New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to UK£22.70, the stock trades at a trailing P/E ratio of 13x. Average forward P/E is 12x in the Food industry in the United Kingdom. Total returns to shareholders of 199% over the past three years. Announcement • May 05
AEP Plantations Plc (LSE:AEP) completed the acquisition of 98.26% stake in PT PINAGO UTAMA Tbk (IDX:PNGO) for IDR 2.8 trillion. AEP Plantations Plc (LSE:AEP) entered into sale and purchase agreement to acquire 98.26% stake in PT PINAGO UTAMA Tbk (IDX:PNGO) for IDR 2.8 trillion on May 4, 2026. Under the terms of the acquisition, AEP Plantations Plc will pay IDR 3584 in cash per share or a total consideration of IDR 2.8 trillion ($162 million). In a related transaction, AEP Plantations Plc proposed to acquire remaining 1.74% stake in PT PINAGO UTAMA Tbk. The transaction will be financed from the AEP Plantations Plc's existing cash resources. Following the Acquisition, AEP Plantations Plc will continue to maintain a strong balance sheet and its dividend policy payout.
The transaction has completed the consummation of due diligence investigation. The Acquisition is accretive to AEP Plantations Plc's underlying earnings in the current financial year, supported by established production and cash flow.
Matt Goode, George Lawson and Trisyia Jamaludin of Cavendish Capital Markets Limited acted as financial advisor to AEP Plantations Plc.
AEP Plantations Plc (LSE:AEP) completed the acquisition of 98.26% stake in PT PINAGO UTAMA Tbk (IDX:PNGO) on May 4, 2026. Declared Dividend • May 02
Final dividend of US$0.44 announced Shareholders will receive a dividend of US$0.44. Ex-date: 18th June 2026 Payment date: 30th July 2026 Dividend yield will be 4.0%, which is higher than the industry average of 2.4%. Sustainability & Growth The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Mar 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to UK£16.90. The fair value is estimated to be UK£14.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to decline by 4.6% in 2 years. Earnings are forecast to decline by 26% in the next 2 years. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Dec 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to UK£13.30. The fair value is estimated to be UK£16.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to decline by 6.0% in 2 years. Earnings are forecast to decline by 21% in the next 2 years. Buy Or Sell Opportunity • Dec 08
Now 21% undervalued Over the last 90 days, the stock has risen 8.1% to UK£13.30. The fair value is estimated to be UK£16.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to decline by 6.0% in 2 years. Earnings are forecast to decline by 21% in the next 2 years. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Oct 16
Anglo-Eastern Plantations Plc (LSE:AEP) agreed to acquire PT Jaya Jadi Utama from CB Industrial Product Holding Berhad (KLSE:CBIP) for approximately IDR 150 billion. Anglo-Eastern Plantations Plc (LSE:AEP) agreed to acquire PT Jaya Jadi Utama from CB Industrial Product Holding Berhad (KLSE:CBIP) for approximately IDR 150 billion on October 14, 2025. A cash consideration of IDR 150 billion will be paid by Anglo-Eastern Plantations Plc. The transaction will be financed through existing cash resources.
The transaction is subject to consummation of due diligence investigation. The deal is subject to completion of conditional subscription agreement to acquire Admiral Potential Sdn. Bhd. from CB Industrial Product Holding Berhad and Admiral Potential Sdn. Bhd acquiring remaining 94% in PT Jaya Jadi Utama not owned by it.
