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Here’s a data-driven summary to help you understand Scientex Berhad’s land bank, valuation vs share price, and investment potential — especially focusing on Johor and other states, the estimated value of its land bank, and key financial indicators affecting fair value.
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? 1) Scientex’s Land Bank – Size & Locations
Total Land Bank (Latest)
• Scientex’s total land bank ≈ 11,034 acres as of FY2025.
• Estimated Gross Development Value (GDV) ≈ RM50–53 billion from this entire land bank. 
Breakdown by Region
Johor
• Johor land bank ~ 4,860 acres (significant focus area).
• Management has developed ~2,350 acres so far, with the rest for future launches. 
Other States
Scientex has land holdings also in:
• Melaka
• Selangor
• Penang
• Negeri Sembilan
• Perak
• Kedah
These collectively make up the balance of the ~11,000-acre portfolio. 
Example Recent Acquisitions
• ~213.6 ha (≈528 acres) in Paya Rumput, Melaka valued at ~RM333.8 m. 
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? 2) Estimated Worth of Land Bank
RM50+ Billion GDV
Analysts estimate the land bank’s gross development value (GDV) at more than RM50 billion — this means the total potential sales value of all future developments based on current land and planned product mix. 
GDV is not the same as asset value on BS — GDV is potential revenue from property projects, not net asset.
Approximate “Fair Value” Contribution
A rough way to estimate net land value to shareholders:
• GDV (RM50 b) × typical net margin for property developers (~20–30%)
→ Equivalent net profit potential ~RM10b–15b over development cycle.
• If fully realised and discounted to present value (say at risk-adjusted 10–12% yield), this could imply RNAV (revalued net asset value) net of costs well above current book values — many analysts use a discount to GDV to estimate NAV. Despite that, brokers often price this conservatively.
Analyst valuations using sum-of-parts (SOP) often give a target price above RM4.00–5.00/share, implying stronger implied land value than current market pricing. 
Important: GDV doesn’t immediately accrue to profit — sales are recognised over many years as projects launch and complete.
