MYR reporting

Hap Seng Plantations · 5138.KL

Palm oil (Malaysia / Sabah) · Filing

Acres: 96,000
Book / acre: MYR 15,625
Market cap (USD): $433M
EV / acre (USD): $4,259

Sector KPIsestimate

FFB yield: 21.0 t/ha
OER: 22.0%
KER: 4.5%
CPO ASP: MYR 4,050/t
CPO cost: MYR 2,600/t
RSPO certified: 55.0%
Methane capture: 30.0% of mills
Replanting LTM: 2,200 ha
NDPE compliance: 88.0%

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	1,500	2,308	Per-property breakdown below
Tangible total (ex-cash)	1,500	2,308
+ Cash & equivalents	200	200
Tangible total (incl. cash)	1,700	2,508

Tangible book

MYR 1,700M

Market cap

MYR 1,760M

104% of tangible book

Enterprise value

MYR 1,660M

98% of tangible book

Implied fair market analysis

As of 2025-09-30

Aggregate FMV

MYR 2,308M

Range MYR 1,893–2,723M · 96,000 acres

FMV vs. book

+53.9%

Book MYR 1,500M · FMV MYR 2,308M

Implied NAV / share

MYR 3.01

Range MYR 2.49–3.53

Live price vs. FMV NAV

-26.9%

Range -37.7% (high) to -11.7% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (2 of 2 properties): typical 7.5–10.0%

Reported NOI

MYR 252M

Cap rate at comp-based FMV

10.92%

Range 9.25–13.32%

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
Sabah palm — Tomanggong cluster	1	50,000	16,000	25,000	800	1,250	1,025–1,475	+56.3%
Sabah palm — other estates	1	46,000	15,217	23,000	700	1,058	868–1,248	+51.1%
Total	2	96,000	15,625	24,042	1,500	2,308	1,893–2,723	+53.9%

Properties

2-row breakdown by named Sabah cluster: Tomanggong flagship + Bukit Mas/other.

Property	Category / crop	Acres	Acquired	Cost (MYR M)	Book (MYR M)	MYR/acre book	FMV MYR/acre	FMV (MYR M)	vs book	Comps
Sabah Tomanggong cluster (mature) Tomanggong, Sabah, Malaysia	Sabah palm — Tomanggong cluster Mature oil palm + mill	50,000	—	—	800	16,000	25,000 20,500–29,500	1,250	+56.3%	MY-PALM-SABAH-2024 Hap Seng's flagship Tomanggong (Lahad Datu region) mature plantation
Sabah Bukit Mas + other estates Bukit Mas + Sabah (multiple), Malaysia	Sabah palm — other estates Mature oil palm + mills	46,000	—	—	700	15,217	23,000 18,860–27,140	1,058	+51.1%	MY-PALM-SABAH-2024 Other Sabah plantation cluster

Comparable land transactions and surveys

2 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-SABAH-2024	Malaysian Sabah palm plantation	Sabah, Malaysia	—	$4,800	Sep 2024	MPOB Sabah 2024

Methodology

Hap Seng Plantations operates ~39K hectares of mature palm in Sabah, Malaysia — one of the smaller pure-play planters in the comp set. 2-row breakdown by named cluster: Tomanggong (Lahad Datu region flagship) + Bukit Mas + smaller estates. FY25 saw revenue and net income decline materially as CPO pricing softened, but land FMV is structurally stable vs the cattle-market-equivalent CPO cycle.