IDR reporting

Sampoerna Agro · SGRO.JK

Palm oil + sago (Indonesia) · Filing

Acres: 234,000
Book / acre: IDR 24,444,444
Market cap (USD): $511M
EV / acre (USD): $3,196

Sector KPIsestimate

FFB yield: 19.0 t/ha
OER: 22.5%
KER: 4.8%
CPO ASP: IDR 12.40M/t
CPO cost: IDR 6.30M/t
RSPO certified: 75.0%
Methane capture: 50.0% of mills
Replanting LTM: 3,000 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	5,720,000	13,588,000	Per-property breakdown below
PP&E (mills, plants, machinery)	2,950,000	—	Net of accumulated depreciation
Inventory	980,000	—
Intangibles + goodwill	35,000	—	Excluded from tangible total
Tangible total (ex-cash)	9,650,000	17,518,000
+ Cash & equivalents	800,000	800,000
Tangible total (incl. cash)	10,450,000	18,318,000
Reported total assets (BS)	10,120,000	—	Latest period 2024-12-31

Tangible book

IDR 10,450,000M

103% of total assets

Market cap

IDR 5,111,390M

49% of tangible book

Enterprise value

IDR 7,479,390M

72% of tangible book

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

IDR 13,588,000M

Range IDR 10,911,000–16,265,000M · 234,000 acres

FMV vs. book

+267.2%

Book IDR 3,700,800M · FMV IDR 13,588,000M

Implied NAV / share

IDR 6168.22

Range IDR 4696.54–7639.91

Live price vs. FMV NAV

-54.4%

Range -63.2% (high) to -40.2% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (4 of 4 properties): typical 7.8–10.5%

Reported NOI

IDR 1,930,000M

Cap rate at comp-based FMV

14.20%

Range 11.87–17.69%

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 IDR/acre	Avg FMV IDR/acre	Book (IDR M)	FMV (IDR M)	FMV range (IDR M)	FMV vs book
Indonesian palm — Sumatra (SGRO nucleus)	1	130,000	21,538,462	60,000,000	2,800,000	7,800,000	6,240,000–9,360,000	+178.6%
Indonesian palm — Kalimantan (SGRO nucleus)	1	58,000	12,068,966	55,000,000	700,000	3,190,000	2,552,000–3,828,000	+355.7%
Indonesian sago specialty	1	46,000	4,347,826	30,000,000	200,000	1,380,000	1,104,000–1,656,000	+590.0%
Plasma plantations (partnership receivable)	1	—	—	—	800	1,218,000	1,015,000–1,421,000	+152150.0%
Total	4	234,000	15,815,385	58,068,376	3,700,800	13,588,000	10,911,000–16,265,000	+267.2%

Properties

4-row breakdown calibrated to SGRO FY24 audited: Total assets IDR 10.16T, Total equity IDR 5.72T, Total debt IDR 3.17T. ~158K ha total planted = 48% nucleus / 52% plasma. Sumatra is majority of nucleus (85K ha). Sago specialty separate carve-out.

Property	Category / crop	Acres	Acquired	Cost (IDR M)	Book (IDR M)	IDR/acre book	FMV IDR/acre	FMV (IDR M)	vs book	Comps
Sumatra oil palm estates + mills (nucleus) Sumatra, Indonesia	Indonesian palm — Sumatra (SGRO nucleus) Mature oil palm + mills	130,000	—	—	2,800,000	21,538,462	60,000,000 48,000,000–72,000,000	7,800,000	+178.6%	SGRO-FY24-AUDITEDID-PALM-NSUMATRA-2024 ~53K ha Sumatra nucleus (majority of 76K ha total nucleus). Mature with mill access. IDR 60M/acre = ~$3,750/USD per acre
Kalimantan oil palm estates (nucleus) Kalimantan, Indonesia	Indonesian palm — Kalimantan (SGRO nucleus) Mature oil palm	58,000	—	—	700,000	12,068,966	55,000,000 44,000,000–66,000,000	3,190,000	+355.7%	ID-PALM-KALIMANTAN-2024 ~23K ha Kalimantan nucleus. Slightly below Sumatra per-acre
Sago palm operations (specialty) Riau / South Sumatra (Selat Panjang area)	Indonesian sago specialty Sago palm (Indonesia's largest sago producer)	46,000	—	—	200,000	4,347,826	30,000,000 24,000,000–36,000,000	1,380,000	+590.0%	ID-PALM-IMMATURE-2024 Sago palm specialty crop — much lower per-acre than oil palm; SGRO is Indonesia's largest sago producer. Specialty + smaller resale market
Plasma plantations receivable (smallholder partnerships) Indonesia (smallholder areas adjacent to nucleus)	Plasma plantations (partnership receivable) Plasma estate partnerships (~82K ha NOT owned by SGRO)	203,000	—	—	800	3,941	6,000,000 5,000,000–7,000,000	1,218,000	+152150.0%	SGRO-FY24-AUDITED ~82K ha plasma estates owned by smallholder farmers — managed by SGRO under multi-year purchase + advisory agreements. NOT on balance sheet as land asset. SGRO's 52% plasma ratio is HIGHER than AALI/SIMP (~25%) reflecting later-stage development + Indonesia regulatory mandate

Comparable land transactions and surveys

4 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
SGRO-FY24-AUDITED	PT Sampoerna Agro Tbk FY24 audited balance sheet: Total assets IDR 10.16T, Total liabilities IDR 4.44T, Total equity IDR 5.72T, Total debt IDR 3.17T. ~158K ha total planted area split 48% nucleus (~76K ha) / 52% plasma (~82K ha)	Sampoerna Agro full balance sheet	391,000	$14,600,000	Dec 2024	Sampoerna Agro FY24 Annual Report
ID-PALM-NSUMATRA-2024	North Sumatra mature palm — IDR 60-80M/acre	North Sumatra	—	$70,000,000	Oct 2024	Indonesian palm broker comps 2024
ID-PALM-IMMATURE-2024	Indonesian sago / specialty palm	Indonesia	—	$12,000,000	Oct 2024	GAPKI 2024 reports
ID-PALM-KALIMANTAN-2024	Kalimantan palm — IDR 45-65M/acre	Kalimantan, Indonesia	—	$55,000,000	Sep 2024	Kalimantan palm broker comps 2024

Methodology

PT Sampoerna Agro operates ~158K hectares across Indonesia split between oil palm (majority) and sago palm (specialty). CRITICAL CHANGES vs prior version of this file: • Nucleus acres reduced from 391K (= total planted) to ~188K (= 76K ha nucleus only per Indonesia Investments disclosure) • Plasma row added at 203K acres = 82K ha (excluded from acre totals) • Per-acre adjusted slightly for healthier mark vs broker comp range FY24 audited: Total assets IDR 10.16T, equity IDR 5.72T, debt IDR 3.17T. Indonesian GAAP cost-method accounting. 4-row breakdown by region + crop type: - Sumatra oil palm nucleus (130K ac / 53K ha) — Sumatra accounts for majority of total 85K ha SGRO Sumatra footprint - Kalimantan oil palm nucleus (58K ac / 23K ha) - Sago palm (46K ac / 19K ha) — SGRO is Indonesia's largest sago producer; specialty crop economics - Plasma receivable (203K ac / 82K ha) — smallholder partnerships, excluded from owned acres Sago marked at ~50% discount to mature palm per-acre to reflect specialty crop + smaller resale market.