PT Jaya Jadi Utama reported net liabilities of IDR 10 billion as on December 31, 2024.PT Jaya Jadi Utama reported net loss of IDR 13 billion for period ending December 31, 2024. IDR Cavendish Capital Markets Limited led by Matt Goode acted as financial advisor for Anglo-Eastern Plantations Plc. The deal is expected to be completed by fourth quarter of 2025. Upcoming Dividend • Oct 09
Upcoming dividend of US$0.37 per share Eligible shareholders must have bought the stock before 16 October 2025. Payment date: 07 November 2025. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (5.4%). Lower than average of industry peers (3.8%). Announcement • Sep 27
Anglo-Eastern Plantations plc Declares Interim Dividend for 2025, Payable on November 7, 2025 Anglo-Eastern Plantations Plc declare an interim dividend of 37.3 cents per ordinary share (the "Interim Dividend") (2024 interim dividend: nil). The Interim Dividend represents approximately 30% of the unaudited net profit after tax attributable to the shareholders for the six-month period ended 30 June 2025. The relevant dates in respect of the Interim Dividend are as follows: · Ex-Dividend Date: 16 October 2025, Record Date: 17 October 2025, Payment Date: 7 November 2025. Announcement • Aug 19
Anglo-Eastern Plantations Plc (LSE:AEP) commences an Equity Buyback Plan for 3,963,637 shares, representing 9.91% of its issued share capital, under the authorization approved on June 23, 2025. Anglo-Eastern Plantations Plc (LSE:AEP) commences share repurchases on August 11, 2025, under the program mandated by the shareholders in the Annual General Meeting held on June 23, 2025. As per the mandate, the company is authorized to repurchase up to 3,963,637 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash, or used to meet the company’s obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company or June 30, 2026. As of May 19, 2025, the company had 39,976,272 ordinary shares in issue and 581,850 ordinary shares in treasury. Reported Earnings • Aug 14
First half 2025 earnings released: EPS: US$1.23 (vs US$0.70 in 1H 2024) First half 2025 results: EPS: US$1.23 (up from US$0.70 in 1H 2024). Revenue: US$230.5m (up 39% from 1H 2024). Net income: US$48.7m (up 75% from 1H 2024). Profit margin: 21% (up from 17% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to UK£10.65, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 19x in the Food industry in the United Kingdom. Total returns to shareholders of 31% over the past three years. Board Change • Aug 01
High number of new directors Independent Non-Executive Director Kien Onn was the last director to join the board, commencing their role in 2025. Announcement • Jul 31
Anglo-Eastern Plantations plc Appoints Onn Kien Hoe to the Board, as an Independent Non-Executive Director, Member of the Audit and Risk Management Committee, Nomination Committee and Remuneration Committee, Effective August 1, 2025 Anglo-Eastern Plantations Plc announced the appointment of Mr. Onn Kien Hoe to the Board, as an Independent Non-Executive Director, with effect from August 1, 2025. Mr. Onn, aged 60, is a Malaysian citizen and a fellow member of the Association of Chartered Certified Accountants (UK), Malaysian Institute of Accountants, Malaysian Institute of Certified Public Accountants, Kampuchea Institute of Certified Public Accountants and Auditors, ASEAN Chartered Professional Accountants Coordinating Committee and a registered partner with the Audit Oversight Board of Malaysia. Mr. Onn is the Head of Corporate Advisory Division of Crowe Malaysia PLT, where he is responsible for the corporate advisory and insolvency services. In addition, he is also a Director in Crowe (KH) Co. Ltd, where he is responsible for the operations of Crowe in Cambodia. Upon joining the Board of AEP, Mr. Onn will be appointed a member of the Audit and Risk Management Committee, Nomination Committee and Remuneration Committee. The publicly quoted companies of which Mr. Onn has been a director in the past five years are: Current Directorships: Zurich Life Insurance Malaysia Berhad and Sern Kou Resources Berhad. Previous Directorships: Zurich General Takaful Malaysia Berhad, Zurich Takaful Malaysia Berhad, Avillion Berhad and MAA Group Berhad. Announcement • Jun 24
