Broker Name: Maybank Investment Bank Berhad
Date of Report: December 3, 2025
Excerpt from Maybank Investment Bank Berhad report.
Report Summary
- SD Guthrie (SDG) is increasing its equity stake in Eco Business Park 8 (EBP8), located in the Johor-Singapore Special Economic Zone (JS-SEZ), from 25% to 45%, anticipating a greater share of future development profits.
- The disposal gain for SDG from the Kulai land will be lower in FY26 (MYR364m) versus earlier estimates, with the remaining profits deferred, as the project is developed over a 10-year period with a preliminary gross development value of MYR3.75 billion.
- Maybank maintains a BUY rating on SD Guthrie with an unchanged target price of MYR5.75, supported by its large oil palm plantation business, diversified geographical reach, and potential from monetizing strategic landbanks and new ventures in industrial parks and renewable energy.
- SDG continues to show strong financial metrics with consistent free cash flow, reduced gearing, and stable dividend yields, despite sector challenges and variable palm oil prices.
Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website: https://www.maybank.com/investment-banking
