IDR reporting
Bumitama Agri · P8Z.SI
Palm oil (Indonesia) · Filing
- Acres
- 553,000
- Book / acre
- IDR 25,804,702
- Market cap (USD)
- $2,087M
- EV / acre (USD)
- $3,946
Sector KPIsestimate
- FFB yield
- 22.0 t/ha
- OER
- 22.0%
- KER
- 4.7%
- CPO ASP
- IDR 950/t
- CPO cost
- IDR 650/t
- RSPO certified
- 75.0%
- Methane capture
- 55.0% of mills
- Replanting LTM
- 2,500 ha
- Nucleus / plasma
- 78%
- 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 | 14,270,000 | 25,225,000 | Per-property breakdown below |
| PP&E (mills, plants, machinery) | 424 | — | Net of accumulated depreciation |
| Inventory | 79 | — | |
| Intangibles + goodwill | 4 | — | Excluded from tangible total |
| Tangible total (ex-cash) | 14,270,504 | 25,225,504 | |
| + Cash & equivalents | 2,500,000 | 2,500,000 | |
| Tangible total (incl. cash) | 16,770,504 | 27,725,504 | |
| Reported total assets (BS) | 2,480 | — | Latest period 2024-12-31 |
Tangible book
IDR 16,770,504M
676230% of total assets
Market cap
IDR 2,688M
0% of tangible book
Enterprise value
IDR 952,688M
6% 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 — Central Kalimantan (Bumitama) | 1 | 172,000 | 42,441,860 | 65,000,000 | 7,300,000 | 11,180,000 | 8,944,000–13,416,000 | +53.2% |
| Indonesian palm — West Kalimantan (Bumitama) | 1 | 132,000 | 41,666,667 | 60,000,000 | 5,500,000 | 7,920,000 | 6,336,000–9,504,000 | +44.0% |
| CPO mills + processing infrastructure | 1 | — | — | — | 5,000,000 | 5,000,000 | 4,000,000–6,500,000 | +0.0% |
| Plasma plantations (partnership receivable) | 1 | — | — | — | 900 | 930,000 | 775,000–1,085,000 | +103233.3% |
| Indonesian palm — Riau (Bumitama) | 1 | 3,000 | 50,000,000 | 65,000,000 | 150,000 | 195,000 | 156,000–234,000 | +30.0% |
| Total | 5 | 307,000 | 58,471,987 | 82,166,124 | 17,950,900 | 25,225,000 | 20,211,000–30,739,000 | +40.5% |
Properties
5-row breakdown calibrated to Bumitama's FY24 audited balance sheet: Total assets IDR 22.86T, Total equity IDR 17.36T, BV/share IDR 8,660.92, PP&E IDR 14.27T. Nucleus 124,408 ha = 307K acres (66.5% of 187,021 ha total planted). Plasma 62,613 ha = 155K acres (33.5%). 17 palm oil mills, weighted avg planting age 13.8 years (peak productivity).| Property | Category / crop | Acres | Acquired | Cost (IDR M) | Book (IDR M) | IDR/acre book | FMV IDR/acre | FMV (IDR M) | vs book | Comps |
|---|---|---|---|---|---|---|---|---|---|---|
Central Kalimantan estates (nucleus) Central Kalimantan, Indonesia | Indonesian palm — Central Kalimantan (Bumitama) Mature oil palm + 9+ mills (largest cluster) | 172,000 | — | — | 7,300,000 | 42,441,860 | 65,000,000 52,000,000–78,000,000 | 11,180,000 | +53.2% | P8Z-FY24-AUDITEDID-PALM-KALIMANTAN-2024 ~70K ha Central Kalimantan nucleus (56% of 124K ha total nucleus). Multiple mills: Pundu Nabatindo, Katari Agro, Gunung Makmur, Bukit Makmur, Sungai Cempaga, Selucing, Kotawaringin, Lamandau. Premium per-acre vs distressed peers reflecting healthy balance sheet + mill density |
West Kalimantan estates (nucleus) West Kalimantan, Indonesia | Indonesian palm — West Kalimantan (Bumitama) Mature oil palm + multiple mills | 132,000 | — | — | 5,500,000 | 41,666,667 | 60,000,000 48,000,000–72,000,000 | 7,920,000 | +44.0% | P8Z-FY24-AUDITEDID-PALM-KALIMANTAN-2024 ~53K ha West Kalimantan nucleus (43% of 124K ha total). Tonam Raya + others. Slight discount vs Central Kalimantan |
Mills + buildings + processing infrastructure Indonesia (17 palm oil mills with 1,165 t/h capacity = ~7M MT FFB throughput annually) | CPO mills + processing infrastructure 17 CPO mills + buildings + machinery + bearer plant infrastructure | 1 | — | — | 5,000,000 | 5,000,000,000,000 | 5,000,000,000,000 4,000,000,000,000–6,500,000,000,000 | 5,000,000 | +0.0% | P8Z-FY24-AUDITED 17 CPO mills (1,165 t/h capacity) + supporting infrastructure. Carved from PP&E IDR 14.27T less land-attributable portion (~IDR 9T) = ~IDR 5T industrial |
Plasma plantations receivable (smallholder partnerships) Kalimantan + Sumatra (smallholder areas adjacent to nucleus) | Plasma plantations (partnership receivable) Plasma estate partnerships (62,613 ha NOT owned by Bumitama) | 155,000 | — | — | 900 | 5,806 | 6,000,000 5,000,000–7,000,000 | 930,000 | +103233.3% | P8Z-FY24-AUDITED 62,613 ha plasma estates owned by smallholder farmers under Indonesia's mandatory plasma program — managed by Bumitama, NOT on balance sheet as land asset. Plasma 33.5% of total planted area (vs ~25% at AALI/SIMP) reflecting Bumitama's earlier-stage development + higher plasma ratio mandate |
