Browsing by Author "Varabott Ho"

Now showing 1 - 7 of 7

ACLEDA: A New Major IPO In Cambodia
(CamEd Business School, May 30, 2021) Varabott Ho; Chakara Sisowath
The term IPO or Initial Public Offering means the company is “going public”, the non-listed company is going to “sell their stock or share” to the public. The public can be individuals or institutional investors. Acleda has decided to join the Cambodia Securities Exchange1 main listed companies such Phnom Penh Water Supply Authority (PWSA), Grand Twins International (GTI), Phnom Penh Special Economic Zone (PPSP), Phnom Penh Autonomous Port (PPAP) and Sihanoukville Autonomous Port (PAS). It is expected to be listed and traded on the Cambodian local stock exchange (CSX) in May 2020. ACLEDA is one of the leading commercial banks in Cambodia. The strong growth in the Cambodian economy, fueled by favorable demographics and productivity growth will support the bank’s expansion in the medium term. But why is ACLEDA going public? And what would be the valuation of the dominating bank in the country? Nowadays, most of the valuation is based on the “secret” combination of “DCF” Model (Discounted Cash Flow) rather than “Dividend Discount Model” (DDM), and the utilization of the market multiples. Our study is one of the first contributions to the ACLEDA IPO Valuation literature. The authors will discuss and look at various research methodologies and research methods that are commonly used by researchers in the field of valuation. The chapter starts by providing a comprehensive introduction of Acleda Bank. The next section compares and differentiates the two comparative and financial approaches, followed by the last section on the comparative outcome with recommendations. The secondary data sources have been used in this research, and the actual data collection and data analysis method is described along the sections. This real case study research combines grounded theory finance research analysis based on archival data through the Internet, and multiple company visit/roadshows and discussions with the Cambodian licensed underwriters.
Beyond the numbers: The Importance of the Independent Non-Executive Directors in the Corporate Governance
(CamEd Business School, June 30, 2019) Varabott Ho
This paper is based on data and information gathered directly through interviews and information provided by and at ABC group (Real name is not disclosed for confidentiality). It aims at examining two key perspectives from the management by: i) using the international guidelines in terms of corporate governance, how to apply appropriately this framework into the context of Cambodia, and in effective and efficient way, and ii) what would be the current issues and problems and challenges, the organization has to overcome, in order to comply to the local rules. The other goal of the paper to look at how to apply a good governance strategy and understand the role of management in organizational development.
Cost and Benefit Analysis of Renewable Energy Opportunities for Cambodia
(CamEd Business School, December 30, 2020) Varabott Ho
Today, as the global renewable energy use represents about one fourth of the total world energy inputs, the costs and benefits of renewable energy use in electricity generation are more frequently assessed worldwide. This industry has grown almost by 20% in annual average for 5 years, compared to nearly no growth for the fossil fuel related industry. In the meantime in Cambodia, the changes of consumers’ electricity patterns and the growth of supply is but the blackout remains frequent in the dry season, and the tariff remains also high compared to neighboring countries. An explanation to this situation could be found in the lack of the renewable energy potential and its possible integration into the current power system. Definitely, diversification in electricity generation can in the long term reduce the costs and positively impacts the consumers’ electricity prices. As fossil energy has limit, reducing rapidly the energy costs is becoming a major priority for our utilities. Constraints on new search of supply sources, increasing regulations, technologies, growing populations, and climate change all combined will require us to design a new future where higher demands will proportionally match higher energy inputs. The purpose of this paper is to also understand the risks in implementing renewable energy technologies in Cambodia. This research outlines the cost and benefits, but also the financial risk of renewable energy with a focus on solar, wind, hydro, in Cambodia.
Financial Management inthe Context of the Healthcare Sector (Case Study: National Social Security Fund)
(CamEd Business School, June 30, 2018) Varabott Ho
This paper is based on data and information gathered directly through interviews and information provide by and at the NSSF. It aims at examining two key perspectives from the financial management point of view: i) using the fundamental concepts of financial management, how to apply appropriately these principles into the context of NSSF, and in effective and efficient way, and ii) what would be the current issues and problems and challenges, the organization has to overcome. The results show that these challenges should be tackle at every level of the NSSF, from the leaders to the employees. It concerns education, healthcare issues, stakeholders’ concerns, as well as social infrastructure development, as all will take a prominent place in the future challenge for making Cambodia a modern country with an accountable welfare system in place.
Green, Social, and Sustainability Bonds in Cambodia: Status and Prospects in Q1 2024
(CamEd Business School, June 30, 2024) Varabott Ho
The Royal Government of Cambodia (RGC) is deeply committed to combating climate change and fulfilling its obligations under the Paris Agreement and the Sustainable Development Goals (SDGs). As the nation aims at significant climate adaptation and mitigation, financial strategies including Green Bonds are considered pivotal. Despite their potential, only a limited number of bonds have been issued, with none qualifying as Green Bonds, highlighting a major opportunity for growth and impact. The adoption of the Paris Agreement in 2015 marked a global consensus on reducing climate change effects, focusing on low-carbon initiatives such as Green Bonds. These bonds are part of a broader category known as Thematic Bonds, which fund projects with explicit environmental and social benefits. Despite their growing popularity, challenges such as high issuance costs and complex regulatory frameworks are notable, especially in emerging markets like Cambodia.
IPOs in Cambodia - A Research on the First 5 IPOs In Cambodia
(CamEd Business School, June 30, 2017) Varabott Ho
The term initial public offering (IPO) that we study in the class of Foundations in Financial Management (FFM) is not a new thing. It is a common term used in the developed financial markets like New York, London or Paris, to indicate when firms sell their shares to the market for the first time. Nowadays it is more associated to new dotcom or FinTech entrepreneurs in Silicon Valley, who become billionaire on their latest IPO. In the report we will come back to understand what is an IPO? What is it for? How did it work in Cambodia? How did the shares perform? All these questions and more will be developed in this report.
Valuation of Banks in Cambodia Case Study: ACLEDA BANK
(CamEd Business School, June 30, 2016) Varabott Ho
According to the official statistic data by June of 2015 of National Institute of Statistic of Cambodia, Cambodia is expected to have an economic growth 6.9% in 2015 lower than expectation, however, with average GDP growth rates predicted by the IMF at 6.2-7.7% per year for the next three years, Cambodia would be the 2nd fastest growing economy in the region behind only Laos. This economic growth is currently driven by three main sectors: agriculture 28.6%, industry 27.9% and services 43.6%. And the financial services is one of most dynamic drivers. The industry include banking, microfinance, insurance, saving and investment, debt and equity service and, these activities play more important role as for the economic growth by allocating and providing financial resources to the investment needs. Meanwhile as the banking system keep growing stronger, competitiveness becomes more intense, and all the key player has to keep an eye on their market share.