Anglo-Eastern Plantations plc Approves Final Dividend for the Year Ended December 31, 2024, Payable on 18 July 2025 At the Annual General Meeting of Anglo-Eastern Plantations Plc held on 23 June 2025, shareholders approved the payment of a final dividend of 51.0 cents per share in respect of the year ended 31 December 2024. The company announced that shareholders who have elected to receive their dividend in Pound Sterling will receive 37.8760 pence per share which will be paid on 18 July 2025. Calculation of the Pound Sterling equivalent of this dividend is based on the exchange rate of GBP 1=USD 1.3465. This has been determined using the exchange rate at the close of business on the dividend record date, being 20 June 2025. Buy Or Sell Opportunity • Jun 05
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to UK£8.20. The fair value is estimated to be UK£6.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.7% over the last 3 years. Earnings per share has declined by 26%. Reported Earnings • Jun 03
Full year 2024 earnings released: EPS: US$1.71 (vs US$1.18 in FY 2023) Full year 2024 results: EPS: US$1.71 (up from US$1.18 in FY 2023). Revenue: US$372.3m (flat on FY 2023). Net income: US$67.5m (up 45% from FY 2023). Profit margin: 18% (up from 13% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Jun 02
Anglo-Eastern Plantations Plc, Annual General Meeting, Jun 23, 2025 Anglo-Eastern Plantations Plc, Annual General Meeting, Jun 23, 2025. Location: the offices of uhy hacker young llp, quadrant house, 6th floor, 4 thomas more square, e1w 1yw, london United Kingdom Announcement • May 22
Anglo-Eastern Plantations Plc to Report Fiscal Year 2024 Results on May 30, 2025 Anglo-Eastern Plantations Plc announced that they will report fiscal year 2024 results at 4:30 PM, GMT Standard Time on May 30, 2025 Declared Dividend • May 03
Dividend of US$0.51 announced Shareholders will receive a dividend of US$0.51. Ex-date: 19th June 2025 Payment date: 18th July 2025 Dividend yield will be 6.7%, which is higher than the industry average of 2.4%. Sustainability & Growth The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 25
Anglo-Eastern Plantations Plc (LSE:AEP) commences an Equity Buyback Plan for 3,963,637 shares, representing 9.91% of its issued share capital, under the authorization approved on June 24, 2024. Anglo-Eastern Plantations Plc (LSE:AEP) commences share repurchases on March 21, 2025, under the program mandated by the shareholders in the Annual General Meeting held on June 24, 2024. As per the mandate, the company is authorized to repurchase up to 3,963,637 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash, or used to meet the company’s obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company or June 30, 2025. As of May 14, 2024, the company had 39,976,272 ordinary shares in issue and 462,942 ordinary shares in treasury.
On March 20, 2025, the company announced a share repurchase program. Under the program, the company will repurchase up to £5 million worth of its shares. The company has entered into an irrevocable commitment with Panmure Liberum Limited to manage the Program from today. New Risk • Mar 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jan 02
Anglo-Eastern Plantations Plc Announces Directorate Change Anglo-Eastern Plantations Plc announced that Dato' John Lim Ewe Chuan, Executive Director of the Company, retired on 31 December 2024. His position has been assumed by Mr. Marcus Chan whose appointment was announced on 24 September 2024. Dato' Lim has been a valuable member of the board since April 2008. Following the above changes, the Board will comprise: Jonathan Law Ngee Song, Non-Executive Chairman; Marcus Chan Jau Chwen, Executive Director (Corporate Affairs); Michael Henry Stainer, Independent Non-Executive Director; Farah Suhanah Tun Ahmad Sarji, Senior Independent Non-Executive Director. Announcement • Sep 25
Anglo-Eastern Plantations Plc Promotes Kevin Wong Tack Wee to Group Chief Executive Officer, Effective October 1, 2024 Anglo-Eastern Plantations Plc announced the promotion of Mr. Kevin Wong Tack Wee to Group Chief Executive Officer, effective 1 October 2024. Mr. Wong joined the Group as Deputy Group Chief Operating Officer in January 2024, where he has driven operational excellence across the business. Mr. Wong brings extensive experience in plantation management and finance, having previously held senior leadership positions at Acapalm Plantation Services as Managing Director and IOI Corporation as Group Chief Financial Officer. His leadership across various businesses in the region focused on driving strategic growth, efficient operations, and providing financial guidance, positioning him well to steer the Group into its next stage of development. Announcement • Sep 24
