 3130 3137 3069 3010 - 3073 -35 -1.13% 3108 854 8404
Jan 2012 3139 3140 3075 - - 3076 -38 -1.22% 3114 109 4319
Mar 2012 3120 3120 3076 - - 3076 -45 -1.44% 3121 26 4125
May 2012 3140 3140 3080 - - 3085 -36 -1.15% 3121 177 5980
Jul 2012 3105 3105 3086 - - 3086 -35 -1.12% 3121 164 6106
Sep 2012 3150 3150 3084 - - 3138 10 0.32% 3128 3 4428
Nov 2012 - - - - - - - - 3133 0 2097
Jan 2013 - - - - - - - - 3137 0 8204
Mar 2013 - - - - - - - - 3122 0 1194
May 2013 - - - - - - - - 3122 0 1210
Jul 2013 3070 3070 3070 - - 3070 -52 -1.67% 3122 5 -


From the category:

Crude Palm Oil (CPO) Futures
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pharoah88
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18-Jul-2011 19:09     
 
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Monday: 18 JULY 2011

S$0.80

-S$0.025



TP S$0.53  ? ? ? ?

Bintang      ( Date: 17-Jul-2011 20:42) Posted:

Mewah has made new low n also breaking a right-angled triangle recently . It may go down to 53 cents technically .
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pharoah88
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18-Jul-2011 19:06     
 
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Month Open High Low Bid Ask Last Chg Chg% Settp Vol O.I
Aug 2011 3141 3152 3085 3030 3188 3090 -31 -0.99% 3121 848 8538
Sep 2011 3132 3148 3077 3070 3140 3085 -31 -0.99% 3116 5455 34242
Oct 2011 3128 3140 3068 3072 3130 3078 -37 -1.19% 3115 13330 31347
Nov 2011 3130 3137 3070 3015 3674 3075 -34 -1.09% 3109 1905 14696
Dec 2011 3130 3137 3069 3010 - 3073 -35 -1.13% 3108 854 8404
Jan 2012 3139 3140 3075 - - 3076 -38 -1.22% 3114 109 4319
Mar 2012 3120 3120 3076 - - 3076 -45 -1.44% 3121 26 4125
May 2012 3140 3140 3080 - - 3085 -36 -1.15% 3121 177 5980
Jul 2012 3105 3105 3086 - - 3086 -35 -1.12% 3121 164 6106
Sep 2012 3150 3150 3084 - - 3138 10 0.32% 3128 3 4428
Nov 2012 - - - - - - - - 3133 0 2097
Jan 2013 - - - - - - - - 3137 0 8204
Mar 2013 - - - - - - - - 3122 0 1194
May 2013 - - - - - - - - 3122 0 1210
Jul 2013 3070 3070 3070 - - 3070 -52 -1.67% 3122 5 -


From the category:

Crude Palm Oil (CPO) Futures



bsiong      ( Date: 11-Feb-2011 22:40) Posted:



Singapore’s Mewah says will invest US$200m more in China project    

 
WRITTEN BY THOMSON REUTERS    
FRIDAY, 11 FEBRUARY 2011 18:56
Singapore-listed palm oil refiner Mewah International (MEWI.SI) said on Friday it will invest an additional US$200 million ($256.3 million) to buy land for building consumer pack products and logistics facilities in Zhangjiagang, China.

The project is expected to be completed within three years, Mewah said in a statement. The firm had earlier planned to invest $50 million to set up a palm oil manufacturing base in Zhangjiagang.
 
Mewah, which produces vegetable oil products for sale to   wholesalers, retailers, and supermarkets, raised $277 million from its initial public offering in Singapore in November last year. 
 


The firm plans to expand its refining capacities and boost   its revenue by tapping fast-growing markets including China,   where demand for edible oils and fats products is growing.  


 

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bishan22
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18-Jul-2011 15:04     
 
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 Alert Admin 		Low get lower. Lucky cut loss.... else really can cry loud loud. Arhhhhhhhhhh!!!  Smiley

bishan22      ( Date: 18-Jul-2011 08:45) Posted:

Cut loss last Friday. Be discipline and wait for next cycle. Good luck.  Smiley
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pasttime
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18-Jul-2011 14:53     
 
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poor ting kena attack by shortist until cannot remeber where is home.

maybe management can consider to hold back some investment and use manee 

to do share buy back. at this price straight away make 30%+ from listing pr and current offer.

easier then trying to sell more retail pack.
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bishan22
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18-Jul-2011 08:45     
 
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 Alert Admin 		Cut loss last Friday. Be discipline and wait for next cycle. Good luck.  Smiley
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Andrew
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17-Jul-2011 23:50     
 
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 Alert Admin 		Thanks for the advice.  I hope have don't have to keep that long......

Bintang      ( Date: 17-Jul-2011 20:42) Posted:

Mewah has made new low n also breaking a right-angled triangle recently . It may go down to 53 cents technically .
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Bintang
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17-Jul-2011 20:42     
 
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 Alert Admin 		Mewah has made new low n also breaking a right-angled triangle recently . It may go down to 53 cents technically .
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Andrew
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17-Jul-2011 20:12     
 
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Yes.  Did see the 90cts report. Anyway, this time round is betting.......either win or lose, Big or small.

