We release new FY24 and FY25 forecasts, post the completion of the two packages of land in East Kalimantan on 27 November. Their impact is marginally earnings negative in FY24E with the acquisition benefits flowing from FY26E and we expect FCF and profits to accelerate over the next five years, at least driven by scale benefits and better management of the maturing plantations. Finally, we believe the land value will rise steadily in-line with yield improvements. We have increased our mill gate ....
