USD reporting

First Resources · EB5.SI

Palm oil (Indonesia) · Filing

Acres: 432,000
Book / acre: USD 3,472
Market cap (USD): $3,302M
EV / acre (USD): $7,297

Sector KPIsestimate

FFB yield: 22.0 t/ha
OER: 22.5%
KER: 4.8%
CPO ASP: USD 950/t
CPO cost: USD 600/t
RSPO certified: 85.0%
Methane capture: 65.0% of mills
Replanting LTM: 7,000 ha
Nucleus / plasma: 80%
NDPE compliance: 98.0%

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	1,500	2,408	Per-property breakdown below
PP&E (mills, plants, machinery)	354	—	Net of accumulated depreciation
Inventory	80	—
Intangibles + goodwill	15	—	Excluded from tangible total
Tangible total (ex-cash)	1,934	2,842
+ Cash & equivalents	200	200
Tangible total (incl. cash)	2,134	3,042
Reported total assets (BS)	1,980	—	Latest period 2024-12-31

Tangible book

USD 2,134M

108% of total assets

Market cap

USD 4,242M

199% of tangible book

Enterprise value

USD 4,092M

192% of tangible book

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

USD 2,408M

Range USD 1,927–2,890M · 432,000 acres

FMV vs. book

+76.4%

Book USD 1,365M · FMV USD 2,408M

Implied NAV / share

USD 1.65

Range USD 1.34–1.96

Live price vs. FMV NAV

+65.8%

Range +39.6% (high) to +104.3% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (4 of 4 properties): typical 7.6–10.1%

Reported NOI

USD 420M

Cap rate at comp-based FMV

17.44%

Range 14.53–21.80%

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 — Riau (FR nucleus)	1	164,000	3,659	5,800	600	951	761–1,141	+58.5%
Indonesian palm — East Kalimantan (FR nucleus)	1	162,000	2,623	5,300	425	859	687–1,030	+102.0%
Indonesian palm — West Kalimantan (FR nucleus)	1	106,000	2,358	4,800	250	509	407–611	+103.5%
Plasma plantations (partnership receivable)	1	—	—	—	90	90	72–108	-0.4%
Total	4	432,000	3,160	5,575	1,365	2,408	1,927–2,890	+76.4%

Properties

4-row breakdown by Indonesian region + plasma carve-out. Riau is core (Ciliandra Perkasa subsidiary); East + West Kalimantan smaller clusters. Plasma 36,274 ha (89.6K acres) excluded from owned via separate row.

Property	Category / crop	Acres	Acquired	Cost (USD M)	Book (USD M)	USD/acre book	FMV USD/acre	FMV (USD M)	vs book	Comps
Riau province plantation (PT Ciliandra Perkasa core, nucleus only) Riau, Sumatra, Indonesia	Indonesian palm — Riau (FR nucleus) Mature oil palm + 4 mills	164,000	—	—	600	3,659	5,800 4,640–6,960	951.2	+58.5%	ID-PALM-MATURE-2024ID-PALM-NSUMATRA-2024 Riau is First Resources' core region; Ciliandra Perkasa subsidiary; mature plantation with multiple mills + Pelintung/Dumai processing. Nucleus only after ~17% plasma reduction
East Kalimantan plantation (nucleus only) East Kalimantan, Indonesia	Indonesian palm — East Kalimantan (FR nucleus) Mature oil palm + 2 mills	162,000	—	—	425	2,623	5,300 4,240–6,360	858.6	+102.0%	ID-PALM-KALIMANTAN-2024ID-PALM-MATURE-2024 East Kalimantan plantation with mill access. Nucleus only after plasma reduction
West Kalimantan plantation (nucleus only) West Kalimantan, Indonesia	Indonesian palm — West Kalimantan (FR nucleus) Mature oil palm + 1 mill	106,000	—	—	250	2,358	4,800 3,840–5,760	508.8	+103.5%	ID-PALM-KALIMANTAN-2024 West Kalimantan estate cluster. Nucleus only after plasma reduction
Plasma plantations (smallholder partnerships) Indonesia (Riau + East + West Kalimantan)	Plasma plantations (partnership receivable) Plasma estate partnerships (~36,274 ha NOT owned by FR)	89,600	—	—	90	1,004	1,000 800–1,200	89.6	-0.4%	ID-PALM-MATURE-2024 36,274 ha plasma smallholder estates as of end-2024 — owned by smallholder farmers under Indonesia's NES model (80% nucleus / 20% plasma). FR provides advances + technical assistance + FFB purchase under multi-year partnerships. NOT on balance sheet as land asset

Comparable land transactions and surveys

4 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
ID-PALM-MATURE-2025	Indonesian mature oil palm 2025 transactions	Indonesia	—	$5,300	Apr 2025	GAPKI 2025 reports
ID-PALM-NSUMATRA-2024	North Sumatra/Riau mature palm	Riau / North Sumatra	—	$5,800	Oct 2024	Indonesian palm oil broker comps 2024
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

First Resources is a Singapore-listed Indonesian palm oil pure-play with 213K+ hectares across Riau (Sumatra), East Kalimantan, and West Kalimantan. The Ciliandra Perkasa subsidiary holds the Riau core; East and West Kalimantan are smaller clusters. 3-row breakdown: - Riau (198K acres): core region with 4 mills + Pelintung/Dumai processing — premium per-acre due to mill density - East Kalimantan (195K acres): plantation with 2 mills - West Kalimantan (128K acres): smaller cluster with 1 mill First Resources is one of the higher-quality SGX-listed palm operators with $420M EBITDA on $1,039M revenue (FY24) reflecting operational excellence. Net PP&E book of $1,500M allocated by region. Reports in USD; lists in SGD (priceCurrency: SGD).