Anglo-Eastern Plantations plc Announces Executives Changes Anglo-Eastern Plantations Plc announced that Mr. Marcus Chan, currently a Non-Independent Non-Executive Director of the Group since 2022, has been appointed as Executive Director (Corporate Affairs), effective 1 October 2024. In this role, Mr. Chan will oversee the Group's business transformation and lead its Environmental, Social, and Governance (ESG) initiatives. He will also continue to be responsible for corporate governance and stakeholder engagement, playing a key role in influencing the Group's strategic direction. Mr. Chan will succeed Dato' John Lim Ewe Chuan, who will retire on 31 December 2024 after many years of dedicated service to the Group. Mr. Chan holds a Bachelor of Commerce from the University of Melbourne and an MBA from the China Europe International Business School (CEIBS). With a background in audit, corporate advisory, and extensive experience in family and associated businesses, Mr. Chan has been pivotal in enhancing governance frameworks and contributing to business development strategies as a member of the Group's Nomination & Corporate Governance Committee. Following the above changes, the Board will be comprised of: Jonathan Law Ngee Song, Non-Executive Chairman, Dato' John Lim Ewe Chuan, Executive Director, Marcus Chan Jau Chwen, Executive Director (Corporate Affairs), Michael Henry Stainer, Independent Non-Executive Director and Farah Suhanah Tun Ahmad Sarji, Independent Non-Executive Director. The directors are part of the committees below: Audit Committee: Michael Henry Stainer (Chair) and Farah Suhanah Tun Ahmad Sarji (member). Remuneration Committee: Farah Suhanah Tun Ahmad Sarji (Chair) and Michael Henry Stainer (member). Nomination and Corporate Governance Committee: Farah Suhanah Tun Ahmad Sarji (Chair), Michael Henry Stainer (member) and Marcus Chan Jau Chwen (member). ESG Committee: Marcus Chan Jau Chwen (Chair) and Farah Suhanah Tun Ahmad Sarji (member). Executive Committee: Jonathan Law Ngee Song (Chair), Dato' John Lim Ewe Chuan (member) and Marcus Chan Jau Chwen (member). Reported Earnings • Aug 26
First half 2024 earnings released: EPS: US$0.71 (vs US$0.52 in 1H 2023) First half 2024 results: EPS: US$0.71 (up from US$0.52 in 1H 2023). Revenue: US$166.7m (down 3.9% from 1H 2023). Net income: US$27.9m (up 36% from 1H 2023). Profit margin: 17% (up from 12% in 1H 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 13
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to UK£6.42. The fair value is estimated to be UK£5.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years, while earnings per share has been flat. Board Change • Jul 12
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Michael Stainer was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 25
Anglo-Eastern Plantations Plc Approves Final Dividend for the Year Ended 31 December 2023, Payable on 12 July 2024 Anglo-Eastern Plantations Plc announced that at the Annual General Meeting held on 24 June 2024, shareholders approved the payment of a final dividend of 15.0 cents per share in respect of the year ended 31 December 2023. The Company announced that shareholders who have elected to receive their dividend in Pound Sterling will receive 11.8418 pence per share which will be paid on 12 July 2024. Calculation of the Pound Sterling equivalent of this dividend is based on the exchange rate of GBP1=USD 1.2667. This has been determined using the exchange rate at the close of business on the dividend record date, being 14 June 2024. Upcoming Dividend • Jun 06
Upcoming dividend of UK£0.12 per share Eligible shareholders must have bought the stock before 13 June 2024. Payment date: 12 July 2024. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.6%). Higher than average of industry peers (2.1%). Declared Dividend • May 02
Final dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 13th June 2024 Payment date: 12th July 2024 Dividend yield will be 3.8%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 33% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 01
Anglo-Eastern Plantations Plc Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 12 July 2024 Anglo-Eastern Plantations Plc has proposed a final dividend of 15.0 cents per ordinary share for the year ended 31 December 2023 against 25.0 cents per ordinary share paid a year ago. Subject to the approval by shareholders at the AGM, the final dividend will be paid on 12 July 2024 to those shareholders on the register on 14 June 2024. Announcement • Apr 30
