Research

Our research reports provide comprehensive, up-to-date
information and analysis on the Cambodian economy in regional
and global context, selected industries, and the equity market in Cambodia.

Equity Report

PPAP's 4Q19 review: Net profit surges 42.7% YoY on strong revenue growth

Pre-tax profit came to KHR15.54bn in 4Q19, an increase of 58.7% YoY. Despite the expired tax incentive, which the listed company had enjoyed for three years from 2016 to 2018, net profit growth remained remarkable at 42.7% YoY. In 2019, PPAP recorded the highest annual net income of KHR47.82bn.

Pre-tax profit came to KHR15.5...

March 31, 2020

Equity Report

PPWSA's 3Q19 review: Operating profit surges 57% YoY in 3Q19, 17% YoY in first nine months

Total number of water subscriptions has maintained a steady growth, increasing by 6,391 in 3Q19 to 386,661 at the end of September. Subscription by commercial and industrial clients saw the highest quarterly increase in the last five quarters, rising by 1,000 to 60,804 (15.7% of total). Subscriptions by households reached 319,372 (82.6% of total), or 5,395 more compared to the end of 3Q18...

Total number of water subscrip...

November 21, 2019

Equity Report

PPAP's 3Q19 review: Net profit rises 47.1% YoY in first nine months despite 8.6% YoY drop in 3Q19

Container throughputs handled by PPAP in 3Q19 hit an all-time high of 92,494 TEUs, surging 44.4% compared to 3Q18, the highest YoY growth for quarterly throughputs the port has achieved since 2011. Container shipments during the period rose 27.5% YoY to 635,409 tons...

Container throughputs handled ...

November 19, 2019

Equity Report

PPWSA's 1H19 review: net profit falls on forex loss & rising income tax expense

The total number of water subscriptions rose solidly by 3.6% over the first half of 2019, reaching 380,270 at the end of June. Subscription by households saw the biggest increase, rising 12,143 to 313,977, while commercial and industrial clients was up 1,015 to 59,804. Other type of subscriptions—including public institutions & autonomous state authorities, ...

The total number of water subs...

August 30, 2019

Equity Report

PPAP's 1H19 review: Net profit more than doubles as container throughputs reach record high

In 2Q19, container throughputs came to 60,875 TEUs, the largest throughputs PPAP has ever handled during a second quarter. The 24.5% YoY growth was mainly driven by 45% YoY jump in imports of construction materials, 22% YoY increase in exports of garment & textile products and 30% YoY surge in rice exports...

In 2Q19, container throughputs...

August 30, 2019

Equity Report

PPWSA's 2018 review: bottom line more than doubles

The total number of water subscriptions reached 367,032 at the end of 2018, an increase of 10.1% compared to the end of 2017.This is the highest client growth the company has achieved in over a decade. The remarkable annual increase by 33,744 subscribers—of which 30,517 are household clients (+11.2% YoY), and 2,898 are commercial & industrial clients (+5.2% YoY)...

The total number of water subs...

May 29, 2019

Equity Report

PPAP's 3Q18 review: Net profit jumps 60% YoY on deferred tax income

• Container throughputs handled by PPAP in 3Q18 increased 7.6% YoY (+30% QoQ) to 64,039 TEUs, seeing a single-digit YoY growth for the first time in the last seven quarters. Total container cargoes volume dropped 3.7% YoY (+24.9% QoQ), as container cargoes for imports fell 6.1% compared to the same period last year...

• Container throughputs hand...

December 7, 2018

Equity Report

PPWSA's 1H18 review: Operating profit margin narrows as expenses on salaries & electricity surge

Total water subscription reached 355,090 at the end of June, up almost 5% from the end of 1Q18. The increase of 16,798 subscribers during 2Q18 is the biggest quarterly growth since...

Total water subscription reach...

September 28, 2018

Equity Report

PPAP's 4Q17 review: net profit jumps 60% YoY in 4Q17; 30% YoY in 2017

• Container throughputs handled by PPAP during the fourth quarter came to 45,493 TEUs, up 23.3%, with container cargo volume rising 13.0% compared to the same period in 2016. Meanwhile, general and oil cargo volumes surged 28.0% YoY and 12.1% YoY to 105,282 tonnes and 182,043 tonnes, respectively...

• Container throughputs hand...

February 27, 2018

Equity Report

PPWSA's 4Q17 review: net profit plunges on forex loss

• Water subscription continued to see stable increase in 4Q17 with 5,900 additional subscribers during the period. The total number of subscribers reached 333,288 at the end of 2017, a 7.22% growth compared to the end of 2016...

• Water subscription continu...

February 27, 2018