Not sure if anyone realised this:
Wilmar carrying value in PPB is RM21.2m. Now Wilmar's market cap is 18.83m SGD, PPB share is ~RM12m.

Wilmar's earnings is RM5m last year. So proportionate to PPB share is RM1m. Last year PPB can still justify to auditors, with low enough discount rate and high enough growth rate. Not sure if this year still able to do the same without impairment.

The exposure for impairment on Wilmar carrying value can be as high as RM9 bil. Just saying so that you are aware of this if you are trying to scoop up PPB share at "low price" now.