MYR reporting

United Plantations · 2089.KL

Palm oil / coconut · Filing

Acres: 125,700
Book / acre: MYR 35,800
Market cap (USD): $3,224M
EV / acre (USD): $23,104

Sector KPIsestimate

FFB yield: 24.0 t/ha
OER: 23.5%
KER: 4.8%
CPO ASP: MYR 4,100/t
CPO cost: MYR 2,500/t
RSPO certified: 100.0%
Methane capture: 30.0% of mills
Replanting LTM: 600 ha
NDPE compliance: 90.0%

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	4,500	3,851	Per-property breakdown below
Tangible total (ex-cash)	4,500	3,851
+ Cash & equivalents	1,500	1,500
Tangible total (incl. cash)	6,000	5,351

Tangible book

MYR 6,000M

Market cap

MYR 13,106M

218% of tangible book

Enterprise value

MYR 11,806M

197% of tangible book

Implied fair market analysis

As of 2025-12-31

Aggregate FMV

MYR 3,851M

Range MYR 3,273–4,428M · 126,001 acres

FMV vs. book

-14.4%

Book MYR 4,500M · FMV MYR 3,851M

Implied NAV / share

MYR 12.41

Range MYR 11.02–13.80

Live price vs. FMV NAV

+154.4%

Range +128.8% (high) to +186.6% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (4 of 4 properties): typical 7.1–9.6%

Reported NOI

MYR 1,000M

Cap rate at comp-based FMV

25.97%

Range 22.58–30.55%

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
Peninsular palm (UP core)	1	92,000	32,609	32,000	3,000	2,944	2,502–3,386	-1.9%
Indonesian palm (UP)	1	22,600	35,398	26,000	800	588	499–676	-26.5%
Peninsular coconut	1	11,400	28,070	28,000	320	319	271–367	-0.3%
Downstream refining (not farmland)	1	1	380,000,000	380	380	0	0–0	-100.0%
Total	4	126,001	35,714	30,562	4,500	3,851	3,273–4,428	-14.4%

Properties

4-row breakdown. Peninsular Malaysia oil palm + coconut + Indonesia + specialty refineries (Unitata, Unifuji). Total 50,854 planted hectares + downstream.

Property	Category / crop	Acres	Acquired	Cost (MYR M)	Book (MYR M)	MYR/acre book	FMV MYR/acre	FMV (MYR M)	vs book	Comps
Peninsular Malaysia oil palm + 4 mills Peninsular Malaysia (Perak)	Peninsular palm (UP core) Mature oil palm + 4 mills	92,000	—	—	3,000	32,609	32,000 27,200–36,800	2,944	-1.9%	MY-PALM-PEN-2024MY-PALM-2025 UP's flagship Peninsular Malaysia palm estates with 4 mills; 120-year-old operator famous for operational excellence
Indonesia oil palm + 1 mill Indonesia	Indonesian palm (UP) Oil palm + single mill	22,600	—	—	800	35,398	26,000 22,100–29,900	587.6	-26.5%	ID-PALM-MATURE-2024 Indonesian estate with single mill
Peninsular Malaysia coconut estates Peninsular Malaysia	Peninsular coconut Coconut (4,627 ha = 11,400 ac)	11,400	—	—	320	28,070	28,000 23,800–32,200	319.2	-0.3%	MY-PALM-PEN-2024 Coconut acreage at slight discount to oil palm
Specialty refineries (Unitata + Unifuji) — downstream Peninsular Malaysia	Downstream refining (not farmland) Refining of value-added palm fractions for specialty fats + chocolate industry	1	—	—	380	380,000,000	380 323–437	0	-100.0%	— Two specialty refineries — Unitata (specialty fats) + Unifuji (chocolate-fat blends). Per-acre column meaningless; placeholder for downstream Net PP&E

Comparable land transactions and surveys

3 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
ID-PALM-MATURE-2024	Indonesian mature oil palm with mill access	Indonesia	—	$5,000	Sep 2024	GAPKI 2024 reports

Methodology

United Plantations is a 120-year-old Malaysian plantation operator regarded as best-in-class by industry. Total: 50,854 hectares planted (46,227 oil palm + 4,627 coconut) with 4 Malaysian mills + 1 Indonesian mill + 2 specialty refineries (Unitata, Unifuji). 4-row breakdown: - Peninsular Malaysia oil palm (92K ac): UP's flagship Perak-based estates - Peninsular coconut (11.4K ac): unique acreage (rare among palm operators) - Indonesia oil palm (22.6K ac): single-mill estate - Specialty refineries placeholder: Unitata + Unifuji downstream value (per-acre column not meaningful) UP runs net cash with conservative financial discipline. Per-acre FMVs at the high end of Malaysian palm range due to operational excellence + downstream specialty value (Unitata/Unifuji serve premium specialty fats and chocolate fat markets at higher margins than commodity CPO refining).