Stock Name: Mewah
Company Name: MEWAH INTERNATIONAL INC.
DBS Vickers Securities in a June 3 research report says: "We caught up with Mewah and sales volumes in 2Q11 to-date have recovered consistent with trends indicated at the 1Q11 results briefing. African and Middle Eastern customers are buying for their current requirements as well as restocking.
"The Sabah refinery project is going well and is tracking ahead of schedule. We are maintaining our earnings forecast as the recovery in sales volumes, improvement in margins in 2Q11 and timing of specialty fats capacity are within expectations.
"Since the commissioning of the Sabah refinery is still 12 months away, we prefer to remain conservative and not to revise our Sabah refinery projections. Target price of $1.23. The stock is attractively priced at FY2011 PE of 11.1x with three-year earnings CAGR of 15%. MAINTAIN BUY."
Company Name: MEWAH INTERNATIONAL INC.
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.23 |
DBS Vickers Securities in a June 3 research report says: "We caught up with Mewah and sales volumes in 2Q11 to-date have recovered consistent with trends indicated at the 1Q11 results briefing. African and Middle Eastern customers are buying for their current requirements as well as restocking.
"The Sabah refinery project is going well and is tracking ahead of schedule. We are maintaining our earnings forecast as the recovery in sales volumes, improvement in margins in 2Q11 and timing of specialty fats capacity are within expectations.
"Since the commissioning of the Sabah refinery is still 12 months away, we prefer to remain conservative and not to revise our Sabah refinery projections. Target price of $1.23. The stock is attractively priced at FY2011 PE of 11.1x with three-year earnings CAGR of 15%. MAINTAIN BUY."
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