Mewah International Inc. (MV4) AI Stock Analysis

• Market Cap: S$450.20M
• Dividend Yield: 2.72%
• Average Volume (3M): 39.50K
• Price to Earnings (P/E): 6.2
• Beta (1Y): 0.24
• 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: 59 Neutral
• Price Target: S$0.29 ▲(1.03% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is primarily constrained by financial performance, led by recently negative operating/free cash flow and rising leverage in a low-margin business. Technical indicators also lean weak with the price below key moving averages and negative MACD. These risks are partly balanced by attractive valuation (low P/E) and a moderate dividend yield.

Positive Factors

Integrated value chain

Mewah operates across processing, refining and trading, enabling capture of upstream-to-downstream margins and operational synergies. This integrated model supports stable volumes, procurement advantages and ability to supply both industrial bulk and consumer-packed products, which bolsters structural revenue resilience.

Higher-value refining capability

The company’s refining and fractionation capabilities let it produce specialty and higher-margin products versus raw commodity sales. Over the medium term this capability supports product-mix uplift, customer stickiness with industrial buyers and the option to pivot sales between bulk and branded channels as margins shift.

Revenue rebound and growth momentum

After a sharp contraction in 2023, the 2024 revenue rebound demonstrates the business’s ability to recover volumes and pricing. While growth slowed in 2025, the prior rebound indicates underlying demand access and operational scale that can support a multi-month recovery if commodity cycles or mix improve.

Negative Factors

Weak cash generation

Sharp negative operating and free cash flows since 2024 indicate structural working-capital pressure and cash conversion weakness. Persistent negative FCF undermines reinvestment capacity, raises refinancing risk, and forces dependence on debt or asset disposal to fund operations in a low-margin commodity business.

Rising leverage

Debt growing materially faster than equity reduces balance-sheet flexibility and elevates interest and refinancing exposure. In a thin-margin edible-oils business, higher leverage constrains capacity to absorb commodity shocks, fund capex or support working-capital swings without eroding credit metrics over months.

Thin and compressed margins

Low single-digit margins leave limited buffer against cost or price volatility and make profitability highly sensitive to feedstock prices and utilization. Slowing top-line growth plus margin compression reduces sustainable free cash flow generation and limits ability to delever or invest without external funding.

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

Mixed fundamentals: income statement is improving but inconsistent (2024 rebound followed by slower 2025 growth) and margins are thin/pressured; leverage is rising as debt grows faster than equity; cash flow is the key drag with operating and free cash flow turning negative in 2024 and staying negative in 2025, increasing funding risk.

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: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 0.31, 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 46.47 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, 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$2.71B	10.52	20.72%	6.82%	15.89%	21.52%
BNE	69 Neutral	S$120.54M	0.82	52.53%	―	41.78%	―
5JS	68 Neutral	S$530.44M	5.12	8.01%	2.67%	13.03%	35.10%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
MV4	59 Neutral	S$450.20M	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.