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Author: calvintaneng   |   Latest post: Sun, 25 Jul 2021, 11:27 PM

 

FGV OF MALAYSIA VERSUS WILMAR OF SINGAPORE: COMPARE & CONTRAST THEIR PLANTATION ASSETS, Calvin Tan Researc

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Dear Friends, Please read to the end as we type now

I don't read, much less follow, the valuations or predictions. I study the numbers. - John Neff

 

 

 

 

This is to compare & contrast FGV & WILMAR

FGV now is Rm1.37 & WILMAR IS S$5.50 (Rm17.05)

FGV current price is only 8% of Wilmar

Let us look at Wilmar Plantation Assets

 

Wilmar is one of the world’s largest oil palm plantation owners with a total planted area of 232,053 hectares (ha) as at 31 December 2020, of which about 65% is in Indonesia, 26% in East Malaysia and 9% in Africa. In Indonesia, our plantations are located in Sumatra, West Kalimantan and Central Kalimantan (southern region) while in Malaysia, they are located in the states of Sabah and Sarawak.

Through joint ventures, we own plantations in Uganda and West Africa of about 46,000 ha. We also directly manage 35,276 ha under smallholder schemes in Indonesia and Africa and 157,515 ha under smallholders schemes through associates in Africa. We are committed to purchasing all the fruits produced by the small landholders’ plantations.

We have a strong team of managers and staff who are devoted to the common objective of achieving the highest standards for our plantations. We adopt best management practices including good field and harvesting standards and timely application of fertilisers to optimise crop yields.

Apart from plantations, Wilmar also owns palm oil mills to process fruits from our own and surrounding plantations. The key products of oil palm cultivation and milling are crude palm oil and palm kernel.

 

OK WE CAN SEE THAT WIMAR OWN

65% PLANTATION LANDS IN INDONESIA

26% IN EAST MALAYSIA (SBAH & SARAWAK)

9% IN AFRICA

TOTAL: 100%

HOW BIG?

232,053 (HECTARES) + 46,000 HECTARES 

= TOTAL OWNED 278,053 HECTARES

HOW MANY ACRES

TO CONVERT TO ACRES MUTIPLY BY 2.471

687,068 ACRES

ABOUT 687 THOUSAND ACRES

Now please go See FGV Annual Report

See and Compile Top 10 Plantation Assets owned by FELDA & FGV 

SABAH (128,692 HECTARES)

SARAWAK (32,803)

PAHANG (143,902) Pahang Govt own 5% of FGV 

JOHOR (33,914)

KELANTAN (24,620)

PERLIS (4340) Where MSM got its sugar plantations

TRENGGANU (13,395)

NEGERI SEMBILAN (12,867) Decades ago some Felda settles sold land and became INSTANT MILLIONAIRES

PERAK (15,551)

USA (VALUABLE ASSETS)

TOTAL LANDBANK = 410,084 HECTARES

To convert to Acres multiply by 2.471

= 1,013,317 ACRES

That means that FGV has 326,249 Acres more lands than WIMAR or More by 47% Extra Land Size

 

AND SEE AGAIN

WIMAR LANDS ARE IN EAST MALAYSIA, INDONESIA & AFRICA

FGV ASSETS ARE IN WEST MALAYSIA, EAST MALAYSIA & USA WHICH ARE SUPERIOR IN VALUE

Let us take 3 Agriculture Lands sold

1) Tradewind bought KUB Oil Palm lands in Sabah for Rm26,000 an acre

2) Scientex bought agriculture land in Tasek Gelugor, Seberang Prai Utara located on Penang Mainland for Rm718,804 per acre

3) MMC of Syed Moktar sold Lands in Senai for Rm2 millions

If we take the lowest Selling Prices of Sabah lands by Kub, that is Rm26,000 per acre

What will be the Assets Value of FGV?

Multiply 1,013,317 by Rm26,000

=  Rm26,346,242,000

That is a Whopping Rm26.3 BILLIONS WORTH OF VALUE!

Now Felda & FGV got debt of about Rm5 Billions to Rm6 Billions

So?

That is really nothing at all if we now "SEE" Its Real Value

FGV Got High Debt they say?

What About Wilmar?

Got debt or not?

See the truth revealed

 

Is Wilmar International (SGX:F34) Using Too Much Debt?

By
Simply Wall St
 
Published
December 03, 2020

 

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Wilmar International Limited (SGX:F34) does carry debt. But the real question is whether this debt is making the company risky.

Why Does Debt Bring Risk?

 

How Much Debt Does Wilmar International Carry?

The chart below, which you can click on for greater detail, shows that Wilmar International had US$24.4b in debt in June 2020; about the same as the year before. However, it also had US$3.60b in cash, and so its net debt is US$20.8b.

A Look At Wilmar International's Liabilities

The latest balance sheet data shows that Wilmar International had liabilities of US$23.1b due within a year, and liabilities of US$6.65b falling due after that. Offsetting these obligations, it had cash of US$3.60b as well as receivables valued at US$12.7b due within 12 months. So its liabilities total US$13.4b more than the combination of its cash and short-term receivables.

= So WILMAR HAS MORE THAN USD20 BILLIONS IN DEBT OR ABOUT RM82 BILLIONS

SO WILMAR HAS 10 TIMES (X) MORE DEBT THAN FGV?

TRUTH IS STRANGER THAN FICTION?

ALL THESE ARE FIGURES YOU CAN CHECK & COUNTER CHECK

 

KINDEST REGARDS

Calvin Tan Research

 

Please do not take this as a buy or sell call

This is to highlight te great discrepancy between 2 Giant Plantation Shares & Their Assets & Value

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calvintaneng FGV IS VERY UNDERVALUE. THE INTRINSIC VALUE OF FGV PROVES IT (FELDA GLOBAL VENTURE) (5222) Calvin Tan Research

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2021-04-14-story-h1563307511-WHAT_IS_THE_INTRINSIC_VALUE_OF_FGV_FELDA_GLOBAL_VENTURE_Calvin_Tan_Rese.jsp
14/04/2021 8:03 AM


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