NBC reports resilience and progress in Cambodia's banking system
| News Highlights |
Economy and Industry
NBC reports resilience and progress in Cambodia's banking system The National Bank of Cambodia (NBC) has reported that the country's banking system remains resilient and progressive despite global economic challenges. The NBC highlighted the robustness of the banking sector, which has demonstrated high levels of liquidity and capital. The central bank has implemented measures to ensure the stability and soundness of the banking system, supporting economic activities and providing credit to various sectors. These measures include stringent regulatory oversight, effective risk management practices, and the promotion of financial inclusion. The NBC's efforts have contributed to the overall stability of the banking sector, enabling it to withstand external shocks and continue to support the country's economic growth. (Source: Khmer Times)
CCIED improves informal economy onboarding efforts in Battambang The Coordinating Committee on Informal Economy Development (CCIED) has intensified its efforts to onboard informal economy participants in Battambang. The committee, chaired by Minister Hem Vanndy, reviewed progress on key measures and identified gaps in implementation among various ministries and provincial administrations. The focus is on scaling up registrations and ensuring that registered participants receive associated benefits, such as taxation, skill development, financial services, and social protection. The CCIED organized a campaign in Phnom Penh, engaging 1,500 informal workers, and plans similar campaigns in Battambang and other provinces. The committee is developing a monitoring and evaluation system to track key indicators and ensure accountability. (Source: Khmer Times)
MAFF evaluates cashew crop yields in four provinces The Ministry of Agriculture, Forestry, and Fisheries (MAFF) has assessed cashew crop yields in four provinces to understand the current state of cashew production. This evaluation aims to provide accurate data on cashew yields, which will help in planning and improving agricultural practices. The assessment is part of MAFF's broader efforts to support the cashew industry and promote sustainable agriculture in Cambodia. By collecting and analyzing data on cashew crop yields, MAFF aims to identify areas for improvement and implement strategies to enhance the productivity and profitability of cashew farming. The evaluation also aims to address challenges faced by cashew farmers and provide them with the necessary support and resources to improve their yields. (Source: Khmer Times)
Corporate News
SpaceX's Starlink explores investment opportunities in Cambodia SpaceX's Starlink is considering investment opportunities in Cambodia, with plans to expand its satellite internet services in the region. In a recent meeting with Cambodian Prime Minister Hun Manet, SpaceX representatives discussed potential collaborations and the advantages of bringing advanced internet connectivity to the country. The Cambodian government has expressed its support for the initiative, highlighting the potential for technological development and economic growth. This move marks a significant step towards improving internet infrastructure in Cambodia. The introduction of Starlink's satellite internet services is expected to enhance digital connectivity, particularly in remote and underserved areas. (Source: Khmer Times)
Stock Market
CSX index rises 0.49% as PAS and PWSA lead gains The CSX index rose by 0.49%, closing at 411.3 points. On the main board, PAS (+1.37%), PWSA (+0.96%), MJQE (+0.96%), ABC (+0.83%), PEPC (+0.81%), and PPAP (+0.14%) led the gains, while GTI (-0.33%) recorded a loss. GTI, PPSP, and CGSM remained unchanged. On the growth board, DBDE increased by 1.46%, while JSL remained unchanged. The session recorded a total trading volume of 90,418 shares, with a turnover of KHR 454 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 411.29 | 0.49 | 90,418 | 11,031 |
