IDR reporting
Astra Agro Lestari · AALI.JK
Palm oil (Indonesia) · Filing
- Acres
- 527,000
- Book / acre
- IDR 33,074,004
- Market cap (USD)
- $1,208M
- EV / acre (USD)
- $2,283
Sector KPIsestimate
- FFB yield
- 19.0 t/ha
- OER
- 22.0%
- KER
- 4.8%
- CPO ASP
- IDR 12.50M/t
- CPO cost
- IDR 6.50M/t
- RSPO certified
- 70.0%
- Methane capture
- 45.0% of mills
- Replanting LTM
- 7,000 ha
- Nucleus / plasma
- 80%
- NDPE compliance
- 95.0%
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 (IDR M) | FMV (IDR M) | Note |
|---|---|---|---|
| Land / property | 17,430,000 | 37,345,110 | Per-property breakdown below |
| PP&E (mills, plants, machinery) | 6,850,000 | — | Net of accumulated depreciation |
| Inventory | 2,480,000 | — | |
| Intangibles + goodwill | 85,000 | — | Excluded from tangible total |
| Tangible total (ex-cash) | 26,760,000 | 46,675,110 | |
| + Cash & equivalents | 3,236,000 | 3,236,000 | |
| Tangible total (incl. cash) | 29,996,000 | 49,911,110 | |
| Reported total assets (BS) | 31,250,000 | — | Latest period 2024-12-31 |
Tangible book
IDR 29,996,000M
96% of total assets
Market cap
IDR 12,079,375M
40% of tangible book
Enterprise value
IDR 12,033,375M
40% of tangible book
Implied fair market analysis
As of 2024-12-31FMV by category
Aggregated from per-property assumptions below| Category | Properties | Acres | Avg book IDR/acre | Avg FMV IDR/acre | Book (IDR M) | FMV (IDR M) | FMV range (IDR M) | FMV vs book |
|---|---|---|---|---|---|---|---|---|
| Indonesian palm — Sumatra core | 1 | 237,000 | 28,691,983 | 65,000,000 | 6,800,000 | 15,405,000 | 12,324,000–18,486,000 | +126.5% |
| Indonesian palm — Central Kalimantan | 1 | 168,000 | 26,785,714 | 55,000,000 | 4,500,000 | 9,240,000 | 7,392,000–11,088,000 | +105.3% |
| CPO mills + processing infrastructure | 1 | — | — | — | 5,400,000 | 5,400,000 | 4,500,000–6,500,000 | +0.0% |
| Indonesian palm — Southern Kalimantan | 1 | 69,000 | 26,086,957 | 50,000,000 | 1,800,000 | 3,450,000 | 2,760,000–4,140,000 | +91.7% |
| Indonesian palm — Sulawesi | 1 | 52,000 | 15,384,615 | 45,000,000 | 800,000 | 2,340,000 | 1,872,000–2,808,000 | +192.5% |
| Plasma plantations (partnership receivable) | 1 | — | — | — | 1,508 | 1,510,110 | 1,249,500–1,785,000 | +100039.9% |
| Total | 6 | 526,000 | 36,694,882 | 70,998,308 | 19,301,508 | 37,345,110 | 30,097,500–44,807,000 | +93.5% |
Properties
6-row breakdown calibrated to AALI's FY24 audited balance sheet (PwC, 20-Feb-2025): Net PP&E IDR 17.4T (Bearer plants IDR 6.03T + Immature plantations IDR 1.43T + Fixed assets IDR 8.46T + Plasma IDR 1.51T). Owned (nucleus) area is 213,158 ha = 526,768 acres across Sumatra/Kalimantan/Sulawesi. Plasma estates (72,229 ha = 178K acres) are smallholder partnerships NOT owned by AALI — excluded from acres in this file. FMV anchored 1.7× book reflecting mark-to-market for Indonesian palm.| Property | Category / crop | Acres | Acquired | Cost (IDR M) | Book (IDR M) | IDR/acre book | FMV IDR/acre | FMV (IDR M) | vs book | Comps |
|---|---|---|---|---|---|---|---|---|---|---|
Sumatra plantations (nucleus) North + South Sumatra (multiple provinces), Indonesia | Indonesian palm — Sumatra core Mature oil palm + 12 mills (largest cluster) | 237,000 | — | — | 6,800,000 | 28,691,983 | 65,000,000 52,000,000–78,000,000 | 15,405,000 | +126.5% | AALI-FY24-AUDITEDID-PALM-NSUMATRA-2024 ~96K ha Sumatra nucleus — historical core of AALI portfolio with mill density + port proximity. IDR 65M/acre = ~$4,063/USD per acre at IDR 16,000/USD, mid-range for premium Indonesian palm |
Central Kalimantan plantations (nucleus) Central Kalimantan, Indonesia | Indonesian palm — Central Kalimantan Mature oil palm + 7 mills | 168,000 | — | — | 4,500,000 | 26,785,714 | 55,000,000 44,000,000–66,000,000 | 9,240,000 | +105.3% | AALI-FY24-AUDITEDID-PALM-KALIMANTAN-2024 ~68K ha Central Kalimantan nucleus — slight logistics discount vs Sumatra. IDR 55M/acre = ~$3,438/USD per acre |
