IDR reporting
Salim Ivomas Pratama · SIMP.JK
Palm oil + sugar + tea (Indonesia) · Filing
- Acres
- 530,000
- Book / acre
- IDR 33,396,226
- Market cap (USD)
- $1,090M
- EV / acre (USD)
- $3,282
Sector KPIsestimate
- FFB yield
- 18.0 t/ha
- OER
- 22.0%
- KER
- 4.5%
- CPO ASP
- IDR 12.20M/t
- CPO cost
- IDR 6.80M/t
- RSPO certified
- 55.0%
- Methane capture
- 35.0% of mills
- Replanting LTM
- 6,000 ha
- Rubber rev %
- 4%
- Sugar rev %
- 5%
- Nucleus / plasma
- 75%
- NDPE compliance
- 90.0%
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 | 17,700,000 | 39,981,000 | Per-property breakdown below |
| PP&E (mills, plants, machinery) | 8,200,000 | — | Net of accumulated depreciation |
| Inventory | 3,850,000 | — | |
| Intangibles + goodwill | 1,250,000 | — | Excluded from tangible total |
| Tangible total (ex-cash) | 29,750,000 | 52,031,000 | |
| + Cash & equivalents | 1,500,000 | 1,500,000 | |
| Tangible total (incl. cash) | 31,250,000 | 53,531,000 | |
| Reported total assets (BS) | 39,800,000 | — | Latest period 2024-12-31 |
Tangible book
IDR 31,250,000M
79% of total assets
Market cap
IDR 10,897,200M
35% of tangible book
Enterprise value
IDR 17,397,200M
56% of tangible book
Implied fair market analysis
As of 2025-12-31FMV 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 — Sumatra (SIMP) | 1 | 320,000 | 43,750,000 | 65,000,000 | 14,000,000 | 20,800,000 | 16,640,000–24,960,000 | +48.6% |
| Indonesian palm — Kalimantan (SIMP) | 1 | 165,000 | 42,424,242 | 55,000,000 | 7,000,000 | 9,075,000 | 7,260,000–10,890,000 | +29.6% |
| CPO mills + processing infrastructure | 1 | — | — | — | 6,500,000 | 6,500,000 | 5,500,000–8,000,000 | +0.0% |
| Plasma plantations (partnership receivable) | 1 | — | — | — | 1,800 | 1,776,000 | 1,480,000–2,072,000 | +98566.7% |
| Indonesian sugarcane (SIMP) | 1 | 28,000 | 42,857,143 | 35,000,000 | 1,200,000 | 980,000 | 784,000–1,176,000 | -18.3% |
| Indonesian specialty (SIMP) | 1 | 17,000 | 76,470,588 | 50,000,000 | 1,300,000 | 850,000 | 680,000–1,020,000 | -34.6% |
| Total | 6 | 530,000 | 56,607,170 | 75,435,849 | 30,001,800 | 39,981,000 | 32,344,000–48,118,000 | +33.3% |
Properties
6-row breakdown calibrated to SIMP's Q1 2026 audited balance sheet: Total assets IDR 41.9T, Total equity IDR 27.2T, Book value/share IDR 1,346.75. Owned (nucleus) area ~530K acres across Sumatra/Kalimantan/Java/Sulawesi (palm + rubber + sugarcane + tea). Plasma estates (~120K ha = ~300K acres) are smallholder partnerships excluded from acres. SIMP includes London Sumatra (Lonsum) and Edible Oil & Fats downstream (excluded from this land file).| Property | Category / crop | Acres | Acquired | Cost (IDR M) | Book (IDR M) | IDR/acre book | FMV IDR/acre | FMV (IDR M) | vs book | Comps |
|---|---|---|---|---|---|---|---|---|---|---|
Sumatra plantations (nucleus — palm + rubber + cocoa) Sumatra (Riau / North + South Sumatra), Indonesia | Indonesian palm — Sumatra (SIMP) Oil palm + rubber + cocoa + coconut (mature) | 320,000 | — | — | 14,000,000 | 43,750,000 | 65,000,000 52,000,000–78,000,000 | 20,800,000 | +48.6% | SIMP-FY25-AUDITEDID-PALM-NSUMATRA-2024 ~130K ha Sumatra nucleus (Riau + N+S Sumatra) — largest cluster including palm + rubber + small cocoa/coconut. Pre-plasma 2020 disclosure: 192K ha across Riau 56K + N Sum 38K + S Sum 98K (incl ~25% plasma). IDR 65M/acre = ~$4,063/USD per acre |