Let see I make money.


krisluke      ( Date: 16-Jul-2011 08:04) Posted:

Mewah: Could see a bit of negative sentiment as houses reduces TP on counter Nomura maintains Buy but slashes TP to $1.16 from $1.34, while DBSV downgrades counter to Hold from buy and slashes TP to $0.90 from $1.23. Tip counter to be range-bound on near term on lack of catalysts and muted FY11 earnings growth. Add that conditions remain weak as demand remains under pressure on expectations of CPO prices falling, and uncertain macro environments in MENA.

Reflecting risk of lower-than-expected 2Q11 vol growth and margin pressure qoq, DBSV cut CY11-13F sales volumes by 0.4-1.8% and gross margins by 0.2-0.5%. Still see near-term seasonal vol upside in 2H11 while longer term see growth from specialty fats and refining capacity expansion.
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krisluke
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16-Jul-2011 08:04     
 
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 Alert Admin 		Mewah: Could see a bit of negative sentiment as houses reduces TP on counter Nomura maintains Buy but slashes TP to $1.16 from $1.34, while DBSV downgrades counter to Hold from buy and slashes TP to $0.90 from $1.23. Tip counter to be range-bound on near term on lack of catalysts and muted FY11 earnings growth. Add that conditions remain weak as demand remains under pressure on expectations of CPO prices falling, and uncertain macro environments in MENA.

Reflecting risk of lower-than-expected 2Q11 vol growth and margin pressure qoq, DBSV cut CY11-13F sales volumes by 0.4-1.8% and gross margins by 0.2-0.5%. Still see near-term seasonal vol upside in 2H11 while longer term see growth from specialty fats and refining capacity expansion.
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Andrew
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15-Jul-2011 12:51     
 
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Bought some today......as I learnt something useful.....Betting.

Pure betting, no FA, no TA, no artificial colouring, no preservatives.
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bsiong
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18-Feb-2011 09:30     
 
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 Alert Admin 		MEWAH
-----
Buy | $1.06

UOB KayHian initiates coverage on the palm oil refiner with a $1.28 price target, based on 12X 2012F P/E, a 30-per-cent discount from Mewah's purer upstream peers. Says Mewah is a " niche and efficient" downstream player that can achieve significant economies of scale with its strategically located and large-scale refineries.
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bsiong
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11-Feb-2011 22:40     
 
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Singapore’s Mewah says will invest US$200m more in China project    

 
WRITTEN BY THOMSON REUTERS    
FRIDAY, 11 FEBRUARY 2011 18:56
Singapore-listed palm oil refiner Mewah International (MEWI.SI) said on Friday it will invest an additional US$200 million ($256.3 million) to buy land for building consumer pack products and logistics facilities in Zhangjiagang, China.

The project is expected to be completed within three years, Mewah said in a statement. The firm had earlier planned to invest $50 million to set up a palm oil manufacturing base in Zhangjiagang.
 
Mewah, which produces vegetable oil products for sale to   wholesalers, retailers, and supermarkets, raised $277 million from its initial public offering in Singapore in November last year. 
 


The firm plans to expand its refining capacities and boost   its revenue by tapping fast-growing markets including China,   where demand for edible oils and fats products is growing.  


 
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ozone2002
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01-Feb-2011 13:15     
 
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  01 Feb 2011
Singapore
 
Mewah International
Initiating coverage - Twin engines - by Ho Choon Seng CFA
(MII SP / MEWI.SI, OUTPERFORM, S$1.12 - Tgt. S$1.41, Plantations)

 

We initiate coverage of Mewah with an Outperform rating and target price of S$1.41. Mewah is the second largest palm-oil refiner by capacity in Malaysia and sixth largest globally. It is also the owner of a stable of brands. We are bullish on its growth prospects from capacity and margin expansion, with earnings upside from acquisitions. Our target price of S$1.41 is based on 13x CY12 P/E, a 10% discount to the plantation sector average to factor in its slimmer margins. Potential catalysts are better-than-forecast earnings, higher refining margins, and announcements of earnings-accretive acquisitions, in our view.
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ozone2002
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01-Feb-2011 09:07     
 
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 Alert Admin 		1.14!!!!!!!!!!!! well done mewah
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ozone2002
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31-Jan-2011 15:08     
 
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RESEARCH ALERT-BNP Paribas initiates " buy" for Mewah

technicals oversold..

1.09 support

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starlene
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06-Jan-2011 09:07     
 
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 Alert Admin 		ytday high was $1.20,will cross today??
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starlene
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05-Jan-2011 14:32     
 
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 Alert Admin 		Hit a high $1.19 this morning

enghou      ( Date: 15-Dec-2010 16:22) Posted:



UOBKH recommends BUY with Target Price of $1.20

 




Mewah International – A cheaper alternative to CPO plays  

What’s New

• A cheaper entry to CPO plays. Mewah International  (Mewah) is a 

pure downstream player trading at 2010F and 2011F consensus PE of 

13.1x and 11.2x respectively, a 35% discount to peers’. As the market 

looks for proxies to rising CPO prices, this discount gap could narrow. 

