Mewah Intl Last:0.25 -

Mewah

Looks like Mewah is also preparing to move up too.

Just brought Mewah.

Reversal in Process.

Set a Stop-Loss at $0.780.

T.P. is $0.865.

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

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 .

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

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

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.

Cut loss last Friday. Be discipline and wait for next cycle. Good luck. Smiley

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 .

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.

Bought some today......as I learnt something useful.....Betting.

Pure betting, no FA, no TA, no artificial colouring, no preservatives.

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.

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

WRITTEN BY THOMSON REUTERS

FRIDAY, 11 FEBRUARY 2011 18:56

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.

1.14!!!!!!!!!!!! well done mewah

RESEARCH ALERT-BNP Paribas initiates " buy" for Mewah

technicals oversold..

1.09 support

ytday high was $1.20,will cross today??

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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Mewah

Crude Palm Oil (CPO) Futures

Crude Palm Oil (CPO) Futures

RESEARCH ALERT-BNP Paribas initiates " buy" for Mewah