Kalimantan plantations (nucleus — oil palm) Kalimantan (West + East + Central), Indonesia | Indonesian palm — Kalimantan (SIMP) Mature oil palm + mills | 165,000 | — | — | 7,000,000 | 42,424,242 | 55,000,000 44,000,000–66,000,000 | 9,075,000 | +29.6% | SIMP-FY25-AUDITEDID-PALM-KALIMANTAN-2024 ~67K ha Kalimantan nucleus (W Kalimantan 27K + E Kalimantan 64K + C Kalimantan 11K total, ~25% plasma excluded). IDR 55M/acre = ~$3,438/USD per acre |
Mills + buildings + processing infrastructure Indonesia (27 palm oil mills + sugar refineries + tea processing + downstream Bimoli/Palmia/Simas brand assets) | CPO mills + processing infrastructure 27 CPO mills + processing + Edible Oil & Fats downstream + buildings + machinery | 1 | — | — | 6,500,000 | 6,500,000,000,000 | 6,500,000,000,000 5,500,000,000,000–8,000,000,000,000 | 6,500,000 | +0.0% | SIMP-FY25-AUDITED 27 CPO mills + sugar/tea processing + Edible Oil & Fats downstream brands (Bimoli, Palmia, Simas) + buildings + machinery. Larger industrial infrastructure than AALI reflecting downstream brand portfolio at consumer-product-multiple valuation |
Plasma plantations receivable (smallholder partnerships) Indonesia (smallholder areas adjacent to nucleus) | Plasma plantations (partnership receivable) Plasma estate partnerships (~120,000 ha NOT owned by SIMP) | 296,000 | — | — | 1,800 | 6,081 | 6,000,000 5,000,000–7,000,000 | 1,776,000 | +98566.7% | SIMP-FY25-AUDITED ~120,000 ha plasma estates owned by local smallholder farmers under Indonesia's mandatory plasma program — managed by SIMP/Lonsum, NOT on balance sheet as land asset. Carried as plasma receivable (advances + crop purchase obligation) |
Sugarcane plantations + processing South Sumatra + Sulawesi, Indonesia | Indonesian sugarcane (SIMP) Sugarcane (mill-supply for SIMP refineries) | 28,000 | — | — | 1,200,000 | 42,857,143 | 35,000,000 28,000,000–42,000,000 | 980,000 | -18.3% | ID-PALM-MATURE-2024 ~11K ha Indonesian sugarcane mill-supply ground — discount to global cane comps reflecting local market dynamics + smaller scale |
Tea + smaller specialty estates (Java) Java (West Java tea estates) + minor specialty, Indonesia | Indonesian specialty (SIMP) Tea + minor specialty crops | 17,000 | — | — | 1,300,000 | 76,470,588 | 50,000,000 40,000,000–60,000,000 | 850,000 | -34.6% | ID-PALM-MATURE-2024 ~7K ha Java tea estates + minor specialty (cocoa) |
Comparable land transactions and surveys
5 reference points · all dated within last 24 months| ID | Description | Location | Acres | $ / acre | Date | Source |
|---|---|---|---|---|---|---|
| SIMP-FY25-AUDITED | PT Salim Ivomas Pratama Tbk Q1 2026 balance sheet (FY24-FY25 calendar audit basis): Total assets IDR 41.9T, Total liabilities IDR 14.7T, Shareholders' Equity IDR 27.2T, Book Value per Share IDR 1,346.75. PP&E IDR 17.7T (Land 1.47T + Buildings 9.02T + Machinery 10.35T + CWIP 0.24T net of depreciation) | SIMP consolidated balance sheet | 530,000 | $33,000,000 | Dec 2025 | SIMP Q1 2026 audited financial statements |
| ID-PALM-NSUMATRA-2024 | North Sumatra mature palm oil estate transactions 2024 — IDR 60-80M/acre | North Sumatra, Indonesia | — | $70,000,000 | Oct 2024 | Indonesian palm oil broker comps 2024 |
| ID-PALM-KALIMANTAN-2024 | Kalimantan palm oil concession 2024 — IDR 45-65M/acre | Kalimantan, Indonesia | — | $55,000,000 | Sep 2024 | Kalimantan palm broker comps 2024 |
