Mewah

Mewah: Daiwa initiates at OutPerform with $1.15 TP, note that grp is a balanced 'value play' production capacity as the key to Mewah’s earnings prospects. Capacity financed by recent IPO proceeds. Grp is a value story with low risk, growth, valuation and decent ROE (18.1% on 2011 forecasts), with a 2010-14 adjusted net-profit CAGR of 6.9%.