CFA Institute Research Challenge Season 1 (2018-19): Presentation
Date
2019-01-21
Journal Title
Journal ISSN
Volume Title
Publisher
CamEd Business School
Abstract
Description
We issue a HOLD recommendation on PPAP with a target price of KHR 6,760 (USD 1.69), which represents a 4.97% upside potential from the closing price of KHR 6,440 (USD 1.61) as of November 30th, 2018. Our valuation is based on a 70%/30% combination of Discounted Cash Flow (DCF) and Comparable Company Analysis (CCA). We regard our recommendation to 3 major key factors: a) slower revenue growth outlook, b) high barrier to entry, but moderate financial performance compared to the peer group, and c) high equity risk in Cambodia. ...