SD GUTHRIE BERHAD (SDG)

SD Guthrie Berhad (SDG) - From Palm Estates to Industrial Cities

SD Guthrie Berhad (stock code: 5285, ticker: SDG) is far more than a conventional plantation company. Beneath the surface of its vast oil palm estates lies a bold transformation story - converting legacy plantation land into high-value industrial and commercial assets with the potential to unlock billions in shareholder value.

Formerly known as Sime Darby Plantation Berhad, the company rebranded to SD Guthrie Berhad in 2024 - a deliberate nod to the heritage of Guthrie Corporation, one of the earliest plantation conglomerates in Peninsular Malaysia, and a signal that management is thinking beyond just palm oil.

Core Business Segments

• Upstream Malaysia: Oil palm and rubber estates, Fresh Fruit Bunch (FFB) milling operations producing Crude Palm Oil (CPO) and Palm Kernel (PK). This is the primary profit engine.
• Upstream Indonesia: Operations across Sumatra and Kalimantan. High potential but carries regulatory and geopolitical risk.
• Upstream PNG & Solomon Islands: Smaller-scale Pacific operations providing geographic diversification.
• Downstream - Sime Darby Oils: Refining, oleochemicals, biodiesel, CPKO. Provides earnings buffer when CPO prices soften.
• Agribusiness & Renewables: Sugar cane, coconut, beef cattle, solar and biogas energy.
• R&D: Crop breeding, yield improvement programs to sustain long-term productivity.

The Land JV Pipeline - A Genuinely New Catalyst

This is what sets SDG apart from any other plantation company on Bursa. The company has aggressively signed 5+ joint venture agreements to transform plantation land into high-value industrial and commercial zones:

• Carey Island - 2,000 acres: 50:50 JV with Sime Darby Property (June 2025) for an industrial and logistics hub
• Carey Island Edu-Tech Park: MOU with PNSB, IJM Corp, Yayasan Selangor (July 2025)
• Kuala Selangor - 3,000 acres: 50:50 JV with Sime Darby Property (Nov 2025) for a next-generation industrial corridor
• Port Dickson - 600 acres: JV with MBI Negeri Sembilan for an industrial park
• Eco Business Park 7: JV with EcoWorld and NS Corporation

In total, over 5,600 acres of plantation land is being re-purposed into high-value industrial and commercial developments - a structural re-rating story that goes beyond the CPO cycle.

Corporate Structure & Ownership

SDG is a Government-Linked Company (GLC) where Permodalan Nasional Berhad (PNB) is the controlling shareholder. This GLC status brings international-standard governance, strong institutional backing, and dividend policy stability. SDG is also a constituent of the FBM KLCI index, ensuring automatic institutional demand from index-tracking funds.

With a market cap of approximately RM40-42 billion and ~6,915 million shares outstanding, SDG is Malaysia's largest plantation company by market capitalisation.

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