MYR reporting

IOI Corporation · 1961.KL

Palm oil + oleochemicals (Malaysia / Indonesia) · Filing

Acres: 386,000
Book / acre: MYR 24,438
Market cap (USD): $6,459M
EV / acre (USD): $18,238

Sector KPIsestimate

FFB yield: 22.0 t/ha
OER: 21.8%
KER: 5.1%
CPO ASP: MYR 4,250/t
CPO cost: MYR 2,350/t
RSPO certified: 80.0%
Methane capture: 60.0% of mills
Replanting LTM: 5,500 ha
Rubber rev %: 3%
NDPE compliance: 98.0%

Tangible Balance-Sheet Assets

Asset-class composition from the latest FY filings, alongside market enterprise value for an asset-coverage view. Land at FMV when a per-property breakdown is available; other classes at filed book value.

Asset class	Book (MYR M)	FMV (MYR M)	Note
Land / property	9,433	9,028	Per-property breakdown below
Tangible total (ex-cash)	9,433	9,028
+ Cash & equivalents	904	904
Tangible total (incl. cash)	10,337	9,932
Reported total assets (BS)	18,131	—	Latest period 2025-06-30

Tangible book

MYR 10,337M

57% of total assets

Market cap

MYR 26,226M

254% of tangible book

Enterprise value

MYR 28,583M

277% of tangible book

Implied fair market analysis

As of 2025-06-30

Aggregate FMV

MYR 9,028M

Range MYR 7,396–10,660M · 386,001 acres

FMV vs. book

-1.1%

Book MYR 9,133M · FMV MYR 9,028M

Implied NAV / share

MYR 1.08

Range MYR 0.81–1.34

Live price vs. FMV NAV

+293.1%

Range +215.9% (high) to +420.4% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (5 of 5 properties): typical 7.4–9.9%

Reported NOI

MYR 1,689M

Cap rate at comp-based FMV

18.71%

Range 15.84–22.84%

Verdict

Above typical — comp-based FMV may be conservative vs yield benchmark

FMV by category

Aggregated from per-property assumptions below

Category	Properties	Acres	Avg book MYR/acre	Avg FMV MYR/acre	Book (MYR M)	FMV (MYR M)	FMV range (MYR M)	FMV vs book
Indonesian palm — IOI nucleus	1	144,000	24,306	22,000	3,500	3,168	2,598–3,738	-9.5%
Malaysian palm — Sabah	1	132,000	20,455	22,000	2,700	2,904	2,381–3,427	+7.6%
Malaysian palm — Peninsular	1	110,000	24,545	26,000	2,700	2,860	2,345–3,375	+5.9%
Plasma plantations (partnership receivable)	1	—	—	—	200	96	72–120	-52.0%
Downstream / non-land	1	1	33,000,000	33	33	0	0–0	-100.0%
Total	5	386,001	23,661	23,389	9,133	9,028	7,396–10,660	-1.1%

Properties

5-row breakdown including downstream placeholder + plasma carve-out. IOI is integrated palm + oleochemical + refining; Loders Croklaan was sold to Bunge in 2018. Indonesia plasma (~19K ha) excluded from owned acres.

Property	Category / crop	Acres	Acquired	Cost (MYR M)	Book (MYR M)	MYR/acre book	FMV MYR/acre	FMV (MYR M)	vs book	Comps
Indonesia plantation — nucleus (subsidiary) Indonesia (Kalimantan)	Indonesian palm — IOI nucleus Mature oil palm + mills (nucleus only)	144,000	—	—	3,500	24,306	22,000 18,040–25,960	3,168	-9.5%	ID-PALM-MATURE-2024 Indonesian plantation subsidiary nucleus only (~58K ha owned). Reduced from prior 192K acres to exclude plasma estates owned by smallholder farmers (now in separate plasma row)
Sabah Malaysia plantation Sabah, Malaysia	Malaysian palm — Sabah Mature oil palm	132,000	—	—	2,700	20,455	22,000 18,040–25,960	2,904	+7.6%	MY-PALM-SABAH-2024 Sabah plantation cluster; ongoing replant programme
Peninsular Malaysia plantation (subsidiaries) Peninsular Malaysia	Malaysian palm — Peninsular Mature oil palm	110,000	—	—	2,700	24,545	26,000 21,320–30,680	2,860	+5.9%	MY-PALM-PEN-2024MY-PALM-2025 IOI Peninsular plantation subsidiaries; mature with mill access
Indonesia plasma plantations (smallholder partnerships) Indonesia (Kalimantan)	Plasma plantations (partnership receivable) Plasma estate partnerships (~19K ha NOT owned by IOI)	48,000	—	—	200	4,167	2,000 1,500–2,500	96	-52.0%	ID-PALM-MATURE-2024 ~19K ha Indonesia plasma estates owned by smallholder farmers under Indonesia's mandatory plasma program — managed by IOI under multi-year purchase + advisory agreements. NOT on balance sheet as land asset. Estimated as ~25% of Indonesia operations consistent with Kalimantan industry norms
Resource-based manufacturing (Loders Croklaan was sold; current oleochemicals + specialty) Various downstream	Downstream / non-land Oleochemical / refining facilities (not farmland)	1	—	—	33	33,000,000	33 27–39	0	-100.0%	— Placeholder for downstream Net PP&E not allocated to plantation acres; the per-acre column is meaningless for this row

Comparable land transactions and surveys

4 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
MY-PALM-2025	Malaysian palm plantation H1 2025 transactions	Malaysia palm estates	—	$5,400	Apr 2025	MPOB + Bursa Malaysia 2025
MY-PALM-PEN-2024	Peninsular Malaysia palm plantation	Peninsular Malaysia	—	$6,000	Sep 2024	MPOB land valuation reports 2024
MY-PALM-SABAH-2024	Malaysian Sabah palm plantation	Sabah, Malaysia	—	$4,800	Sep 2024	MPOB Sabah 2024
ID-PALM-MATURE-2024	Indonesian mature oil palm with mill access	Indonesia	—	$5,000	Sep 2024	GAPKI 2024 reports

Methodology

IOI Corporation operates 176,202 hectares (planted, including subsidiary companies; FY24 disclosure) plus another 127,800 hectares through associate companies. Total plantation footprint ~432K acres. CRITICAL CHANGE vs prior version: Indonesia plasma estates (~19K ha = 48K acres) now correctly carved out via excludeFromAcreTotals=true. Plasma is owned by smallholder farmers under Indonesia's mandatory plasma program — IOI buys FFB but doesn't own the land. Consistent with how plasma is treated for AALI/SIMP/P8Z/SGRO/SSMS/RE.L/GENP. 5-row breakdown: - Peninsular Malaysia (110K acres): IOI subsidiary plantations, freehold - Sabah (132K acres): plantation cluster with ongoing replant, freehold - Indonesia nucleus (144K acres): IOI Indonesian subsidiary owned - Indonesia plasma (48K acres = 19K ha, EXCLUDED from owned acres): smallholder partnerships - Resource-based manufacturing (placeholder, not land asset) IOI sold Loders Croklaan to Bunge in 2018; current downstream is smaller. The MYR 33M placeholder reflects residual fixed downstream asset value not allocated to plantation acres. Per-acre pricing reflects MPOB 2024-25 + GAPKI 2024 benchmarks. Net PP&E split is rough proportional allocation — IOI's annual report has more granular segment disclosure that could refine the per-segment book.