USD reporting

Golden Agri-Resources · E5H.SI

Palm oil (Indonesia) · Filing

Acres: 1,031,000
Book / acre: USD 5,820
Market cap (USD): $2,813M
EV / acre (USD): $4,669

Sector KPIsestimate

FFB yield: 19.0 t/ha
OER: 22.2%
KER: 4.7%
CPO ASP: USD 950/t
CPO cost: USD 620/t
RSPO certified: 80.0%
Methane capture: 60.0% of mills
Replanting LTM: 4,000 ha
Nucleus / plasma: 80%
NDPE compliance: 96.0%

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 (USD M)	FMV (USD M)	Note
Land / property	6,000	5,019	Per-property breakdown below
PP&E (mills, plants, machinery)	2,150	—	Net of accumulated depreciation
Inventory	1,180	—
Intangibles + goodwill	45	—	Excluded from tangible total
Tangible total (ex-cash)	9,330	8,349
+ Cash & equivalents	500	500
Tangible total (incl. cash)	9,830	8,849
Reported total assets (BS)	9,500	—	Latest period 2024-12-31

Tangible book

USD 9,830M

103% of total assets

Market cap

USD 3,614M

37% of tangible book

Enterprise value

USD 5,614M

57% of tangible book

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

USD 5,019M

Range USD 4,015–6,023M · 1,031,000 acres

FMV vs. book

-0.8%

Book USD 5,060M · FMV USD 5,019M

Implied NAV / share

USD 0.24

Range USD 0.16–0.32

Live price vs. FMV NAV

+19.7%

Range -10.2% (high) to +79.4% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (5 of 5 properties): typical 7.8–10.4%

Reported NOI

USD 951M

Cap rate at comp-based FMV

18.95%

Range 15.79–23.68%

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 USD/acre	Avg FMV USD/acre	Book (USD M)	FMV (USD M)	FMV range (USD M)	FMV vs book
Indonesian palm — Sumatra (GAR nucleus)	1	503,000	4,970	5,000	2,500	2,515	2,012–3,018	+0.6%
Indonesian palm — Kalimantan (GAR nucleus)	1	367,000	4,087	4,500	1,500	1,652	1,321–1,982	+10.1%
Indonesian palm — Papua/other (GAR nucleus)	1	161,000	2,919	3,500	470	564	451–676	+19.9%
Plasma plantations (partnership receivable)	1	—	—	—	290	289	231–347	-0.3%
Downstream refining (not farmland)	1	—	—	—	300	0	0–0	-100.0%
Total	5	1,031,000	4,908	4,868	5,060	5,019	4,015–6,023	-0.8%

Properties

5-row breakdown calibrated to GAR Q3 2024 disclosure: 534K ha total planted = 417K ha nucleus owned + 117K ha plasma smallholder. Largest SGX palm operator across 11 Indonesian provinces + integrated downstream. USD reporting / SGD listing.

Property	Category / crop	Acres	Acquired	Cost (USD M)	Book (USD M)	USD/acre book	FMV USD/acre	FMV (USD M)	vs book	Comps
Sumatra plantations (Riau, North Sumatra, Jambi, Lampung, South Sumatra, Bangka-Belitung) — nucleus only Sumatra (multiple provinces), Indonesia	Indonesian palm — Sumatra (GAR nucleus) Mature oil palm + multiple mills	503,000	—	—	2,500	4,970	5,000 4,000–6,000	2,515	+0.6%	ID-PALM-MATURE-2024ID-PALM-NSUMATRA-2024 Sumatra core nucleus across 6 provinces; oldest plantings + largest mill density. Nucleus only (after ~22% plasma reduction)
Kalimantan plantations (Central, East, South, West Kalimantan) — nucleus only Kalimantan (4 provinces), Indonesia	Indonesian palm — Kalimantan (GAR nucleus) Mature oil palm + mills	367,000	—	—	1,500	4,087	4,500 3,600–5,400	1,651.5	+10.1%	ID-PALM-KALIMANTAN-2024ID-PALM-MATURE-2024 Kalimantan plantation nucleus across 4 provinces. Nucleus only (after plasma reduction)
Papua + smaller provinces — nucleus only Papua + minor provinces, Indonesia	Indonesian palm — Papua/other (GAR nucleus) Oil palm — newer / smaller estates	161,000	—	—	470	2,919	3,500 2,800–4,200	563.5	+19.9%	ID-PALM-IMMATURE-2024ID-PALM-MATURE-2024 Papua is GAR's newest/smaller cluster at lower per-acre. Nucleus only (after plasma reduction)
Plasma plantations (smallholder partnerships) Indonesia (across all GAR provinces)	Plasma plantations (partnership receivable) Plasma estate partnerships (~117K ha NOT owned by GAR)	289,000	—	—	290	1,003	1,000 800–1,200	289	-0.3%	ID-PALM-MATURE-2024 117,000 ha plasma smallholder estates per GAR Q3 2024 disclosure (22% of total 534K ha planted). Owned by smallholder farmers under Indonesia's NES model. NOT on balance sheet as land asset
Downstream refining + Brand operations (placeholder) Indonesia + global	Downstream refining (not farmland) Refining + consumer brands (Filma, Mitra)	1	—	—	300	300,000,000	300 240–360	0	-100.0%	— Per-acre meaningless; placeholder for downstream Net PP&E + brand value

Comparable land transactions and surveys

4 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
ID-PALM-NSUMATRA-2024	North Sumatra mature palm	North Sumatra	—	$5,800	Oct 2024	Indonesian palm broker comps 2024
ID-PALM-IMMATURE-2024	Indonesian unplanted/immature palm	Indonesia (concession-stage)	—	$2,500	Oct 2024	GAPKI 2024 reports
ID-PALM-KALIMANTAN-2024	Kalimantan palm oil concession	Kalimantan, Indonesia	—	$4,400	Sep 2024	Kalimantan palm broker comps 2024
ID-PALM-MATURE-2024	Indonesian mature oil palm with mill access	Indonesia	—	$5,000	Sep 2024	GAPKI 2024 reports

Methodology

Golden Agri-Resources (GAR) is the largest SGX-listed palm operator with 500K+ hectares across 11 Indonesian provinces (Sumatra, Kalimantan, Papua) plus integrated downstream refining + consumer brand operations. 4-row breakdown: - Sumatra core (645K acres / ~261K ha planted across Riau, North Sumatra, Jambi, Lampung, South Sumatra, Bangka-Belitung) - Kalimantan (470K acres / ~190K ha across all 4 Kalimantan provinces) - Papua + minor (207K acres / ~84K ha — smaller and newer cluster) - Downstream / brand placeholder The downstream segment (Filma, Mitra brands; refining + bulk distribution) is the largest of any palm operator in the comp set. Per-acre values for Papua reflect concession-stage + younger plantings discount.