Research

Independent research on the Group is published regularly by its joint brokers Peel Hunt and finnCap. Institutional investors can request the Peel Hunt research by contacting Charles Hall (charles.hall@peelhunt.com); finnCap’s research is freely available from Raymond Greaves (RGreaves@finncap.com) or at https://researchlibrary.finncap.com/User/Login.

At the end of the year a valuation of the Group’s land and property assets was undertaken by an independent valuer, Khong & Jaafar Sdn Bhd. A copy of the most recent valuation report is available here.

Analysis of group equity value

31 December 2018

    Market value per
planted hectare
(US$)
Market value
attributable to Group
(US$)
 Plantation GROUP    
  Kota Bangun 21,200 211,309
  Bumi Mas 14,700 104,500
  Bangka 20,100 111,150
  Musi Rawas 14,500 60,160
  Pangkatan Group 16,000 89,169
  Simpang Kiri 12,600 23,872
  Kerasaan 14,800 12,996
      613,156
       
  SMALLHOLDERS    
  Kota Bangun 5,900 25,593
  Bumi Mas 3,900 5,035
  Bangka 3,400 12,033
  Musi Rawas 5,500 9,392
    4,800 52,053
       
 Property Bertam Estate n/a 36,170
  Bertam Properties n/a 52,716
      88,886
       
Net debt n/a (6,742)
Other assets and liabilities n/a 39,377
       
Total equity value   786,730
       
Equity value per share (£)   11.33