Found the spread sheet and put in the 1st Mar figures. At SGD 43 cents per share:

Debt adjusted price per hectare of planted area:

~ SGD 8,900 or ~MYR 26,000 per hectare; or ~MYR 10,500 per acre.

Calculation: [share*(price/share)-(nonbiological asset)+(total debt)]/(planted area)

Debt adjusted price per hectare of planted area, disregard asset:

~SGD 27,000 or ~ MYR 79,000 per hectare; or ~MYR 32,000 per acre

Calculation: [share*(price/share)+(total debt)]/(planted area)

Assuming USD500/mt CPO, 5.4 MT/hectare: Total planted area would produce a sales of USD 0.1 per share.

At SGD 0.43 per share, the price/sales would 3.19.

The previous price/sales should be 4.8 instead of 6. The mistake was (SGD price/ USD sales).

Based on this, at current SGD 0.43, GAR is selling cheaper vs when I bought at 0.41