Customised, Value-Based Solutions, BugleRock Capital

BugleRock Capital

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.

Customised, Value-Based Solutions

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)