Mewah: Cimb maintains U/p with $0.44 TP. Recall Mewah’s latest plans to invest in a refinery, packing plant and related logistics facilities in Indonesia, with capacity of 630,000 MT pa, lifting grp's total capacity by 22.5% and will diversify the group's geographical reach beyond Malaysia.
However, house do not expect earnings contribution to kick in until 2014, and do not see any reason to own this stock given its poor earnings track record and high execution risk. For exposure to the CPO sector, continue to prefer Wilmar, (O/p TP $05.60)
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