Johor Plantations (BUY Maintained, TP: RM1.72) Benefiting from high RSPO premium

AmBank Research Maintains BUY for Johor Plantations, with a higher TP of RM3.00/share (post-full warrant conversion, +36% upside) from RM2.40/share previously as we raise our infra optionality by 15%, driven by two key developments

i) the Vietnam port acquisition, a critical node in southern offshore wind energy transition corridor and

Johor Plantations BUY Maintained

ii) World Bank – Asian Development Bank (ADB) ASEAN Power Grid Financing Initiative amounting to US$12.5bil (RM53bil), which strengthens project bankability and funding visibility.

Collectively, these events place LFG in a bright spot – its Vietnam port foothold enables participation in APG-linked opportunities, while multilateral financing enhances execution visibility. Backed by a stronger balance sheet (net cash, RM186mil disposal gains YTD), we believe LFG is evolving into ASEAN infra enabler, poised to capture multi-year growth from Vietnam’s accelerating offshore wind investments.