Sithsyat VonSoklida ChanGechou KimSeng Heang QuachEk Phearum Tang2026-08-302021-03-12https://cam-ed-oar.com/handle/cam-ed-oar/739We 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. All monetary references will be reported in United State Dollars (USD), except for the share price, which will be reported in Khmer Riel (KHR). For the purpose of this analysis, the exchange rate used is KHR 4,000 to USD 1.en-USOther