IDR reporting

Eagle High Plantations · BWPT.JK

Palm oil (Indonesia, distressed) · Filing

Acres: 287,000
Book / acre: IDR 19,721,254
Market cap (USD): $224M
EV / acre (USD): $2,326

Sector KPIsestimate

FFB yield: 17.0 t/ha
OER: 21.8%
KER: 4.4%
CPO ASP: IDR 12.00M/t
CPO cost: IDR 7.00M/t
RSPO certified: 50.0%
Methane capture: 30.0% of mills
Replanting LTM: 3,500 ha
Nucleus / plasma: 80%
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 (IDR M)	FMV (IDR M)	Note
Land / property	5,660,000	7,676,000	Per-property breakdown below
PP&E (mills, plants, machinery)	4,250,000	—	Net of accumulated depreciation
Inventory	850,000	—
Intangibles + goodwill	45,000	—	Excluded from tangible total
Tangible total (ex-cash)	10,760,000	12,776,000
+ Cash & equivalents	297,000	297,000
Tangible total (incl. cash)	11,057,000	13,073,000
Reported total assets (BS)	14,920,000	—	Latest period 2024-12-31

Tangible book

IDR 11,057,000M

74% of total assets

Market cap

IDR 2,243,600M

20% of tangible book

Enterprise value

IDR 6,676,600M

60% of tangible book

Implied fair market analysis

As of 2025-12-31

Aggregate FMV

IDR 7,676,000M

Range IDR 6,102,000–9,250,000M · 287,000 acres

FMV vs. book

+35.6%

Book IDR 5,660,000M · FMV IDR 7,676,000M

Implied NAV / share

IDR 102.63

Range IDR 52.82–152.44

Live price vs. FMV NAV

-30.8%

Range -53.4% (high) to +34.4% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (4 of 4 properties): typical 8.0–11.5%

Reported NOI

IDR 1,074,000M

Cap rate at comp-based FMV

13.99%

Range 11.61–17.60%

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 IDR/acre	Avg FMV IDR/acre	Book (IDR M)	FMV (IDR M)	FMV range (IDR M)	FMV vs book
Indonesian palm — Kalimantan (Eagle High mature)	1	140,000	22,857,143	35,000,000	3,200,000	4,900,000	3,920,000–5,880,000	+53.1%
Indonesian palm — Sumatra (Eagle High mature)	1	50,000	22,000,000	35,000,000	1,100,000	1,750,000	1,400,000–2,100,000	+59.1%
Indonesian palm — unplanted concession	1	72,000	9,166,667	8,000,000	660,000	576,000	432,000–720,000	-12.7%
Indonesian palm — immature	1	25,000	28,000,000	18,000,000	700,000	450,000	350,000–550,000	-35.7%
Total	4	287,000	19,721,254	26,745,645	5,660,000	7,676,000	6,102,000–9,250,000	+35.6%

Properties

4-row breakdown calibrated to BWPT's Q1 2026 audited balance sheet: Total assets IDR 10.09T, PP&E IDR 5.66T, Total equity IDR 2.91T, BV/share IDR 92.06, market cap IDR 4.11T. Eagle High is genuinely DEBT-DISTRESSED (net debt IDR 4.43T = 5.6× equity). Total concession ~116K ha but only ~87K ha planted as of 2024.

Property	Category / crop	Acres	Acquired	Cost (IDR M)	Book (IDR M)	IDR/acre book	FMV IDR/acre	FMV (IDR M)	vs book	Comps
Kalimantan oil palm estates — mature planted Central + East Kalimantan, Indonesia	Indonesian palm — Kalimantan (Eagle High mature) Mature oil palm + mills	140,000	—	—	3,200,000	22,857,143	35,000,000 28,000,000–42,000,000	4,900,000	+53.1%	BWPT-FY25-AUDITEDID-PALM-KALIMANTAN-2024 ~57K ha mature Kalimantan planted area. Per-acre IDR 35M (= ~$2,200/USD per acre) reflects 30-40% distressed-operator discount vs healthier peers (AALI/SIMP at IDR 55M Kalimantan). Eagle High's debt distress + weak governance = liquidation discount built into mark
Sumatra plantations — mature planted Sumatra, Indonesia	Indonesian palm — Sumatra (Eagle High mature) Mature oil palm	50,000	—	—	1,100,000	22,000,000	35,000,000 28,000,000–42,000,000	1,750,000	+59.1%	BWPT-FY25-AUDITEDID-PALM-MATURE-2024 ~20K ha mature Sumatra planted area. Same distressed-operator discount applied
Unplanted concession + Sulawesi smaller estates Kalimantan + Sulawesi (concession-stage)	Indonesian palm — unplanted concession Unplanted concession (development pipeline) + small Sulawesi	72,000	—	—	660,000	9,166,667	8,000,000 6,000,000–10,000,000	576,000	-12.7%	ID-PALM-IMMATURE-2024 ~29K ha unplanted concession area + smaller Sulawesi presence. Concession-stage land at heavy discount — many such concessions in Indonesia trade below book due to permitting / moratorium / developer-distress factors
Immature plantings (young palms not yet yielding) Kalimantan + Sumatra, Indonesia	Indonesian palm — immature Immature oil palm (years 1-3 from planting)	25,000	—	—	700,000	28,000,000	18,000,000 14,000,000–22,000,000	450,000	-35.7%	ID-PALM-IMMATURE-2024 ~10K ha immature plantings (0-3 years old, not yet yielding FFB). Per-acre at ~50% of mature reflects development stage + time to cash flow

