ACLEDA Securities Plc.

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Company Summary
Inception Year 1956
Industry Classification Port Service
Type of Listed Shares Voting Shares
No. of Listed Shares 85,771,967
Code KH1000060009
Symbol PAS
Listing Date 08-June-2017
No. of Staffs 945 employees
Website www.pas.gov.kh

PAS is a stated-owned public enterprise, established to operate with services including navigational services for vessels call in and out of the port, cargo-handling such as stevedoring, Lift-on Lift-off, cargo transportation, cargo storage and warehousing, and transportation services. Presently, PAS also operates a special economic zone providing land rental for factories, cargo-handling and transportation, as well as securities services in the port and the SEZ.

PAS is the only deep sea port in Cambodia, covering an area of 125ha in Preah Sihanouk Province and is connected with various means of transportation including by land (National Road 3 and 4), by rails (linked to Phnom Penh and Kampot), and by air (linked to Siem Reap and Phnom Penh).

Board of Directors Title
H.E. Lou Kim Chhun Chairman and CEO (Delegation of the Royal Government of Cambodia)
H.E. Tek Reth Samrech Member (Rep. of Council of Ministers)
H.E. Phan Phalla Member (Rep. of Ministry of Economy and Finance)
H.E. Yun Min Member (Rep. of Provincial Hall of Preah Sihanouk Province)
H.E. Suy San Member (Rep. of Ministry of Public Works and Transport)
H.E. Sok Sopheak Member (Rep. of Ministry of Commerce)
Mr. Lou Lykheng Member (Rep. of PAS’s Employee)

Substantial Shareholders

Substantial Shareholder % Shares
Ministry of Economy and Finance 75.00%
Japan International Cooperation Agency 13.50%
FINANSIA SYRUS SECURITIES PUBLIC COMPANY LIMITED 11.45%

Note: Substantial shareholders: shareholders holding ≥5% of listed shares.

Dividend Policy

The BOD of PAS adopted the dividend policy with the minimum guaranteed dividend yield of 5% per annum of the investment amount based on the IPO price for the period of 3 years after being listed at CSX, which is offered to the holders of Class C voting shares only.

After approving the annual closing accounts, the BOD shall allocate the net income available, if any, as follows:

  • Compensation for loss(es) incurred in previous years.
  • After the compensation, the remaining profit, if any, shall be distributed in the following manner:
    • Reward to management and employees
      • If the remaining profit accounts for 5% - 10% of the operating expenses of PAS, the reward shall be equal to the amount of one-month salary;
      • If the remaining profit accounts for 10% - 20% of the operating expenses of PAS, the reward shall be equal to the amount of two-month salary;
      • If the remaining profit accounts for above 20% of the operating expenses of PAS, the reward shall be equal to the amount of three-month salary;
    • 5% of the net profit after deduction of the above-stated reward as Legal Reserve
    • 5% of the net profit after deduction of the above-stated reward as Free Reserve
    • 7% of the net profit after deduction of the above-stated reward as Social Fund, which shall be recorded as expense during the year.
    • Dividend distribution to Class B, and Class C (subject to the BOD's approval)
    • The remaining amount shall be used to create Enterprise Development Fund.

IPO

IPO Information
IPO Price (KHR) 5,040
Par Value (KHR) 1,000
No. of listed shares 85,771,967
No. of issued shares 21,442,992
1st trading date 8-Jun-2017
1st closing price (KHR) 5,100
Underwriter SBI Royal Securities Plc.
Investment Dash Board
Financial Statements (Mil. KHR)
Balance Sheet 2015 2016 2017
Assets 1,027,082.600 1,082,931.65 1,280,510.04
- PPE 934,461.78 993,879.74 1,092,542.41
- Current Asset 83,336.88 80,031.31 174,104.82
- Inventory 4,154.85 6,795.91 8,443.57
- A/R 20,739.43 25,104.57 39,767.39
- Cash 45,229.80 34,651.60 51,081.22
Equity 510,192.54 534,613.01 646,610.55
- Share Cap. 428,859.84 428,859.84 518,018.06
- Retained Earnings 69,087.30 90,783.31 110,950.58
Liabilities 516,890.06 548,318.64 633,899.48
- Current Liability 30,707.10 38,853.52 66,585.35
- A/P 10,898.45 15,713.89 35,888.50
Income Statement
Revenue 198,839.02 208,981.25 227,397.84
Gross Profit - - -
EBIT 52,545.93 54,908.32 60,381.42
Net Income 38,307.46 26,720.47 25,139.31
EPS (KHR) 595.49 415.37 328.40
Cash Flow Statement
Operating Cash Flow 64,751.84 69,015.91 65,105.23
Investing Cash Flow (105,522.67) (81,306.90) (173,222.71)
Financing Cash Flow 49,422.82 1,712.79 124,547.10
Net Cash Flow 8,652.00 (10,578.20) 16,429.62
Valuation
P/E - - 11.72
P/BV - - 1.55
Dividend Yield - - 7.9
Dividend Payout Ratio - - 122.72%
Cash Dividend per share - - 403
Other Key Financial Indicators
ROE 7.79% 5.11% 4.26%
ROA 3.92% 2.53% 1.96%
A/E 2.01 2.03 1.98
Current Ratio 2.71 2.06 2.61
Trading Statistic
Trading Statistic 2015 2016 2017
Market Cap. (Mil KHR) - - 437,437.03
Last Price - - 5,100
Year High - - 5,120
Year Low - - 4,620
Value/day (Mil KHR) - - 5.52
Turnover Ratio - - 1.91%
Annual Report
Latest News
Second quarterly report of PAS in 2019
Sep 19, 2019
Investing in Cambodia's Future. Initial Public Offering of Sihanoukville Autonomous Port
May 17, 2017
Disclosure Document for Initial Public Offering of Equity Securities of Port Autonome de Sihanoukville (PAS)
Apr 25, 2017
Roadshow and Book-building Notice of Sihanoukville Autonomous Port (PAS)
Apr 24, 2017
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