Assuming a 25% discount to peers, a 13x 2011F PE will give Mewah a 

target price of S$1.20 (or a 16.5% upside). The stock is currently 

trading below its IPO price of S$1.10.  

Stock Impact 

• Market might be under estimating Mewah as one of the efficient 

palm oil refiners. After our recent meeting with management, we opine 

that management has a strong market sense to focus  on its key 

strength to drive its growth. Mewah’s strengths are in the African 

continent for its consumer pack and bulk segments. Although Mewah is 

not an integrated plantation company, as a refiner, it manages its 

margins and sales well, as seen in its higher margins during the 

commodity cycle downturn in 2008.  

• Venturing into higher-margin consumer products. Leveraging on its 

distribution and marketing network, Mewah has ventured into more 

downstream higher4margin consumer4related products  − cocoa butter 

substitute (CBS), soap and shortening. These products have low 

volumes but higher margins due to their niche requirements and are 

mainly exported to more developed countries, such as Europe. As seen 

in Mewah’s financials, consumer pack margins easily doubled that of 

the bulk segment.  

• 2H has seasonally stronger earnings (60% of full-year earnings).  

Due to seasonal factors, the 2H is usually stronger than 1H of the year. 

Based on historical records, the 1H contributed 35445% of full4year 

earnings. For 2H10, contribution could be close to  60% of full4year 

earnings (1H10: US$35.5m), driven by: 

a)  Higher festive demand. Due to the festive seasons, sales volume 

in 2H would be better than in 1H, at about 45:55.

b)  Higher ASP. Due to the stronger festive demand, average selling

price (ASP) for its consumer pack can easily be 50% higher than in 

1H.   

Share Price Catalyst 

• Expansion into upstream for raw materials and margin expansion.  

• Acquiring distribution capability in Africa to expand its reach there.

 




Key takeaways from meeting with Mewah’s CFO:  

• Betting on economies of scale to lower operating cost. Based on 

channel check, Mewah is one of the efficient downstream producers and 

stands to benefit from a sector consolidation. Operating with among4the4

largest capacity of 800,0004900,000 mt/plant, it can spread the fixed cost 

over a larger production volume.  

• Second-largest refiner in Malaysia. Mewah is the second4largest refiner 

in Malaysia with a market share of 14%, just after Wilmar International 

(23% share). Its plants are running at a high utilisation rate of above 90% 

vs the industry’s 76% for Jan4Nov 10.  

• Niche expansion. Mewah’s expansion plan focuses on its niche in:  

a) Bulk business. The next capacity expansion in Sabah, Malaysia, will 

be used for exports to China. However, Mewah focuses mainly on the 

bulk cooking oils segment (for industry use) rather than the highly 

competitive consumer pack business. Currently, 60%  of bulk sales 

come from Malaysia, and China contributes less than 1%. Bulk 

contributed about 74% of total sales and 57% of total EBITDA in 2009.  

b) Consumer pack for the African continent. Mewah targets to 

penetrate the larger African market. It currently focuses only on West 

Africa, Nigeria, Benin and Togo. In these markets,  Mewah holds 

market shares of 45450%. Consumer pack contributed  the remaining 

26% of total revenue but 43% of total EBITDA due to a greater 

EBIDTA margin of 7.7% vs bulk’s 3.3%.  

• Sourcing and margins risks are mitigated. Market concerns for a pure 

downstream player would be the risks of securing raw materials and the 

hedging against price fluctuations. Given that Malaysia is the second4

largest palm oil producer and palm oil is a widely  traded commodity, we 

do not foresee a risk for Mewah to secure its raw materials from Malaysia 

and Indonesia.  As for price fluctuations, Mewah tries to construct natural 

hedges by matching sales and purchase commitments to lock in the 

processing margins, ie, refining margins will be there unless they are not 

efficient or when the Malaysian refining industry suffers negative margins.  

But as Mewah is one of the largest processors in Malaysia, this would be 

less of a problem for Mewah.

 




Earnings Revision/Risk

• Mewah achieved 8M10 net profit of US$52m vs 6M10 net profit of 

US$35.5m, implying net profit of about US$17m in Jul/Aug 10.  

Extrapolating the net profit for Jul/Aug 10, net profit could come in at 

about US$85m for the year.  

Valuation/Recommendation

• If Mewah is able to achieve US$85m in net profit,  it would be trading at 

2010F PE of 14.6x.  

• Based on consensus estimate, Mewah is trading at 2010F PE of 13.7x 

(EPS: 7.9 cents) and 2011F PE of 11.7x (EPS: 9.2cents). This is a 35% 

discount to purer upstream plantation peers’ PE.  

• As the market looks for cheaper alternative plays to rising CPO prices, the 

discount gap could narrow. Assuming a 25% discount  to its purer 

upstream players, a 2011F PE of 13x will give Mewah a fair price of 

S$1.20 (or a 16.5% upside)

You have a nice day 
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