Mewah International Inc. (MV4) AI Stock Analysis

• Market Cap: S$465.21M
• Dividend Yield: 2.72%
• Average Volume (3M): 39.50K
• Price to Earnings (P/E): 6.2
• Beta (1Y): 0.14
• Revenue Growth: 47.72%
• EPS Growth: 16.14%
• Country: SG
• Employees: 3,779
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 0.01
• Shares Outstanding: 1,500,667,400
• 10 Day Avg. Volume: 27,940
• 30 Day Avg. Volume: 39,503
• PEG Ratio: 0.15
• Price to Book (P/B): 0.38
• Price to Sales (P/S): 0.06
• P/FCF Ratio: -3.55
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: S$0.32 ▲(8.97% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by weak financial quality driven by negative operating/free cash flow and rising leverage, alongside subdued technical momentum. These are partially offset by an attractive valuation (low P/E and a moderate dividend yield).

Positive Factors

Vertically integrated business model

Mewah's integrated footprint across processing, refining, trading and consumer-packed oils supports diversified revenue streams and capture of value across the edible-oils chain. Over months this reduces reliance on any single margin source and supports durable volume and margin recovery when demand normalizes.

Revenue rebound and scale recovery

A strong 2024 revenue rebound indicates the business can regain volumes after weakness, demonstrating operational scalability and market access. Sustained top-line recovery supports fixed-cost absorption and the prospect of improving profitability if the company maintains or grows volumes over the coming quarters.

Equity build and expanded asset base

An expanding asset base and equity accumulation provide long-term capacity for processing and trading operations and create collateral for financing. This durable capital foundation supports growth initiatives and gives management optionality to refinance or invest to improve margins when cash flows stabilize.

Negative Factors

Weak cash generation

Operating and free cash flows turning deeply negative reduces financial flexibility and increases dependence on external funding or working-capital moves. Persistently weak cash generation limits sustainable reinvestment, increases refinancing risk, and constrains the company's ability to pay down debt or fund margin improvement initiatives.

Rising leverage

Material increases in total debt and a higher debt-to-equity ratio reduce balance-sheet flexibility in a low-margin commodity business. Elevated leverage raises interest and refinancing risk, limiting strategic responses to cyclical downturns and making the firm more vulnerable to funding stress if margins or cash flows deteriorate further.

Compressed margins and slowing growth

Very thin EBIT and net margins limit the company's ability to absorb input-cost swings and invest in cost or product differentiation. Slowing revenue growth reduces scale economies and pressurizes returns; together these structural margin constraints heighten the long-term challenge of deleveraging and rebuilding robust free cash generation.

Mewah International Inc. Business Overview & Revenue Model

Company Description

Mewah International Inc., an investment holding company, manufactures, refines, and sells palm oil products in Malaysia, Singapore, rest of Asia, Africa, the Middle East, Pacific Oceania, the United States, and Europe. It operates through two segments, Bulk and Consumer Pack. The Bulk segment produces and sells vegetable based edible oil and fat products in bulk form primarily for distributors and factories involved in the production of confectionery, bakery, and other food items. The Consumer Pack segment manufactures and sells vegetable based edible oils and bakery fats in consumer pack form under the brands of third parties primarily to importers and distributors at destination markets. The company's edible oils include soya bean, canola, sunflower, corn, kernel, and coconut oils; palm mid fractions and methyl esters; and palm, kernel, and soft oil fatty acids. Its bakery fats comprise shortenings and creaming shortenings, emulsified and bake stable fats, pan release agents, cooking sprays, butter oil substitutes, and catering and chilled spreads; and cake, creaming, puff pastry, laminating, milk fat blend, and table margarines. The company's special function oils and fats consist of popcorn, spray, and coating oils; and seasoning cube and non-trans hard fats. It also provides sweetened condensed and evaporated creamers, and evaporated filled milk; cheese preparations and processed cheese, including various cream, mozzarella, and cheddar cheese; basmati and non-basmati rice; frying oils and compounds; soaps, detergents, and premix powders; and biodiesel. In addition, the company is involved in the packaging and trading of edible oils and dairy products, and trading activities. It offers its products under the Oki, Moi, AROME, Duke's, Krispi, Mewah, DELi, TURKEY, FRY-OLAMONA, and CABBAGE brands. The company is headquartered in Singapore.

How the Company Makes Money

Mewah International Inc. generates revenue primarily through the sale of its edible oils and specialty fats. The company operates a vertically integrated business model, which allows it to control the entire supply chain from sourcing raw materials to processing and distribution. Key revenue streams include bulk sales to food manufacturers, retail packaging for consumer markets, and exports to international markets. Significant partnerships with suppliers and distributors enhance its market reach and efficiency. Additionally, Mewah benefits from economies of scale, leveraging its large production capacity to optimize costs and increase profitability.