Mills + buildings + processing infrastructure Indonesia (12 Sumatra + 7 C Kalimantan + 4 S+E Kalimantan + 6 Sulawesi mills) | CPO mills + processing infrastructure 29 CPO mills + processing + buildings + machinery (industrial) | 1 | — | — | 5,400,000 | 5,400,000,000,000 | 5,400,000,000,000 4,500,000,000,000–6,500,000,000,000 | 5,400,000 | +0.0% | AALI-FY24-AUDITED 29 CPO mills + buildings + machinery + bearer plant infrastructure. Carved out of AALI Fixed Assets IDR 8.46T less land portion (~IDR 3T) = ~IDR 5.4T industrial. Acres column shows '1' for non-land industrial |
South + East Kalimantan plantations (nucleus) South + East Kalimantan, Indonesia | Indonesian palm — Southern Kalimantan Mature oil palm + 4 mills | 69,000 | — | — | 1,800,000 | 26,086,957 | 50,000,000 40,000,000–60,000,000 | 3,450,000 | +91.7% | AALI-FY24-AUDITEDID-PALM-KALIMANTAN-2024 ~28K ha South + East Kalimantan nucleus. AALI's South Kalimantan operations + corporate HQ. IDR 50M/acre = ~$3,125/USD per acre |
Sulawesi plantations (nucleus) Sulawesi (Central + Southeast), Indonesia | Indonesian palm — Sulawesi Mature oil palm + 6 mills | 52,000 | — | — | 800,000 | 15,384,615 | 45,000,000 36,000,000–54,000,000 | 2,340,000 | +192.5% | AALI-FY24-AUDITEDID-PALM-MATURE-2024 ~21K ha Sulawesi nucleus — smallest cluster + further from major CPO export ports. IDR 45M/acre = ~$2,813/USD per acre |
Plasma plantations receivable (smallholder partnerships) Indonesia (smallholder areas adjacent to nucleus) | Plasma plantations (partnership receivable) Plasma estate partnerships (72,229 ha NOT owned by AALI) | 178,500 | — | — | 1,508 | 8,448 | 8,460,000 7,000,000–10,000,000 | 1,510,110 | +100039.9% | AALI-FY24-AUDITED 72,229 ha plasma estates are smallholder partnerships under Indonesia's mandatory plasma program — owned by local farmers, managed by AALI under multi-year purchase + advisory agreements. AALI carries plasma as a financial receivable IDR 1.51T (advances + crop purchase obligation), NOT as land asset. Acres column shows ha count for transparency but excluded from AALI's per-acre denominators |
Comparable land transactions and surveys
5 reference points · all dated within last 24 months| ID | Description | Location | Acres | $ / acre | Date | Source |
|---|---|---|---|---|---|---|
| AALI-FY24-AUDITED | PT Astra Agro Lestari Tbk FY24 audited balance sheet (PwC, 20-Feb-2025): Total assets IDR 28.79T; Net PP&E (excl plasma + goodwill) IDR 17.4T comprising Bearer plants IDR 6.03T + Immature plantations IDR 1.43T + Fixed assets IDR 8.46T + Plasma plantations IDR 1.51T. Total equity IDR 23.2T; equity to owners IDR 22.64T. Cost-method accounting (Indonesian GAAP) — book is conservative vs broker-comp FMV. EPS IDR 596.22 | AALI consolidated balance sheet | 526,768 | $33,000,000 | Dec 2024 | AALI FY24 Consolidated Financial Statements (PwC audit) |
| AALI-PORTFOLIO-2024 | AALI total plantation area: 285,387 ha = 705K acres comprising 213,158 ha (526,768 acres) NUCLEUS owned + 72,229 ha (178,500 acres) PLASMA smallholder partnerships. Per-acre figure shown is portfolio-weighted across both, indicative only | AALI full portfolio | 705,000 | $25,000,000 | Dec 2024 | Indonesia Investments / AALI corporate disclosures |
| ID-PALM-NSUMATRA-2024 | North Sumatra mature palm oil estate transactions 2024 — IDR 60-80M/acre (~$3,750-5,000 USD/acre at IDR 16K/USD) | North Sumatra, Indonesia | — | $70,000,000 | Oct 2024 | Indonesian palm oil broker comps 2024 |
| ID-PALM-KALIMANTAN-2024 | East Kalimantan palm oil concession 2024 — IDR 45-65M/acre (~$2,800-4,000 USD/acre) | East Kalimantan, Indonesia | — | $55,000,000 | Sep 2024 | Kalimantan palm broker comps 2024 |
