Cambodia introduces innovation index to spur economic growth
| News Highlights |
Economy and Industry
Cambodia introduces innovation index to spur economic growth Cambodia has launched the Cambodia Enterprise Innovation Index (CEII) to enhance its innovation ecosystem and drive economic growth. The CEII, unveiled at a workshop in Phnom Penh, is a strategic tool developed by the Ministry of Industry, Science, Technology, and Innovation (MISTI) with support from the EU-funded CAPFISH-Capture project. The index aims to evaluate the innovation capabilities of enterprises across the country, focusing on both innovation inputs and outputs. Innovation Minister Hem Vanndy emphasized the importance of innovation in fostering economic growth, enhancing competitiveness, and promoting sustainable development. The CEII Guidelines provide a comprehensive framework for assessing innovation capabilities, informing policymaking, strategic investments, and innovative business practices. (Source: Khmer Times)
Cambodia and US discuss investment opportunities Cambodia and the United States are exploring new avenues for investment collaboration. The Council for the Development of Cambodia (CDC) recently hosted a delegation from California, led by Kim ChaHout, honorary consul of Cambodia to California. The meeting focused on enhancing the business environment and attracting more foreign direct investment (FDI) to Cambodia. Sun Chanthol, the first vice-president of the CDC, emphasized Cambodia's ongoing efforts to improve its economic and political landscape, aiming to achieve the Vision 2050 goal of becoming a high-income nation. The CDC highlighted several advantages for investors, including a strategic geographic location, renewable energy sources, political stability, a favorable macroeconomic environment, and a young workforce ready for digital transformation. (Source: Khmer Times)
Women play a crucial role in Cambodia's garment industry Nearly 80% of garment workers are women representing approximately 700,000 workers, contribute significantly to the garment sector. However, many female workers continue to face substantial challenges, including limited career advancement opportunities, workplace safety concerns, and the need to balance professional responsibilities with family obligations. Heng Sour, Minister of Labour and Vocational Training (MLVT) called on all stakeholders to intensify their efforts in offering opportunities and promoting active female participation in the workforce. He underscored the importance of increasing the number of women in leadership roles at all levels, based on merit, while prioritizing female candidates when qualifications are comparable. (Source: Khmer Times)
Corporate News
Emirates to launch Dubai-Siem Reap route in June Starting June 3, 2025, Emirates will launch three weekly flights from Dubai to Siem Reap, connecting via Bangkok. This expansion marks Emirates' second destination in Cambodia, following Phnom Penh. The new route aims to enhance connectivity for both business and leisure travelers, offering more choices and convenient connections. This move emphasized the airline's commitment to providing unparalleled access to Southeast Asia and the broader East Asia region. Siem Reap, home to the world-famous Angkor Wat, is anticipated to see a surge in tourism with Emirates' entry According to the State Secretariat of Civil Aviation, Cambodia's three international airports accommodated 5.65 million air passengers in 2024, reflecting a 40% increase from 4 million in the previous year. (Source: Khmer Times)
Stock Market
CSX index gains 0.24% as PEPC, ABC lead market upswing The CSX index was up by 0.24%, closing at 413.3 points. On the main board, PEPC (+2.89%), ABC (+0.55%), PPSP (+0.47%), and PAS (+0.34%) posted gains, while no stocks recorded losses. PWSA, GTI, MJQE, and CGSM remained unchanged. On the growth board, DBDE remained unchanged, while JSL rose by 0.33%. The session recorded a total trading volume of 64,776 shares, with a turnover of KHR 378 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 413.26 | 0.24 | 64,776 | 11,084 |
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 | 0.00 | 0.32 | -0.94 | 6,300 | 6,240 | 8,355 | 548 |
| GTI | 6,060 | 0.00 | 0.33 | 19.29 | 6,140 | 5,340 | 9,608 | 242 |
| PPAP | 14,400 | 0.14 | -2.17 | 4.05 | 14,880 | 13,900 | 2,836 | 298 |
| PPSP | 2,160 | 0.47 | 0.47 | -0.46 | 2,170 | 2,140 | 4,799 | 155 |
| PAS | 11,880 | 0.34 | 0.34 | 2.77 | 11,880 | 11,640 | 1,310 | 1,019 |
| ABC | 7,320 | 0.55 | -0.27 | -2.92 | 7,400 | 7,160 | 61,317 | 3,171 |
| PEPC | 2,490 | 2.89 | 2.47 | 4.18 | 2,540 | 2,400 | 140 | 187 |
| MJQE | 2,110 | 0.00 | 0.00 | 1.44 | 2,110 | 2,080 | 11,345 | 684 |
| CGSM | 2,440 | 0.00 | 0.00 | 0.41 | 2,440 | 2,420 | 20,552 | 4,781 |
| DBDE | 2,100 | 0.00 | 0.48 | 1.94 | 2,100 | 2,050 | 4,117 | 39 |
| JSL | 3,060 | 0.33 | 0.33 | -10.53 | 3,080 | 3,040 | 1,029 | 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 | 66.96 | 0.85 | 0.71 | 17.81 |
| 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 | 15.15 | 1.56 | 2.49 | 9.06 |
| ABC | 3Q24 | 1,041 | 13,404 | 7.03 | 0.55 | 0.91 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -144.66 | 4.35 | NA |
| MJQE | 3Q24 | 41 | 290 | 51.03 | 7.26 | 4.23 | 14.68 |
| CGSM | 3Q24 | 137 | 603 | 17.80 | 4.04 | 6.69 | 14.48 |
| JSL | 3Q24 | 3 | 677 | 1123.90 | 4.52 | 3.38 | 25.92 |
| DBDE | 3Q24 | -340 | 1,510 | NA | 1.39 | 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% | 2,516 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 3,178 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,382 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 1,007 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,569 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 36 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,777 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 1,024 |
| 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) | 2,851 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | 539 |
| 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 | 240.0 | 85.3 | 10.0 | 0.0 |
| Issuance ('K units, Latest) | 24.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Coupon rate (Latest) | 2.80% | 3.20% | 3.80% | 4.75% | 5.25% |
| Successful yield (Latest) | 3.13% | - | - | - | |
| Latest bidding | 23-Jan-25 | 19-Feb-25 | 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. | |||||
| Stock Charts |
Main Board
Growth Board