Anglo-Eastern Plantations plc Appoints Michael Henry Stainer as Independent Non-Executive Director, with Effect from 1 May 2024 Anglo-Eastern Plantations Plc announced the appointment of Mr. Michael Henry Stainer to the Board, as an Independent Non-Executive Director, with effect from 1 May 2024. Mr. Stainer, aged 63, is a British citizen and a qualified accountant and a qualified corporate treasurer. He has some 30 years of experience working in private and listed companies holding a range of finance positions across companies in the property, mining, technology, food and public utilities industries. From 1992 to 2002, he was the Group Treasurer and a director of the non-regulated subsidiaries of Bristol Water Holdings Plc. Going forward, Mr. Stainer will be a member of the Group's Audit Committee, the Remuneration Committee and the Nomination and Corporate Governance Committee. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: US$1.22 (vs US$2.16 in FY 2022) Full year 2023 results: EPS: US$1.22 (down from US$2.16 in FY 2022). Revenue: US$371.0m (down 17% from FY 2022). Net income: US$48.2m (down 44% from FY 2022). Profit margin: 13% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 3% per year. Buy Or Sell Opportunity • Apr 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to UK£7.06. The fair value is estimated to be UK£5.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 25%. Buy Or Sell Opportunity • Mar 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.9% to UK£6.96. The fair value is estimated to be UK£5.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 25%. New Risk • Mar 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (13% net profit margin). Announcement • Sep 01
Anglo-Eastern Plantations Plc (LSE:AEP) commences an Equity Buyback Plan for 3,963,637 shares, representing 10% of its issued share capital, under the authorization approved on June 16, 2023. Anglo-Eastern Plantations Plc (LSE:AEP) commences share repurchases on August 31, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 16, 2023. As per the mandate, the company is authorized to repurchase up to 3,963,637 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash, or used to meet the company’s obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company or June 30, 2024. As of May 12, 2023, the company had 39,976,272 ordinary shares in issue and 339,900 ordinary shares in treasury.
On August 24, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 396,360 ordinary shares, representing approximately 1% of the Ordinary Shares in issue, for £3.2 million. The company has entered into an irrevocable commitment with Panmure Gordon (UK) Limited ("Panmure Gordon") to manage the Program from August 25, 2023. Upcoming Dividend • Aug 31
Upcoming dividend of US$0.15 per share at 3.2% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 06 October 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (6.3%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 25
First half 2023 earnings released: EPS: US$0.52 (vs US$1.45 in 1H 2022) First half 2023 results: EPS: US$0.52 (down from US$1.45 in 1H 2022). Revenue: US$173.4m (down 30% from 1H 2022). Net income: US$20.5m (down 64% from 1H 2022). Profit margin: 12% (down from 23% in 1H 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Aug 25
Anglo-Eastern Plantations plc Announces Interim Dividend for the Year Ending 31 December 2023, Payable on 6 October 2023 Anglo-Eastern Plantations Plc announced interim dividend of 15.0 cents per share for the year ending 31 December 2023 (2022: nil). The interim dividend will be paid on 6 October 2023 to those shareholders on the register on 8 September 2023. Announcement • Jul 13
Anglo-Eastern Plantations Plc (LSE:AEP) acquired remaining stake in PT United Kingdom Indonesia Plantations/PT Mitra Puding Mas from PT Canadianty Corporindo for $25.2 million. Anglo-Eastern Plantations Plc (LSE:AEP) acquired remaining stake in PT United Kingdom Indonesia Plantations/PT Mitra Puding Mas from PT Canadianty Corporindo for $25.2 million on July 25, 2023. The transaction comprises of the 25% of the issued share capital of PT United Kingdom Indonesia Plantations and the 10% of the issued share capital of PT Mitra Puding Mas. For the period ending December 31, 2022, PT United Kingdom Indonesia reported gross assets of $58.5 million while PT Mitra Puding reported gross assets of $164.5 million. The Company now wholly-owns both the Ukindo and MPM subsidiaries. Anglo-Eastern expects the minority interest acquisitions to enhance future earnings as it reduces non-controlling interests in these "profitable" companies.Anglo-Eastern Plantations Plc (LSE:AEP) completed the acquisition of remaining stake in PT United Kingdom Indonesia Plantations/PT Mitra Puding Mas from PT Canadianty Corporindo on July 12, 2023. Announcement • Jun 17
