Stock Name: Mewah
Company Name: MEWAH INTERNATIONAL INC.
Research House: StanChart
StanChart notes, Mewah is the second-largest palm refiner in Malaysia and the largest branded edible oil consumer pack entity in West Africa; “African exposure is a unique positive.”
Company Name: MEWAH INTERNATIONAL INC.
Research House: StanChart
Standard Chartered initiates Mewah (MV4.SG) at Outperform with a $1.10 price target. It says the decline in Mewah’s share price from January 18’s $1.20 high is “misplaced and overdone.”
The house notes, Mewah is not a palm oil price play and estimates asset-less earnings exposure to the Middle East of around 10%. “We capture this Middle East exposure by applying a 10% discount to our theoretical valuation.”
The house notes, Mewah is not a palm oil price play and estimates asset-less earnings exposure to the Middle East of around 10%. “We capture this Middle East exposure by applying a 10% discount to our theoretical valuation.”
StanChart notes, Mewah is the second-largest palm refiner in Malaysia and the largest branded edible oil consumer pack entity in West Africa; “African exposure is a unique positive.”
It adds, planned capacity expansion, particularly of value-added products, should support solid volume and value growth, and the house forecasts six-year earnings CAGR approaching 10%: “importantly, this is volume and value, rather than palm oil price-driven growth.”
Shares are +4.4% at $0.960.
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