MYR reporting

SD Guthrie (Sime Darby Plantation) · 5285.KL

Palm oil (Malaysia / Indonesia / PNG) · Filing

Acres: 1,330,000
Book / acre: MYR 15,911
Market cap (USD): $10,293M
EV / acre (USD): $9,383

Sector KPIsestimate

FFB yield: 19.0 t/ha
OER: 21.5%
KER: 5.0%
CPO ASP: MYR 4,300/t
CPO cost: MYR 2,200/t
RSPO certified: 99.0%
Methane capture: 75.0% of mills
Replanting LTM: 4,000 ha
NDPE compliance: 100.0%

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	21,161	30,746	Per-property breakdown below
PP&E (mills, plants, machinery)	7,800	—	Net of accumulated depreciation
Inventory	2,450	—
Intangibles + goodwill	850	—	Excluded from tangible total
Tangible total (ex-cash)	31,411	40,996
+ Cash & equivalents	2,000	2,000
Tangible total (incl. cash)	33,411	42,996
Reported total assets (BS)	37,420	—	Latest period 2024-12-31

Tangible book

MYR 33,411M

89% of total assets

Market cap

MYR 41,824M

125% of tangible book

Enterprise value

MYR 50,710M

152% of tangible book

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

MYR 30,746M

Range MYR 25,206–36,286M · 1,330,000 acres

FMV vs. book

+23.0%

Book MYR 25,000M · FMV MYR 30,746M

Implied NAV / share

MYR 3.16

Range MYR 2.36–3.96

Live price vs. FMV NAV

+91.3%

Range +52.6% (high) to +156.3% (low)

NOI cross-check (yield-based reasonableness)

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

Reported NOI

MYR 2,160M

Cap rate at comp-based FMV

7.03%

Range 5.95–8.57%

Verdict

Below typical — comp-based FMV may be aggressive 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
Malaysian palm — Peninsular	1	432,000	21,991	28,000	9,500	12,096	9,919–14,273	+27.3%
Indonesian palm — diversified (SDG nucleus)	1	453,000	18,764	22,000	8,500	9,966	8,172–11,760	+17.2%
Malaysian palm — Sabah	1	247,000	18,219	22,000	4,500	5,434	4,456–6,412	+20.8%
PNG/SI palm	1	198,000	10,101	16,000	2,000	3,168	2,598–3,738	+58.4%
Plasma plantations (partnership receivable)	1	—	—	—	500	82	62–103	-83.6%
Total	5	1,330,000	18,797	23,117	25,000	30,746	25,206–36,286	+23.0%

Properties

4-row breakdown by country/region calibrated to SD Guthrie's FY24 audited results (filed Feb 2025): Total assets MYR 32.05B, Total equity MYR 21.16B, Net profit MYR 2.16B, EPS 31.29 sen. World's largest pure-play palm planter at ~600K hectares (~1.48M acres) across 4 country clusters.

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 plantation Peninsular Malaysia	Malaysian palm — Peninsular Mature oil palm + integrated mills + downstream	432,000	—	—	9,500	21,991	28,000 22,960–33,040	12,096	+27.3%	MY-PALM-PEN-2024MY-PALM-2025 Peninsular Malaysia premium palm cluster + integrated downstream; MPOB 2024-25 Peninsular benchmarks MYR 25-30K/acre
Indonesia plantation (Sumatra + Kalimantan) — nucleus only Sumatra + Kalimantan, Indonesia	Indonesian palm — diversified (SDG nucleus) Mature oil palm + mills (nucleus only via Minamas Plantation subsidiary)	453,000	—	—	8,500	18,764	22,000 18,040–25,960	9,966	+17.2%	ID-PALM-MATURE-2024ID-PALM-NSUMATRA-2024 Indonesian Sumatra + Kalimantan estates (Minamas Plantation subsidiary). Reduced from prior 494K acres to exclude 16,639 ha plasma estates (now in separate row)
Sabah Malaysia plantation Sabah, Malaysia	Malaysian palm — Sabah Mature oil palm + mills	247,000	—	—	4,500	18,219	22,000 18,040–25,960	5,434	+20.8%	MY-PALM-SABAH-2024 Sabah palm cluster
Papua New Guinea + Solomon Islands plantation PNG + Solomon Islands	PNG/SI palm Mature oil palm + mills (RAMU + NBPOL legacy)	198,000	—	—	2,000	10,101	16,000 13,120–18,880	3,168	+58.4%	ID-PALM-MATURE-2024ID-PALM-IMMATURE-2024 PNG + Solomon Islands palm cluster; lower per-acre due to remoteness + concession-stage area
Indonesia plasma plantations (KKPA + Plasma Scheme smallholders) Indonesia	Plasma plantations (partnership receivable) Plasma estate partnerships (~16,639 ha NOT owned by SDG)	41,000	—	—	500	12,195	2,000 1,500–2,500	82	-83.6%	ID-PALM-MATURE-2024 16,639 ha plasma + KKPA (Kredit Koperasi Primer Anggota) smallholder estates — 64,211 smallholders supplying 20% of FFB. Managed by SDG under multi-year purchase + advisory agreements. NOT on balance sheet as land asset

Comparable land transactions and surveys

6 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 plantation transaction reports H1 2025
ID-PALM-NSUMATRA-2024	North Sumatra mature palm oil estate	North Sumatra, Indonesia	—	$5,800	Oct 2024	Indonesian palm oil broker comps 2024
ID-PALM-IMMATURE-2024	Indonesian/PNG unplanted concession / immature palm	Indonesia/PNG concession-stage	—	$2,500	Oct 2024	GAPKI + PNG palm concession comps
MY-PALM-PEN-2024	Peninsular Malaysia palm plantation	Peninsular Malaysia	—	$6,000	Sep 2024	Malaysian Palm Oil Board 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 Indonesia palm oil land transaction reports 2024

Methodology

SD Guthrie (rebranded from Sime Darby Plantation in May 2024) is the world's largest pure-play palm oil planter by area: ~600K hectares across 4 country/region clusters. 4-row breakdown: - Peninsular Malaysia (432K acres / ~175K ha): premium plantation + integrated downstream - Sabah (247K acres / ~100K ha): mature plantation cluster - Indonesia (494K acres / ~200K ha): Sumatra + Kalimantan diversified - PNG + Solomon Islands (198K acres / ~80K ha): inherited from NBPOL/RAMU acquisition; lower per-acre due to remoteness + concession-stage area Per-region pricing reflects MPOB 2024-25 Malaysian benchmarks + GAPKI Indonesian reports + PNG palm concession discount.