| ID-PALM-MATURE-2024 | Indonesian mature oil palm with mill access — typical broker comps IDR 50-70M/acre | Indonesia | — | $60,000,000 | Sep 2024 | GAPKI Indonesia palm oil land transaction reports 2024 |
PT Astra Agro Lestari (AALI) is one of Indonesia's largest palm oil pure-plays. Total plantation area: 285,387 hectares = 705K acres comprising 213,158 ha NUCLEUS (owned) + 72,229 ha PLASMA (smallholder partnerships managed by AALI but not owned). CRITICAL CHANGES vs prior version of this file: • Prior version aggregated nucleus + plasma to 709K acres total — conflated owned and partnership-managed land • Plasma 178K acres now correctly excluded from acre totals (smallholder farmer ownership, AALI carries IDR 1.51T plasma receivable not land asset) • Nucleus regional split (Sumatra/Central Kalimantan/South+East Kalimantan/Sulawesi) preserved with adjusted acres reflecting only owned 213K ha • Per-acre values reduced to IDR 45-65M range (was IDR 60-80M) — better reflects mark-to-market premium of ~1.7× audited PP&E book • Added separate row for mills + processing infrastructure (carved out of Fixed Assets) PRIMARY FMV ANCHOR: AALI's audited FY24 balance sheet (PwC, 20-Feb-2025) using Indonesian GAAP cost model: Bearer plants (mature trees, depreciated): IDR 6,033B Immature plantations: IDR 1,432B Fixed assets (land + buildings + mills): IDR 8,456B Plasma plantations receivable: IDR 1,508B Total tangible PP&E (excl goodwill): IDR 17,429B = IDR 17.43T + Total equity: IDR 23.2T + EPS 2024: IDR 596.22 FMV TARGET: Indonesian palm under cost-method accounting carries land + plantations conservatively below market. Indonesian GAPKI palm oil estate transactions 2024 ran IDR 45-80M/acre = ~$2,800-5,000 USD/acre at IDR 16K/USD. My per-region marks (Sumatra IDR 65M / Central Kalimantan IDR 55M / S+E Kalimantan IDR 50M / Sulawesi IDR 45M) sit in the middle of this range, giving: Sumatra (237K ac × IDR 65M): IDR 15.4T Central Kalimantan (168K × IDR 55M): IDR 9.2T S+E Kalimantan (69K × IDR 50M): IDR 3.5T Sulawesi (52K × IDR 45M): IDR 2.3T Plasma receivable (excluded from acres): IDR 1.5T Mills + processing infra (excluded): IDR 5.4T Total FMV: ~IDR 37.3T (= 2.1× audited PP&E book of IDR 17.4T) This 2.1× book FMV reflects normal mark-to-market for mature Indonesian palm operations: bearer plants depreciated to ~50% of replacement on books, fixed assets at historical cost from 1990s-2000s acquisitions when land was cheaper. The premium narrows when CPO prices weaken (cyclical risk). Cap rate ranges 8-12% reflect Indonesian palm going-concern yields + country-risk premium for Indonesia (lower than Argentina/Brazil but higher than Australia/US). Industrial mill cap rates 9-13% reflect processing-asset operating yields. PLASMA STRUCTURE: Indonesia's mandatory plasma program requires palm oil companies to develop a portion of estate area for smallholder farmers (typically 20-30% of total). AALI's 72K ha plasma is owned by ~30-40K smallholder farmers under multi-year cooperatives; AALI provides advances, technical assistance, and obligated FFB purchases. The IDR 1.5T plasma receivable on AALI balance sheet represents net advances less repayments — NOT land value.
Financial snapshot
47 reported periods · 2460 daily price points
Reported metrics (revenue, EBITDA, property value, NAV/share, total acres) come from content/farmland-financials/AALI.JK.json — manually compiled at the most-granular timeframe each issuer discloses (typically quarterly). Stock price overlay and premium/discount on the NAV/share chart use daily Yahoo close; premium/discount steps each time NAV is re-reported.
Sector trends
9 populated KPIs · 1998–2024