MYR reporting
Kuala Lumpur Kepong · KLK.KL
Palm oil + rubber + oleochemicals · Filing
- Acres
- 705,000
- Book / acre
- MYR 19,974
- Market cap (USD)
- —
- EV / acre (USD)
- —
Sector KPIsaudit
- FFB yield
- 20.0 t/ha
- OER
- 21.5%
- KER
- 5.0%
- CPO ASP
- MYR 4,116/t
- CPO cost
- MYR 2,400/t
- RSPO certified
- 83.2%
- Methane capture
- 26.5% of mills
- Replanting LTM
- 6,500 ha
- Rubber rev %
- 5%
- 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 (MYR M) | FMV (MYR M) | Note |
|---|---|---|---|
| Land / property | 14,082 | 16,507 | Per-property breakdown below |
| PP&E (mills, plants, machinery) | 5,420 | — | Net of accumulated depreciation |
| Inventory | 2,180 | — | |
| Intangibles + goodwill | 420 | — | Excluded from tangible total |
| Tangible total (ex-cash) | 21,682 | 24,107 | |
| + Cash & equivalents | 2,469 | 2,469 | |
| Tangible total (incl. cash) | 24,151 | 26,576 | |
| Reported total assets (BS) | 30,200 | — | Latest period 2024-09-30 |
Tangible book
MYR 24,151M
80% of total assets
Implied fair market analysis
As of 2025-09-30FMV 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 |
|---|---|---|---|---|---|---|---|---|
| Indonesian palm — diversified (KLK nucleus) | 1 | 376,200 | 17,278 | 21,000 | 6,500 | 7,900 | 6,478–9,322 | +21.5% |
| Malaysian palm — Peninsular | 1 | 220,000 | 25,000 | 28,000 | 5,500 | 6,160 | 5,051–7,269 | +12.0% |
| Malaysian palm — Sabah | 1 | 109,000 | 22,018 | 22,000 | 2,400 | 2,398 | 1,966–2,830 | -0.1% |
| Plasma plantations (partnership receivable) | 1 | — | — | — | 250 | 49 | 36–61 | -80.6% |
| Total | 4 | 705,200 | 20,774 | 23,407 | 14,650 | 16,507 | 13,532–19,481 | +12.7% |
Properties
5-row breakdown by country/region calibrated to KLK's TTM Dec 2025 audited balance sheet: Total assets MYR 32,323M, Equity MYR 14,903M, BV/share MYR 12.28, PP&E MYR 14,082M. ~300K ha planted across Peninsular Malaysia + Sabah + Indonesia (Belitung/Sumatra/Kalimantan) + small Liberia. 34 palm oil mills + integrated oleochemical complex.| Property | Category / crop | Acres | Acquired | Cost (MYR M) | Book (MYR M) | MYR/acre book | FMV MYR/acre | FMV (MYR M) | vs book | Comps |
|---|---|---|---|---|---|---|---|---|---|---|
Indonesia plantations (Belitung, Sumatra, Kalimantan) — nucleus only Indonesia (Belitung Island + Sumatra + Kalimantan) | Indonesian palm — diversified (KLK nucleus) Mature oil palm + mills (nucleus only) | 376,200 | — | — | 6,500 | 17,278 | 21,000 17,220–24,780 | 7,900.2 | +21.5% | ID-PALM-MATURE-2024ID-PALM-MATURE-2025 Indonesia plantation nucleus; Belitung Island + Sumatra + Kalimantan estates. Reduced from prior 400K acres to exclude 9,840 ha plasma estates (now in separate row) |
Peninsular Malaysia plantations + oleochemical complex Peninsular Malaysia | Malaysian palm — Peninsular Mature oil palm + rubber + integrated oleochemical/refining | 220,000 | — | — | 5,500 | 25,000 | 28,000 22,960–33,040 | 6,160 | +12.0% | MY-PALM-PEN-2024MY-PALM-2025 Peninsular Malaysia palm + oleochemicals integrated complex; MPOB 2024-25 benchmarks at MYR 25-30K/acre |
Sabah Malaysia plantations Sabah, Malaysia | Malaysian palm — Sabah Mature oil palm + mills | 109,000 | — | — | 2,400 | 22,018 | 22,000 18,040–25,960 | 2,398 | -0.1% | MY-PALM-SABAH-2024 Sabah palm cluster; lower per-acre vs Peninsular |
Indonesia plasma plantations (smallholder partnerships) Indonesia | Plasma plantations (partnership receivable) Plasma estate partnerships (~9,840 ha NOT owned by KLK) | 24,300 | — | — | 250 | 10,288 | 2,000 1,500–2,500 | 48.6 | -80.6% | ID-PALM-MATURE-2024 9,840 ha plasma estates allocated to ~6,751 smallholder farmers under Indonesia's mandatory plasma program — managed by KLK under multi-year purchase + advisory agreements. NOT on balance sheet as land asset. Per RSPO/SPOTT disclosure |
Comparable land transactions and surveys
5 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 |
| MY-PALM-2025 | Malaysian palm plantation H1 2025 transactions | Malaysia palm estates | — | $5,400 | Apr 2025 | MPOB + Bursa Malaysia plantation transaction reports H1 2025 |
| 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 | Malaysian Palm Oil Board land valuation reports 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 |
Kuala Lumpur Kepong is one of Malaysia's largest integrated palm oil + oleochemical operators with ~300,000 hectares planted across Malaysia (Peninsular + Sabah), Indonesia (Belitung/Sumatra/Kalimantan), and small Liberia operations (97% oil palm, 3% rubber). PRIMARY FMV ANCHOR: KLK TTM Dec 2025 audited balance sheet: Total assets: MYR 32,323M Total liabilities: MYR 17,421M Shareholders' equity: MYR 14,903M PP&E: MYR 14,082M Book value per share: MYR 12.28 Tangible BV/share: MYR 11.91 Net debt: MYR 10.26B FMV BUILDUP: 3 land rows total ~MYR 17B for ~729K acres (~295K ha) at weighted MYR 23K/acre. This represents 1.21× audited PP&E book of MYR 14.08B — modest mark-to-market premium reflecting KLK's healthy operator status (vs distressed BWPT) but conservative accounting under Malaysian FRS. CAVEAT ON BOOK: KLK's PP&E includes substantial downstream oleochemical + refinery infrastructure (~30-35% of total) — if separating land-only book, the per-acre book would be lower. The FMV in this file reflects land + bearer plants, not the integrated downstream complex which would add significant value at multiple-based valuation. Per-region pricing reflects MPOB 2024-25 + GAPKI 2024-25 benchmarks: - Peninsular Malaysia (220K acres / ~89K ha): MYR 28K/acre = ~$6,090 USD/acre at MYR 4.6/USD — includes downstream Peninsular oleochemical premium - Sabah Malaysia (109K acres / ~44K ha): MYR 22K/acre = ~$4,780 USD/acre — pure plantation, slight discount - Indonesia (400K acres / ~162K ha): MYR 21K/acre = ~$4,565 USD/acre — Belitung Island + Sumatra + Kalimantan diversified LIBERIA: KLK has small operations in Liberia not shown as separate row — estimated <20K ha, immaterial vs core 280K ha Malaysia/Indonesia footprint.
Financial snapshot
53 reported periods · no price history
Reported metrics (revenue, EBITDA, property value, NAV/share, total acres) come from content/farmland-financials/KLK.KL.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 · 1995–2024