Thanks for the feedback on the issue.
@Megalomaniac, The problem that I see here is that alpha masking was created for saving resources from extra geometry rendering. In this case, the exact opposite is happening.
Let's forget about the pine tree for a moment since it's a quite complex structure by nature. I also did a small experiment using 1 poly with a fence wire masked material and I got the exact same results. Modeling the actual wires performs better compared to masking a single poly...
@TwistedTwigleg that's what I thought in the beginning too, however, there are two ways I can get my fps bk. One is to set the material to unshaded ( obviously) and the other to disable masking.