PT Triputra Agro Persada

YUSUP YANDI - ANALYST

PT Triputra Agro Persada 25 November 2022

 Shareholder Structure and Management

Masyarakat
14%
PT Persada Capital
Investama
Gochean Holdings 23%
Incorporated
11%

Salween Investment PT Triputra Investindo

Pte Ltd
15%
Arya
23%
TP Rachmat Familly Subianto Familly
PT Triputra Investindo Arya
PT Persada Capital Investama Masyarakat < 5%
PT Daya Adicipta PT Daya Adicipta Mustika
Mustika
14%

• Keynote TAPG

1. Perseroan berdiri pada tanggal 24 Januari tahun 2005, PT Triputra Agro Persada TBK
CPO Rev 86%
dikuasai oleh keluarga TP Rachmat, dimana hamper 37% saham dikuasai oleh beliau.
2. Triputra Agro Persada merupakaan perusahaan kelapa sawit pada bagian sector hulu
saja yaitu CPO dan PK.
3. 86% Revenue Dihasilkan dari segment CPO sedangkan 13% dihasilkan oleh segment
PK, sisanya hanyalah bisnis industry karet.
4. Pemegang Saham nomor 2 merupakan Subanto Familly yang dimana sekarang di
pegang oleh Ibu Arini Subianto. PKO Rev 13%
 General Business Model Mature and Immature Land
170

160
11 9
9
150
151
149 149
140

130

120

110

100

90
2020 2021 2022*

Nucleus Land (000 Ha) Mature Nucleus Land (000 Ha) Immature

TAPG Merupakan Industri Kelapa sawit yang bergerak dibidang hulu Umur Tanaman TAPG Average 12.2 pada 9M 2022.
TAPG Sedang melakukan due diligence di BIO-CNG Plant Total Tanah perusahaan sekitar 160 Ribu Ha terdiri dari Immature dan Mature

Competitor Yield Production TBS 2021 Produksi Tandan Buah Segar (TBS)
6000000 25
22,7
25
20,5 20,3
Yield TBS Perusahaan sekitar 22.7
20,2
5000000
20,7 20
17
20 18,55 19
4000000
14,4
15,2 15,7 Ton/Ha. Hal ini menunjukan TAPG
16,78

14,06 3000000
3008000 memiliki
15
competitive advantage
15 2636000 2646000 2640000
12,9
terhadap
10 produksi TBS at lower
10
2000000
cost, dimana disebabkan oleh umur
1000000
344000
rata-rata
5
tanaman di 12.2 Tahun
302000 279000 303000
5
3,22 2,761 0 0
2,636
1,568 1,976
1,204 2019 2020 2021 2022*

0 Produksi TBS Inti (Ton) Produksi TBS Plasma (Ton)

AALI DSNG TAPG SIMP LSIP SMAR
Yield TBS Inti (Ton/Ha) Yield TBS Plasma (Ton/Ha)
Produksi TBS (Jut a Ton) Yield TBS (T/Ha)
 Factory Utilization of Oil and Kernel TBS
25,00%

E
23,04% 23%
1200 45% 22,10%
4500 21,10%
42%
40% 40% 19,88%

X
39% 4000 20,00% 19,38%
1000 38% 1167
36% 35% 35% 35%
3500 1068
32% 1016 1037
800 30%

600
25%
3000
2500
2598 2608 2619
3003 T 15,00%

R
20%
950 980 2000
400 800 845 15%
1500
10,00%

A
10%
200 1000
5% 6,21%
500 5,70%

C
0 0% 4,97% 4,70% 4,80%
0 5,00% 4,14%
2019 2020 2021 2022*
2019 2020 2021 2022*

T
Mill Capacity (Ton/Hour) Utilization Internal (%) Utilization All (%)
TBS Olah Internal ( '000 Ton) TBS Olah Eksternal ( '000 Ton)
0,00%
Pabrik Pengolahan Kelapa Sawit (PPKS) perusahaan masih memiliki ruang luas Untuk memanfaatkan
I
AALI DSNG TAPG SIMP LSIP SMAR

kapasitasnya. Namun dengan ruang yang masih sangat luas Mengapa manajemen membeli Mesin Mill Baru 1 OER (%) KER (%)
Unit dengan 30T/hour pada tahun 2022
O
Oil Extraction and Kernel Extraction with the biggest efficiency
Factory Extraction N rate are DSNG and TAPG which holded by same family that is TP
Rachmat. AALI and SIMP has low %Oil Extraction due to non-
23,40% 23,10% 23% 23,10% 25,00% 400000 6,00% rejuvenation on their Mills.
1400000
350000 4,80% 4,80% 4,70%
5%
5,00%
M
I
1200000 20,00%
300000 18
978000 17
1000000 4,00%

