USD reporting

REA Holdings · RE.L

Palm oil (Indonesia) · Filing

Acres: 65,000
Book / acre: USD 5,954
Market cap (USD): $65M
EV / acre (USD): $3,600

Sector KPIsestimate

FFB yield: 18.0 t/ha
OER: 22.5%
KER: 4.5%
CPO ASP: USD 950/t
CPO cost: USD 650/t
RSPO certified: 80.0%
Methane capture: 40.0% of mills
Replanting LTM: 1,500 ha
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 (USD M)	FMV (USD M)	Note
Land / property	387	404	Per-property breakdown below
PP&E (mills, plants, machinery)	55	—	Net of accumulated depreciation
Inventory	12	—
Intangibles + goodwill	2	—	Excluded from tangible total
Tangible total (ex-cash)	454	471
+ Cash & equivalents	33	33
Tangible total (incl. cash)	487	504
Reported total assets (BS)	360	—	Latest period 2024-12-31

Tangible book

USD 487M

135% of total assets

Market cap

USD 50M

10% of tangible book

Enterprise value

USD 218M

45% of tangible book

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

USD 404M

Range USD 323–485M · 65,000 acres

FMV vs. book

+4.4%

Book USD 387M · FMV USD 404M

Implied NAV / share

USD 5.37

Range USD 3.53–7.21

Live price vs. FMV NAV

-79.0%

Range -84.3% (high) to -68.0% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (3 of 3 properties): typical 8.3–11.3%

Reported NOI

USD 50M

Cap rate at comp-based FMV

12.38%

Range 10.31–15.47%

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 — Kaltim mature	1	50,000	4,800	5,500	240	275	220–330	+14.6%
Indonesian palm — plasma + concession (excluded from owned acres)	1	—	—	—	107	69	55–83	-35.5%
Indonesian palm — Kaltim immature	1	15,000	2,667	4,000	40	60	48–72	+50.0%
Total	3	65,000	5,954	6,215	387	404	323–485	+4.4%

Properties

3-row breakdown by maturity tier within East Kalimantan single-region operator.

Property	Category / crop	Acres	Acquired	Cost (USD M)	Book (USD M)	USD/acre book	FMV USD/acre	FMV (USD M)	vs book	Comps
PT REA Kaltim mature plantations + mills (1 + 2) East Kalimantan, Indonesia	Indonesian palm — Kaltim mature Mature oil palm + 3 mills	50,000	—	—	240	4,800	5,500 4,400–6,600	275	+14.6%	ID-PALM-KALIMANTAN-2024ID-PALM-MATURE-2024 REA's core Kaltim mature estate with 3 mills
Plasma plantations receivable + unplanted concession (smallholder partnerships) East Kalimantan, Indonesia	Indonesian palm — plasma + concession (excluded from owned acres) Plasma scheme (4,300 smallholders via 51 cooperatives) + unplanted concession reserve	27,600	—	—	107	3,877	2,500 2,000–3,000	69	-35.5%	ID-PALM-IMMATURE-2024REA-PLASMA-2024 Plasma partnership land owned by 4,300 smallholder farmers (51 cooperatives) — REA buys FFB from these smallholders but doesn't own the underlying land. Plus unplanted concession reserve. Now correctly carried as excludeFromAcreTotals consistent with AALI/SIMP/P8Z/SGRO/SSMS treatment
East Kalimantan immature + young plantings East Kalimantan, Indonesia	Indonesian palm — Kaltim immature Immature/young oil palm (3-7 years)	15,000	—	—	40	2,667	4,000 3,200–4,800	60	+50.0%	ID-PALM-IMMATURE-2024 Younger plantings still in development; per-acre discount until full bearing

Comparable land transactions and surveys

5 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
REA-PLASMA-2024	REA Holdings plasma program: 4,300 smallholder farmers via 51 cooperatives — REA buys FFB from these but does not own land. Plasma carried as receivable not as land asset	East Kalimantan plasma areas	27,600	$2,500	Dec 2024	REA Holdings 2024 Annual Report
ID-PALM-IMMATURE-2024	Indonesian unplanted/immature palm	Indonesia	—	$2,500	Oct 2024	GAPKI 2024 reports
ID-PALM-KALIMANTAN-2024	East Kalimantan palm oil concession	East Kalimantan	—	$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
REA-CDM-DISP-2024	REA's 2024 disposal of subsidiary CDM (PT Cipta Davia Mandiri) to Teladan Prima Agro: 15,238 ha (9,784 fully titled + 5,454 pending title)	East Kalimantan (CDM subsidiary)	37,650	$4,200	Aug 2024	REA Holdings 2024 disposal announcement

Methodology

REA Holdings operates entirely in East Kalimantan with 3 CPO mills. UK-listed ($-reporting) Indonesian palm pure-play. CRITICAL CHANGE vs prior version: Plasma row (27.6K acres = 11K ha) now correctly excluded from owned-acre totals via excludeFromAcreTotals=true. Plasma plantations are owned by 4,300 smallholder farmers via 51 cooperatives — REA purchases FFB but doesn't own the land. Consistent with how plasma is treated for AALI/SIMP/P8Z/SGRO/SSMS. DIVESTMENT NOTE: In 2024, REA agreed to sell subsidiary PT Cipta Davia Mandiri (CDM) to Teladan Prima Agro: 15,238 ha (9,784 fully titled + 5,454 pending). Continuing-group RSPO-certifiable area: 62,843 ha as of 2024. 3-row breakdown by maturity: - Mature with-mill cluster (50K acres / ~20K ha): premium $5,500/acre, 3 CPO mills - Immature/young plantings (15K acres / ~6K ha): development-stage discount - Plasma + unplanted concession (27.6K acres / ~11K ha): excluded from owned-acre totals Owned-acre total post-plasma-carve-out: 65K acres planted (vs 92.6K including plasma). Net debt of $159M is meaningful.