| ID-PALM-MATURE-2024 | Indonesian mature oil palm with mill access — broker comps IDR 50-70M/acre | Indonesia | — | $60,000,000 | Sep 2024 | GAPKI Indonesia palm oil land transaction reports 2024 |
| SIMP-PORTFOLIO-2020 | SIMP 2020 disclosed planted area (most recent regional breakdown): Total oil palm 303,149 ha (mature 253K + immature 41K) across Riau 56K + N Sumatra 38K + S Sumatra 98K + W Kalimantan 27K + E Kalimantan 64K + C Kalimantan 11K + Java 3K + Sulawesi 5K. Includes ~25% plasma not owned | SIMP full portfolio (2020 disclosure) | 749,000 | $40,000,000 | Dec 2020 | SIMP 2020 Annual Report |
PT Salim Ivomas Pratama (SIMP) is the Indofood/Salim Group's plantation arm including PP London Sumatra (Lonsum) as a subsidiary. Two reportable segments: Plantations (oil palm + rubber + sugarcane + cocoa + coconut + tea) and Edible Oil & Fats (downstream brands Bimoli, Palmia, Simas). CRITICAL CHANGES vs prior version of this file: • Prior version aggregated nucleus + plasma to 704K acres total — conflated owned and partnership-managed land • Plasma ~296K acres now correctly excluded from acre totals (smallholder farmer ownership, ~120,000 ha at ~25% of operated area) • Per-acre values reduced (Sumatra IDR 75M → 65M; Kalimantan 65M → 55M) to better align with mark-to-market book + 1.7-2× FMV multiple • Added separate plasma row + mills/processing row for clean reconciliation PRIMARY FMV ANCHOR: SIMP Q1 2026 audited balance sheet: Total assets: IDR 41.9T Total liabilities: IDR 14.7T Total equity: IDR 27.2T Book value per share: IDR 1,346.75 PP&E (net of depreciation): IDR 17.7T (land 1.47T + buildings 9.02T + machinery 10.35T + CWIP 0.24T) Plus bearer plants (separate biological assets line) FMV TARGET: My buildup totals ~IDR 31.6T (320K × 65M Sumatra + 165K × 55M Kalimantan + 28K × 35M sugar + 17K × 50M specialty + plasma 1.8T + industrial 6.5T) = roughly 1.8× audited PP&E book of IDR 17.7T, in line with AALI mark-to-market premium for Indonesian palm. Implied NAV/share: ~IDR 27T equity vs 20.2B shares = IDR 1,347/share book. SIMP's Plantations + Edible Oil & Fats segments give it broader exposure than AALI (palm pure-play). The downstream Bimoli/Palmia/Simas brand portfolio commands consumer-products multiples that pure-play Indonesian palm comps don't capture — included in Mills + processing row. LONSUM SUBSIDIARY: SIMP holds 59.48% of PT PP London Sumatra Indonesia Tbk (LSIP), a separately listed plantation company. Lonsum operations (mostly North Sumatra palm + rubber) are consolidated into SIMP's totals here. Cap rate ranges 7-13% reflect Indonesian palm going-concern + processing-asset yields with country-risk premium. PLASMA STRUCTURE (same as AALI): Indonesia's mandatory plasma program requires palm oil companies to develop ~20-30% of estate area for smallholder farmers. SIMP's plasma is managed under cooperatives with multi-year crop purchase + advisory agreements. The plasma receivable on SIMP balance sheet represents net advances less repayments — NOT land value.
Financial snapshot
34 reported periods · 2459 daily price points
Reported metrics (revenue, EBITDA, property value, NAV/share, total acres) come from content/farmland-financials/SIMP.JK.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 · 2011–2024