We assess SOP’s overall ESG risk factors to be medium as its ESG credentials appear to be relatively good, with transparent and detailed sustainability disclosures. Its geographical exposure to just Sarawak also helps limit SOP’s ESG risks relative to peers. Maintain BUY with unchanged TP of MYR5.60 on 13x FY22 PER peg, its 5Y mean. With net gearing at just 3% (end Sept 21), 8x FY22E PER and an unadjusted EV/ha of MYR25,000 (below replacement cost), SOP is undervalued.