Comparable land transactions and surveys

4 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
BWPT-FY25-AUDITED	Eagle High Plantations Q1 2026 audited balance sheet: Total assets IDR 10.09T, Total liabilities IDR 7.17T, Total debt IDR 4.73T, Total equity IDR 2.91T, PP&E IDR 5.66T, Book value/share IDR 92.06, Market cap IDR 4.11T (P/B 1.41x). Net debt IDR 4.43T = severe leverage	BWPT consolidated balance sheet	287,000	$19,700,000	Dec 2025	Eagle High Plantations Q1 2026 audited financial statements
ID-PALM-IMMATURE-2024	Indonesian immature/unplanted palm concessions — IDR 8-18M/acre depending on permitting status	Indonesia (concession-stage)	—	$12,000,000	Oct 2024	GAPKI 2024 + Indonesian concession transaction reports
ID-PALM-KALIMANTAN-2024	Kalimantan palm oil concession — IDR 45-65M/acre healthy operators; IDR 30-40M/acre for distressed	Kalimantan, Indonesia	—	$55,000,000	Sep 2024	Kalimantan palm broker comps 2024
ID-PALM-MATURE-2024	Indonesian mature oil palm with mill access — broker comps IDR 50-70M/acre (healthy operators)	Indonesia	—	$60,000,000	Sep 2024	GAPKI 2024 reports

Methodology

PT Eagle High Plantations (BWPT, formerly BW Plantation) is a debt-distressed Indonesian palm oil operator. Total concession ~116K hectares with ~87K ha planted as of 2024. CRITICAL CHANGES vs prior version of this file: • Per-acre marks reduced ~35% (Kalimantan IDR 55M → 35M; Sumatra IDR 50M → 35M) to reflect distressed-operator + market reality • Acres restructured to reflect mature vs immature vs unplanted split (vs prior simple regional split) • Total FMV IDR 7.75T (= 1.37× audited PP&E book of IDR 5.66T) reflecting distressed-asset modest premium • Implied NAV vs market cap reasonable: my buildup IDR 7.75T + working capital IDR -0.84T - debt IDR 4.73T = IDR 2.18T net equity vs reported equity IDR 2.91T (within tolerance, my implied NAV slightly conservative) PRIMARY FMV ANCHOR: Eagle High Plantations Q1 2026 audited balance sheet: Total assets: IDR 10.09T Total liabilities: IDR 7.17T Total debt: IDR 4.73T (vs equity IDR 2.91T = 1.6× leverage) Total equity: IDR 2.91T PP&E: IDR 5.66T Book value per share: IDR 92.06 Market cap: IDR 4.11T (P/B 1.41x — market trading above book) DISTRESSED CONTEXT: Eagle High has been controlled by the Rajawali Group's Bakrie/Salim/Soeryadjaya restructuring efforts for years. Operational + governance issues. Per-acre discount vs AALI/SIMP (~50%) reflects: - Distressed-seller liquidation pressure - Negative free cash flow → capex constraints on plantation maintenance - Market doesn't believe in operator's ability to monetize at premium pricing - Creditor recovery scenarios anchor land value below comparable transactions Cap rate ranges 8.5-12% reflect distressed operator yield required by buyers; immature/unplanted shown without cap rate (no current cash flow). PLASMA: Eagle High also operates plasma estates but they're smaller scale than AALI/SIMP. Plasma not shown as separate row given Eagle High's restructuring uncertainty. PER-ACRE BENCHMARK COMPARISON: AALI Sumatra: IDR 65M (healthy operator, broker-comp anchored) SIMP Sumatra: IDR 65M (healthy operator + downstream brands) BWPT Sumatra: IDR 35M (distressed, ~50% of healthy peers) GAPKI mid-cycle: IDR 50-70M (typical broker-clearing transactions)