Mewah

Mewah: DBSV notes 3Q12 results disappoint again. Net profit at US$1.2m, -82% yoy, was significantly below the houses's US$7-8m projection. Results were hit by a 13% yoy decline in sales volume, as Mewah focused on protecting margins while Consumer Pack output dropped 27% qoq as customers delayed purchases on the back of a drop in CPO prices. The house slashes earnings by 21-48% on lower volumes and margins. Maintains Fully Valued, cuts TP to $0.35 from $0.38.