IDR reporting

Sawit Sumbermas Sarana · SSMS.JK

Palm oil (Indonesia) · Filing

Acres: 230,000
Book / acre: IDR 21,739,130
Market cap (USD): $667M
EV / acre (USD): $3,899

Sector KPIsestimate

FFB yield: 21.0 t/ha
OER: 22.8%
KER: 4.9%
CPO ASP: IDR 12.60M/t
CPO cost: IDR 6.20M/t
RSPO certified: 65.0%
Methane capture: 40.0% of mills
Replanting LTM: 2,200 ha
Nucleus / plasma: 82%
NDPE compliance: 92.0%

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	5,000,000	14,155,200	Per-property breakdown below
PP&E (mills, plants, machinery)	2,680,000	—	Net of accumulated depreciation
Inventory	720,000	—
Intangibles + goodwill	28,000	—	Excluded from tangible total
Tangible total (ex-cash)	8,400,000	17,555,200
+ Cash & equivalents	700,000	700,000
Tangible total (incl. cash)	9,100,000	18,255,200
Reported total assets (BS)	15,300,000	—	Latest period 2024-12-31

Tangible book

IDR 9,100,000M

59% of total assets

Market cap

IDR 6,667,500M

73% of tangible book

Enterprise value

IDR 8,967,500M

99% of tangible book

Implied fair market analysis

As of 2024-12-31

Aggregate FMV

IDR 14,155,200M

Range IDR 11,335,200–16,975,200M · 230,400 acres

FMV vs. book

+214.5%

Book IDR 4,500,200M · FMV IDR 14,155,200M

Implied NAV / share

IDR 1244.64

Range IDR 948.58–1540.70

Live price vs. FMV NAV

-43.8%

Range -54.6% (high) to -26.2% (low)

NOI cross-check (yield-based reasonableness)

FMV-weighted from property mix (2 of 2 properties): typical 7.5–10.1%

Reported NOI

IDR 2,246,000M

Cap rate at comp-based FMV

15.87%

Range 13.23–19.81%

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 — Central Kalimantan (SSMS nucleus)	1	230,400	19,531,250	60,000,000	4,500,000	13,824,000	11,059,200–16,588,800	+207.2%
Plasma plantations (partnership receivable)	1	—	—	—	200	331,200	276,000–386,400	+165500.0%
Total	2	230,400	19,532,118	61,437,500	4,500,200	14,155,200	11,335,200–16,975,200	+214.5%

Properties

2-row breakdown calibrated to SSMS FY24 sustainability + investor disclosure: Total landbank 115,571 ha = 93,224 ha nucleus + 22,347 ha plasma. Mature 81,604 ha + immature 925 ha. Operates 23 estates + 8 mills (540 t/h capacity) in Central Kalimantan. CPO output 461,414 MT FY24.

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 nucleus estates (23 estates + 8 mills) Pangkalan Bun + surrounding Central Kalimantan, Indonesia	Indonesian palm — Central Kalimantan (SSMS nucleus) Mature oil palm + 8 mills (540 TPH) + 2 kernel processing plants	230,400	—	—	4,500,000	19,531,250	60,000,000 48,000,000–72,000,000	13,824,000	+207.2%	SSMS-FY24-DISCLOSEDID-PALM-KALIMANTAN-2024 93,224 ha nucleus estates with 8 mills (540 TPH) + 2 kernel processing plants; mature 81,604 ha + immature 925 ha. Per-acre at IDR 60M = ~$3,750/USD per acre. SSMS's high mill density supports premium per-acre vs other Kalimantan operators
Plasma plantations receivable (smallholder partnerships) Central Kalimantan, Indonesia	Plasma plantations (partnership receivable) Plasma estate partnerships (22,347 ha NOT owned by SSMS)	55,200	—	—	200	3,623	6,000,000 5,000,000–7,000,000	331,200	+165500.0%	SSMS-FY24-DISCLOSED 22,347 ha plasma estates owned by smallholder farmers — managed by SSMS under multi-year purchase + advisory agreements. NOT on balance sheet as land asset. Plasma 19% of total managed area

Comparable land transactions and surveys

3 reference points · all dated within last 24 months

ID	Description	Location	Acres	$ / acre	Date	Source
SSMS-FY24-DISCLOSED	PT Sawit Sumbermas Sarana FY24 disclosure: Total landbank 115,571 ha = 93,224 ha nucleus + 22,347 ha plasma. Mature 81,604 ha (planted) + immature 925 ha. 23 estates + 8 mills (540 t/h capacity) in Central Kalimantan. CPO output 461,414 MT in FY24	SSMS full landbank	285,500	$35,000,000	Dec 2024	SSMS FY24 Sustainability Report + Annual Report
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
ID-PALM-MATURE-2024	Indonesian mature oil palm with mill access — IDR 50-70M/acre	Indonesia	—	$60,000,000	Sep 2024	GAPKI 2024 reports

Methodology

PT Sawit Sumbermas Sarana is a Central-Kalimantan-focused pure-play operator with 23 oil palm estates + 8 mills (540 TPH capacity). Total managed area 115,571 hectares = 93,224 ha nucleus owned + 22,347 ha plasma smallholder partnerships. CRITICAL CHANGES vs prior version of this file: • Nucleus acres increased from 171K (= 69K ha understated) to 230K (= 93K ha per FY24 disclosure) • Plasma acres increased from 30K (= 12K ha) to 55K (= 22K ha per FY24 disclosure) • Removed prior 'unplanted concession reserves' row that conflated leftover concession area with planted nucleus • Per-acre reduced from IDR 70M to IDR 60M for healthier mark vs typical broker comp range 2-row breakdown: - Central Kalimantan nucleus (93K ha = 230K acres): SSMS-owned mature plantations with mill access at IDR 60M/acre - Plasma smallholder partnerships (22K ha = 55K acres): excluded from owned acres Mature 81,604 ha + immature 925 ha = 82,529 ha actively planted. The 11K ha gap to 93K nucleus is reserve/conservation area + recent acquisitions awaiting planting. SSMS is a healthy operator with premium Kalimantan footprint — high mill density supports premium per-acre pricing. The plasma ratio (19%) is lower than Bumitama (33.5%) but consistent with SIMP/AALI peers.