CFA Institute Research Challenge Season 7 (2024-25): Report
Date
2025-02-20
Journal Title
Journal ISSN
Volume Title
Publisher
Cambodia Community of Investment Professionals
Abstract
Description
For Phnom Penh Autonomous Port (PPAP), we propose a HOLD recommendation based on a 12-month target price of KHR 14,150 implying a 2% upside to the closing price of KHR 13,860 as of January 29, 2025. Our valuation uses the discounted cash flow (DCF) model to determine the intrinsic value of PPAP based on Free Cash Flow To Equity (FCFE). While PPAP has shown impressive recovery from its 2023 slump and will continue to have increasing cash flows from its monopoly on river trade, we recognized several inherent weaknesses that can negatively affect PPAP's future growth prospects such as: ...