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 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 2019

    Market value per
planted hectare
(US$)
Market value
attributable to Group
(US$'000)
 Plantation GROUP    
  Kota Bangun 20,700 209,475
  Bumi Mas 17,100 121,600
  Bangka 19,900 109,620
  Musi Rawas 19,200 104,310
  Pangkatan Group 16,200 106,970
  Simpang Kiri 11,400 26,505
  Kerasaan 14,300 12,578
      691,058
       
  SMALLHOLDERS    
  Kota Bangun 5,600 24,795
  Bumi Mas 4,300 5,605
  Bangka 3,600 12,690
  Musi Rawas 6,600 14,725
    5,000 57,815
       
 Property Bertam Estate n/a 21,990
  Bertam Properties n/a 50,000
      71,990
       
Net debt n/a (67,686)
Other assets and liabilities n/a 38,498
       
Total equity value   791,675
       
Equity value per share (£)   11.01