800000
846000 841000 850000 15,00% 250000

200000
202000
3,00%
L 14
15

L
174000 175000 174000
600000 10,00%
150000
2,00%
400000
5,00%
100000
1,00%
S
200000 50000

0 0,00% 0 0,00%
2019 2020 2021 2022* 2019 2020 2021 2022*

CPO (Ton) OER Number of Mill

PK (Ton) KER

%OER dan KER Perusahaan sangat optimum, dikarenakan berada diatas rata2 pesaingnya. 2019 2020 2021 2022*
 Revenue Segment ASP Price
CPO PK TBS Karet IDR9.274
TBS Karet
1% 0% IDR8.298
IDR5.362.678
PK IDR7.236
IDR6.703
13% IDR4.705.033

IDR3.841.925
IDR4.424
IDR3.519

CPO
86%

IDR820.928
IDR392.110 IDR493.908
IDR89.092 IDR56.018 IDR75.250 2019 2020 2021
IDR6.021 IDR10.826 IDR19.267
2019 2020 2021 CPO ASP (IDR/Kg) PKO ASP (IDR/Kg)

Revenue Contributed by CPO and PK for 99%. The rest are contributed by TBS and Revenue Contributed by CPO and PK for 99%. The rest are contributed by TBS and
Rubber Segment. Revenue Increase by 2 factor ASP Price and Volume Rubber Segment. Revenue Increase by 2 factor ASP Price and Volume

Volume Sales Low Producer and Low Operator

50%
47%
PT Wilmar Nabati
Indonesia 45%
9%
40%
Others 111421 111644 113456 34% 34%
35% 33%
24%
30%
27% 27%
26%
25%
PT Sinar Alam
PT Sinar Mas Permai 19,70%
20%
Agro 30% 573199 567467 578246 16%
10% 15%
14,34%

10%
PT Kutai Refinery 10%
Nusantara PT Energi Unggul 5,75%
18% Persada 5%
9% 2019 2020 2021
0%
CPO (Ton) PK (Ton) AALI DSNG TAPG SIMP LSIP SMAR

GPM OPM
 Cost Breakdown 9M 2022 SALES
6746
IDR176
IDR529
IDR342 IDR202
IDR548
IDR537
EBT TBS Production IDR285
IDR528
IDR496
IDR293
IDR420
(1444)
30% Cost IDR522
IDR200
22% IDR489 IDR171
IDR169 (1894) 801 2850
IDR1.631
IDR2.313
IDR1.894
(200)
Purchase of FFB
IDR1.277
(420)
28% (537)
Net Finnex
3% SGA (202)
IDR1.543 IDR1.550 IDR1.508 IDR1.444
8% Mills
Manufacture
Cost
Depreciation 2019 2020 2021 2022 9M Sales TBS Production FFB Purchase Mills Manufacture Depreciation SGA Net Finnex Investment Income EBT
3%
6% TB S Production Cost Purchase of FFB Mills Manufacture Cost Depreciation SGA Net Finnex

Levy Export CPO 2022 Full Year Projected Earning

Asume Vol Sales CPO and PK are 572971 T and

EBT TBS Production
30% Cost
112174 T respectively. With CPO ASP Rp 14500/kg
22% and PK Rp 8500/kg

Purchase of FFB
Rev Est FY 2022 is Rp 9,2 Trillion
Net Finnex
28% Earning Est FY 2022 is Rp 3,1 Trillion
3% SGA EPS is 158 / Share
8% Mills
Manufacture Today Cash = Rp 4,43 T
Depreciation
Cost
3%
Future Cash = Rp 3,1 T x 8 = Rp 24,3 T
6% Valuation = Rp 28,73 T
M.Cap = 13 T
MOS = 50%