Research and valuation

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 the finnCap Research Portal.

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 2020

    Market value per
planted hectare
(US$)
Market value
attributable to Group
(US$'000)
 Plantation GROUP    
  Kota Bangun 22,400 224,580
  Bumi Mas 17,500 124,450
  Bangka 20,800 114,840
  Musi Rawas 18,700 98,420
  Pangkatan Group 17,200 113,810
  Simpang Kiri 12,200 28,405
  Kerasaan 14,300 12,578
      717,083
       
  SMALLHOLDERS    
  Kota Bangun 6,500 28,500
  Bumi Mas 5,100 7,030
  Bangka 4,500 15,660
  Musi Rawas 6,600 15,770
    5,700 66,960
       
 Property Bertam Estate n/a 22,370
  Bertam Properties n/a 41,972
      64,342
       
Net debt n/a (79,056)
Other assets and liabilities n/a 50,805
       
Total equity value   820,134
       
Equity value per share (£)   10.99