Stock Performance
| Stock | Close (KHR) | 1D chg (%) | MTD chg (%) | YTD chg (%) | 1M high (KHR) | 1M low (KHR) | MTD vol (shr) | Mkt cap (KHR'bn) |
| PWSA | 6,300 | 0.96 | 0.00 | -0.94 | 6,320 | 6,240 | 68,896 | 548 |
| GTI | 6,080 | 0.00 | 13.86 | 19.69 | 6,140 | 5,300 | 89,797 | 243 |
| PPAP | 14,380 | 0.14 | 3.16 | 3.90 | 14,380 | 13,820 | 5,255 | 297 |
| PPSP | 2,160 | 0.00 | 0.00 | -0.46 | 2,170 | 2,140 | 39,180 | 155 |
| PAS | 11,800 | 1.37 | -0.84 | 2.08 | 11,900 | 11,640 | 11,066 | 1,012 |
| ABC | 7,260 | 0.83 | -0.55 | -3.71 | 7,300 | 7,160 | 299,322 | 3,145 |
| PEPC | 2,480 | 0.81 | 5.08 | 3.77 | 2,540 | 2,340 | 7,041 | 186 |
| MJQE | 2,110 | 0.96 | 1.44 | 1.44 | 2,110 | 2,080 | 58,160 | 684 |
| CGSM | 2,430 | 0.00 | -0.41 | 0.00 | 2,450 | 2,420 | 91,429 | 4,761 |
| DBDE | 2,090 | 1.46 | 1.95 | 1.46 | 2,100 | 2,050 | 3,417,187 | 39 |
| JSL | 3,060 | 0.00 | -0.33 | -10.53 | 3,080 | 3,020 | 4,588 | 79 |
| 1D = 1 Day; 1M= 1 Month; MTD = Month-To-Date; YTD = Year-To-Date; Chg = Change; Vol = Volume; shr = share; Mkt cap = Market capitalization | ||||||||
Valuation Ratios
| EPS | BPS* | P/E | P/B | P/S | EV/EBITDA | ||
| ttm,mrq | (ttm,KHR) | KHR | (ttm,x) | (mrq,x) | (ttm,x) | (ttm,x) | |
| PPWSA | 3Q24 | 1,279 | 12,359 | 4.92 | 0.51 | 1.40 | 10.12 |
| GTI | 3Q24 | 91 | 7,114 | 67.18 | 0.85 | 0.71 | 17.85 |
| PPAP | 3Q24 | 2,406 | 21,877 | 5.98 | 0.66 | 1.84 | 3.77 |
| PPSP | 3Q24 | 267 | 3,759 | 8.08 | 0.57 | 2.38 | 4.62 |
| PAS | 3Q24 | 784 | 7,630 | 15.04 | 1.55 | 2.47 | 9.02 |
| ABC | 3Q24 | 1,041 | 13,404 | 6.98 | 0.54 | 0.90 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -144.08 | 4.33 | NA |
| MJQE | 3Q24 | 41 | 290 | 51.03 | 7.26 | 4.23 | 14.68 |
| CGSM | 3Q24 | 137 | 603 | 17.73 | 4.03 | 6.66 | 14.43 |
| JSL | 3Q24 | 3 | 677 | 1123.90 | 4.52 | 3.38 | 25.92 |
| DBDE | 3Q24 | -340 | 1,510 | NA | 1.38 | 0.59 | NA |
| NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *FY ending in June, **excluding non-voting shares | |||||||
| Corporate Bonds |
Trading Summary
| Bond Symbol | Trading Vol (Units) | Trading Val (KHR'mn) | Latest Yield | Credit Rating | Bond Feature | Coupon Rate (%) | Days to Maturity |
| ABC32A | 0 | 0.0 | - - | khAA | Subordinated Bond | 8.50% | 2,524 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 3,186 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,390 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 1,015 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,577 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 44 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | Floating** | 2,785 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating*** | 1,032 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) and Year 6 to Year 10: SOFR+3,75% or 5% per annum (take which one is higher) | 2,859 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | Floating**** | 547 |
| TCT28A ; **7% Annually;***SOFR+3,5% or 5% per annum (take which one is higher);****4.50% Annually | |||||||
| Government Bonds |
Historical Issuance Summary
| 1 Y | 2 Y | 3 Y | 5 Y | 10 Y | |
| Total issuance ('K units) | 204.1 | 312.0 | 85.3 | 10.0 | 0.0 |
| Outstanding (KHR'bn) | 34.0 | 312.0 | 85.3 | 10.0 | 0.0 |
| Issuance ('K units, Latest) | 24.0 | 20.0 | 0.0 | 0.0 | 0.0 |
| Coupon rate (Latest) | 2.80% | 4.00% | 3.80% | 4.75% | 5.25% |
| Successful yield (Latest) | 3.13% | 4.00% | - | - | - |
| Latest bidding | 23-Jan-25 | 29-May-24 | 11-Dec-24 | 45,581 | 45,525 |
| *Total issuance is the accumulated issuance since September 2022; **Outstanding is aggregate principal value of government that remain outstanding; ***Successful yield: mid yields are shown if multiple price auction method was adopted. | |||||
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