Simplify's take
What believers are saying
- 9M26 net profit rose 16% to RM2.32 billion despite lower revenue.
- Upstream PBIT jumped 48% in 3Q26, helped by higher yields and prices.
- Fourth-quarter catalysts include RM253 million Seberang Perai, RM89 million Port Dickson, and RM241 million acquisition compensation.
What critics are saying
- El Niño conditions threaten plantation yields and palm oil supply into 2027.
- Downstream margins weakened in 3Q26, and joint-venture losses hit 2026 profits.
- Land-sale gains are lumpy; missing Seberang Perai or Port Dickson closings trims earnings.
What makes SD Guthrie unique
- SD Guthrie combines plantations, land monetisation, and industrial development across Malaysia and Indonesia.
- Its industrial development unit logged RM770 million pretax profit in 9M26, diversifying earnings.
- Management is building a global agribusiness platform, not just a palm-oil producer.
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