Anglo-Eastern Plantations plc Approves the Payment of Final Dividend for the Year Ended 31 December 2022, Payable 7 July 2023 Anglo-Eastern Plantations Plc held on 16 June 2023, shareholders approved the payment of a final dividend of 25.0 cents per share in respect of the year ended 31 December 2022. The Company announces that shareholders who have elected to receive their dividend in Pound Sterling will receive 20.0240 pence per share which will be paid on 7 July 2023. Upcoming Dividend • May 25
Upcoming dividend of US$0.25 per share at 2.4% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 07 July 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (2.6%). Announcement • May 17
Anglo-Eastern Plantations Plc, Annual General Meeting, Jun 16, 2023 Anglo-Eastern Plantations Plc, Annual General Meeting, Jun 16, 2023, at 10:00 Coordinated Universal Time. Location: at the offices of UHY Hacker Young LLP, Quadrant House Floor 6, 4 Thomas More Square London United Kingdom Reported Earnings • Apr 21
Full year 2022 earnings released: EPS: US$2.16 (vs US$2.44 in FY 2021) Full year 2022 results: EPS: US$2.16 (down from US$2.44 in FY 2021). Revenue: US$447.6m (up 3.3% from FY 2021). Net income: US$85.5m (down 12% from FY 2021). Profit margin: 19% (down from 22% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Farah Binti Ahmad Sarji was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 25
First half 2022 earnings released: EPS: US$1.45 (vs US$0.97 in 1H 2021) First half 2022 results: EPS: US$1.45 (up from US$0.97 in 1H 2021). Revenue: US$249.2m (up 24% from 1H 2021). Net income: US$57.4m (up 50% from 1H 2021). Profit margin: 23% (up from 19% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 02
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 2.0% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (4.9%). Lower than average of industry peers (2.7%). Reported Earnings • May 01
Full year 2021 earnings released: EPS: US$2.44 (vs US$0.80 in FY 2020) Full year 2021 results: EPS: US$2.44 (up from US$0.80 in FY 2020). Revenue: US$433.4m (up 61% from FY 2020). Net income: US$96.8m (up 204% from FY 2020). Profit margin: 22% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Senior Independent Non-Executive Director Tian Lim was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 28
First half 2021 earnings released: EPS US$0.97 (vs US$0.26 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$201.1m (up 63% from 1H 2020). Net income: US$38.4m (up 267% from 1H 2020). Profit margin: 19% (up from 8.5% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 05
Full year 2020 earnings released: EPS US$0.80 (vs US$0.41 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$269.1m (up 23% from FY 2019). Net income: US$31.8m (up 98% from FY 2019). Profit margin: 12% (up from 7.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Upcoming Dividend • Jun 03
Upcoming dividend of US$0.01 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 16 July 2021. Trailing yield: 0.1%. Lower than top quartile of British dividend payers (4.0%). Lower than average of industry peers (1.7%). Reported Earnings • May 14
Full year 2020 earnings released: EPS US$0.80 (vs US$0.41 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$269.1m (up 23% from FY 2019). Net income: US$31.8m (up 98% from FY 2019). Profit margin: 12% (up from 7.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 5% per year. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 15% share price gain to US$6.52, the stock is trading at a trailing P/E ratio of 12.3x, up from the previous P/E ratio of 10.7x. This compares to an average P/E of 12x in the Food industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 16%. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 20% share price gain to US$6.14, the stock is trading at a trailing P/E ratio of 11.5x, up from the previous P/E ratio of 9.6x. This compares to an average P/E of 12x in the Food industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 17%. Is New 90 Day High Low • Nov 05
New 90-day low: UK£4.68 The company is down 4.0% from its price of UK£4.89 on 06 August 2020. The British market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 6.0% over the same period.