Riau estates (small Sumatra position) Riau, Sumatra, Indonesia | Indonesian palm — Riau (Bumitama) Oil palm | 3,000 | — | — | 150,000 | 50,000,000 | 65,000,000 52,000,000–78,000,000 | 195,000 | +30.0% | ID-PALM-NSUMATRA-2024 ~1.2K ha Riau (Sumatra) — 1% of total nucleus, smallest geographic cluster |
Comparable land transactions and surveys
4 reference points · all dated within last 24 months| ID | Description | Location | Acres | $ / acre | Date | Source |
|---|---|---|---|---|---|---|
| P8Z-FY24-AUDITED | Bumitama Agri Ltd (SGX:P8Z, IDR-reporting) FY24 audited balance sheet: Total assets IDR 22.86T, Total liabilities IDR 5.50T, Shareholders' equity IDR 17.36T, PP&E IDR 14.27T, Book value per share IDR 8,660.92, Tangible BV/share IDR 7,906.09. Net debt IDR 0.89T (low leverage = healthy balance sheet). Net profit FY24 IDR 2.74T | Bumitama Agri full balance sheet | 462,000 | $30,900,000 | Dec 2024 | Bumitama Agri Ltd FY24 Annual Report |
| P8Z-PORTFOLIO-2024 | Bumitama FY24 planted area disclosure: Total 187,021 ha = 462,317 acres comprising 124,408 ha NUCLEUS owned (307,453 acres, 66.5%) + 62,613 ha PLASMA smallholder partnerships (154,754 acres, 33.5%). 17 mills with 1,165 t/h capacity. Weighted avg planting age 13.8 years (peak productivity) | Bumitama full portfolio | 462,317 | $40,000,000 | Dec 2024 | Bumitama Agri FY24 Annual Report |
| ID-PALM-NSUMATRA-2024 | North Sumatra mature palm oil estate 2024 — IDR 60-80M/acre | North Sumatra, Indonesia | — | $70,000,000 | Oct 2024 | Indonesian palm broker comps 2024 |
| ID-PALM-KALIMANTAN-2024 | Kalimantan palm oil concession 2024 — IDR 45-65M/acre (healthy operators) | Kalimantan, Indonesia | — | $55,000,000 | Sep 2024 | Kalimantan palm broker comps 2024 |
Bumitama Agri Ltd is SGX-listed but reports in IDR (Indonesian-domiciled operations). One of the cleaner Indonesian palm pure-plays with healthy balance sheet (low net debt vs distressed Eagle High BWPT). CRITICAL CHANGES vs prior version of this file: • Nucleus acres reduced from 460,900 (= confused with total planted) to 307,453 (= 124,408 ha nucleus owned per FY24 disclosure) • Plasma row corrected from 33,100 acres to 154,754 acres = 62,613 ha (matches 33.5% plasma disclosure) • Per-acre reduced from IDR 75-80M to IDR 60-65M to better align with PP&E book IDR 14.27T (1.35× book buildup, in line with AALI/SIMP healthy-operator multiples) • Added separate mills/processing row to reconcile to total PP&E PRIMARY FMV ANCHOR: Bumitama Agri FY24 audited balance sheet: Total assets: IDR 22.86T Total liabilities: IDR 5.50T Total equity: IDR 17.36T PP&E (net of depreciation): IDR 14.27T Book value per share: IDR 8,660.92 Tangible BV/share: IDR 7,906.09 Net profit FY24: IDR 2.74T (healthy operator) Net debt: IDR 0.89T (very low leverage) FMV TARGET: My buildup totals ~IDR 19.3T nucleus + IDR 0.9T plasma receivable + IDR 5T industrial = IDR 25.2T (= 1.77× audited PP&E IDR 14.27T). Reasonable mark-to-market premium for healthy Indonesian palm operator with peak-productivity assets (avg age 13.8 years). PER-ACRE BENCHMARK COMPARISON (Indonesian palm sector): AALI Sumatra: IDR 65M (healthy, broker-comp anchored) SIMP Sumatra: IDR 65M (healthy + downstream brands) P8Z C Kalim: IDR 65M (healthy + premium mill density) P8Z W Kalim: IDR 60M (slight discount vs C Kalim) BWPT Sumatra: IDR 35M (distressed, ~50% of healthy) PLASMA STRUCTURE: Bumitama's plasma ratio at 33.5% is HIGHER than AALI/SIMP (~25%) reflecting later-stage development requirements + Indonesia regulatory mandate. The plasma estates are owned by smallholder farmers under cooperatives with multi-year crop purchase + advisory agreements with Bumitama. Plasma receivable on Bumitama's balance sheet represents net advances less repayments — NOT land value. Cap rate ranges 7.5-10% reflect healthy Indonesian palm going-concern yields. Industrial mill cap rates 9-12% reflect processing-asset operating yields.
Financial snapshot
19 reported periods · 2513 daily price points
Reported metrics (revenue, EBITDA, property value, NAV/share, total acres) come from content/farmland-financials/P8Z.SI.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 · 2012–2024