Sithsyat VonSoklida ChanGechou KimSeng Heang QuachEk Phearum Tang2026-08-302019-01-21https://cam-ed-oar.com/handle/cam-ed-oar/746We 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. ...en-USPresentation