Mewah International Inc. Financial Statement Overview

Summary

Income statement is mixed (revenue rebound in 2024 but slowed in 2025; thin/pressured margins), balance sheet leverage has risen as debt increased, and cash flow is the key drag with operating and free cash flow turning negative in 2024 and staying negative in 2025—reducing financial flexibility despite reported profits.

Income Statement

Revenue rebounded strongly in 2024 (+16%) after a 2023 decline (-24%), but growth slowed materially in 2025 (+3.6%), suggesting a less consistent top-line trajectory. Profitability is positive, yet margins appear to have compressed versus earlier years (2024 net profit margin ~0.8% and EBIT margin ~1.6%, down from 2022 levels), indicating weaker pricing/mix or cost pressure. Net income improved in 2024–2025 versus 2023, but remains below the 2022 peak, keeping overall earnings quality and momentum mixed.

Balance Sheet

Leverage has risen: total debt increased from ~401M (2023) to ~671M (2024) and ~810M (2025), while equity growth has been steadier, implying a higher reliance on borrowing. Reported debt-to-equity moved up from ~0.51 (2023) to ~0.81 (2024), which reduces balance-sheet flexibility in a low-margin business. Offsetting this, the company has built equity over time and expanded its asset base, but returns on equity in the mid-single digits (2023–2024) point to modest profitability relative to the capital employed.

Cash Flow

Cash generation is the key weakness: operating cash flow swung from positive in 2023 (~262M) to meaningfully negative in 2024 (~-183M) and remained negative in 2025 (~-42M). Free cash flow followed the same pattern, turning from strongly positive in 2023 (~176M) to deeply negative in 2024 (~-241M) and still negative in 2025 (~-95M). This volatility increases funding risk (greater dependence on debt or working-capital release) and reduces financial flexibility despite reported profits.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.86B	6.07B	4.78B	4.12B	5.43B	4.35B
Gross Profit	332.26M	384.45M	296.72M	259.07M	372.88M	323.05M
EBITDA	99.56M	123.33M	99.66M	123.77M	238.42M	143.65M
Net Income	57.85M	54.44M	38.81M	40.58M	113.64M	80.17M
Balance Sheet
Total Assets	2.06B	2.04B	1.88B	1.49B	1.70B	1.50B
Cash, Cash Equivalents and Short-Term Investments	202.19M	156.06M	142.92M	131.92M	162.28M	171.78M
Total Debt	839.46M	810.15M	671.13M	401.34M	550.15M	436.27M
Total Liabilities	1.19B	1.14B	1.06B	703.10M	921.25M	818.97M
Stockholders Equity	875.02M	901.42M	824.86M	783.78M	769.77M	676.63M
Cash Flow
Free Cash Flow	-317.80M	-95.23M	-240.82M	176.08M	-162.41M	-35.06M
Operating Cash Flow	-259.17M	-41.94M	-183.24M	261.63M	-106.37M	-9.95M
Investing Cash Flow	-48.94M	-53.52M	-57.34M	-72.82M	-66.07M	-37.61M
Financing Cash Flow	353.49M	98.57M	254.48M	-156.78M	110.53M	142.07M

Mewah International Inc. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.29
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:MV4, the sentiment is Neutral. The current price of 0.29 is below the 20-day moving average (MA) of 0.32, below the 50-day MA of 0.31, and below the 200-day MA of 0.29, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.48 is Neutral, neither overbought nor oversold. The STOCH value of 13.69 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:MV4.

Mewah International Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
P8Z	72 Outperform	S$2.31B	10.52	20.72%	6.82%	15.89%	21.52%
BNE	69 Neutral	S$84.67M	0.82	54.02%	―	41.78%	―
5JS	68 Neutral	S$516.48M	5.12	8.46%	2.67%	13.03%	35.10%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
MV4	54 Neutral	S$465.21M	6.21	7.17%	2.72%	47.72%	16.14%

Mewah International Inc. Corporate Events

Mewah Books US$13.1 Million Write-Off After Medan Plant Fire as Rebuild Begins

Mewah International Inc. reported an update on a fire at its Medan, Indonesia facility operated by 70%-owned PT. Agro Raya Mas, where refining and fractionation plants remain operational but shortening and packing facilities were fully damaged. The Group has written off USD 13.1 million of property, plant, equipment and inventories in its 2025 unaudited results, reflecting its equity share of the loss.

The insurance claim process is ongoing, with the timing and amount of any proceeds still uncertain and to be recognised only when approved. PT. Agro Raya Mas has started rebuilding the damaged shortening, packing and office facilities using initial funding from joint venture partners, with any future insurance payouts intended to offset reconstruction costs, and the Group plans to provide further material updates.

The most recent analyst rating on (SG:MV4) stock is a Hold with a S$0.32 price target. To see the full list of analyst forecasts on Mewah International Inc. stock, see the SG:MV4 Stock Forecast page.