Customised, Value-Based Solutions, BugleRock Capital

BugleRock Capital

Customised, Value-Based Solutions

BugleRock Capital (Singapore) is a Wealth & Asset Management company that focuses on building customised, value-based solutions for clients. Built ground up by a team with a strong experience of hand-holding clients across multiple market cycles.

Equity Bottom-Up

<ul><li>We initiate coverage of Mewah International with a Hold rating and a 12-month price target of SGD0.238, 2.9% below the last close.</li><li>Mewah is a Singapore-listed edible-oil refiner and packer with no plantations, so it earns a processing spread rather than the commodity price.</li><li>The business is recovering, and at SGD0.245 the shares already sit within our fair valuation range, with a total return to target of −0.2% including forecast dividends.</li></ul>

We initiate coverage of Mewah International with a Hold rating and a 12-month price target of SGD0.238, 2.9% below the last close.Mewah is a Singapore-listed edible-oil refiner and packer with no plantations, so it earns a processing spread rather than the commodity price.The business is recovering, and at SGD0.245 the shares already sit within our fair valuation range, with a total return to target of −0.2% including forecast dividends.

Mewah International Inc: Initiation (01 October 2026)

Singapore

Mewah International is a global food and agri-business that manufactures, refines, and distributes edible oils, specialty fats, dairy products, rice, and soaps. The company operates through Bulk and Consumer Pack segments, offering a wide range of products under various brands. It is headquartered in Singapore and was founded in 1950.

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Mewah International (MII SP)

Mewah International Inc: Initiation (01 October 2026)

The recovery is real but already in the price, and a geared balance sheet leaves equity holders a thin residual. We initiate coverage of Mewah...

BugleRock Capital

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