Source: Hardman & Co

Two things define Asian Plantations: the ambition of its management & its deep local roots. Despite its listing on the AIM of the London Stock Exchange, and its incorporation in Singapore, this is a Sarawak business. It is in Sarawak that it is located, its largest shareholders are local entities and individuals and the business is deeply connected with the business and political circles of the region. Management's ambition is to grow and being local, the business is able to identify attractive opportunities to acquire land ahead of the pack, hence the speed with which APL has been able to build up an estate of more than 20,000 ha and the firm basis for management's new target of taking the estate to 45,000 ha and more by end 2012. With its first mill expected to come on stream at the end of 2012, with the expectation of more than $5m of revenues in the current year, what was merely a paper plan in 2007 is now a business with an enterprise value of £159m and with a likely market value approaching £300m by 2015 when our model indicates the business will produce its first earnings.

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