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.

Analysis of group equity value

31 December 2021

    Market value per
planted hectare
(US$)
Market value
attributable to Group
(US$'000)
 Plantation GROUP    
  Kota Bangun 23,300 232,560
  Bumi Mas 23,600 168,150
  Bangka 21,900 121,410
  Musi Rawas 18,400 109,535
  Pangkatan Group 18,600 122,930
  Simpang Kiri 13,800 31,825
  Kerasaan 15,200 12,578
    36,200 798,988
       
  SMALLHOLDERS    
  Kota Bangun 6,400 28,120
  Bumi Mas 4,900 6,745
  Bangka 4,500 15,660
  Musi Rawas 6,700 17,955
    5,700 68,480
       
 Property      
  Bertam Properties n/a 47,637
      47,637
       
Net debt n/a (7,363)
Other assets and liabilities n/a 26,079
       
Total equity value   933,821
       
Equity value per share (£)   12.65