Wednesday, August 11, 2021

Mewah -- a potential multibagger

 A confluence of positive factors for this potential multibagger:

Solid financials:
Solid growth:
EPS in US cts
2H2020 3.92
1H2020 1.85

2H2019 0.59
1H2019 0.19

*For FY 2020, the Group generated strong operating cash flows of US$161.2 million which contributed in reducing the net debt by US$133.1 million to US$206.0 million. The Group’s balance sheet remained strong with gross debt to equity ratio of 0.47 and net debt to equity ratio of 0.34.
*ROE for FY2020: 15.3%
*Operating margin in FY2020 improved by 128% over FY2019.

Rampant insider trading
The exec chairman, CEO and COO bought the shares in the period of 16 Apr to 23 Jun 2021 at an average price of $0.431667 for a total outlay of $1.016 m. I believe they would have bought more if not for the barring period due to the earnings announcement.

Good Management and Good Future Outlook
Mewah is reaping the rewards from prior investments and has been growing its capital base.
The Company noted in its results announcement, “With economies in two largest markets China and Indiacontinuing to bounce back from Covid-19 and the demand for vegetable oils expected to double in the next 30 years, the Group remains confident about the long-term outlook of the industry. The Group’s good performance amid unprecedented Covid-19 conditions is a testament to its resilient business model and strong fundamentals built over past six decades. The Group is strategically very well placed to embrace the opportunities as they arise.”

Conclusion
Mewah will release its 1H2021 earnings on 13 August. Given the rampant insider trading, solid CPO price and the momentum of its growth, I believe the earnings announced will be superb. We all know inflation will be coming and Mewah will be the beneficiary of inflation.

The current price for Mewah is $0.425. My target price is at least $1.28 within a year.

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