Construction investments increase despite number of projects drop in 2023
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 438.16 | -0.02 | 105,623 | 11,752 |
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 | 7,240 | 0.28 | -0.28 | -0.55 | 7,260 | 7,160 | 10,331 | 630 |
| GTI | 2,320 | 0.00 | -14.71 | -18.31 | 2,790 | 2,310 | 47,347 | 93 |
| PPAP | 12,900 | 0.78 | -2.42 | -7.86 | 13,700 | 12,800 | 1,912 | 267 |
| PPSP | 2,040 | -0.49 | -1.45 | -6.42 | 2,100 | 2,040 | 18,772 | 147 |
| PAS | 12,340 | 0.00 | -0.32 | -1.91 | 12,520 | 12,300 | 4,512 | 1,058 |
| ABC | 8,800 | -0.68 | -8.90 | -12.52 | 9,800 | 8,700 | 579,224 | 3,812 |
| PEPC | 2,360 | 0.43 | -1.26 | -13.87 | 2,660 | 2,350 | 1,115 | 177 |
| MJQE | 2,070 | 0.00 | 0.00 | -2.82 | 2,090 | 2,060 | 108,803 | 671 |
| CGSM | 2,500 | 0.40 | -1.96 | -4.94 | 2,600 | 2,480 | 53,901 | 4,898 |
| DBDE | 2,090 | -1.88 | 0.00 | -2.34 | 2,140 | 2,080 | 17,394 | 39 |
| JSL | 3,820 | -1.80 | -3.54 | -13.18 | 4,000 | 3,780 | 401 | 98 |
| 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* | 2Q23 | 1,382 | 15,172 | 5.24 | 0.48 | 1.09 | 5.52 |
| GTI | 2Q23 | 95 | 7,181 | 24.31 | 0.32 | 0.25 | 10.15 |
| PPAP* | 2Q23 | 2,412 | 38,041 | 5.35 | 0.34 | 1.91 | 4.67 |
| PPSP | 2Q23 | 489 | 3,576 | 4.17 | 0.57 | 0.64 | 3.69 |
| PAS* | 2Q23 | 1,191 | 11,029 | 10.36 | 1.12 | 3.19 | 8.11 |
| ABC | 2Q23 | 1,608 | 12,485 | 5.47 | 0.70 | 1.17 | NA |
| PEPC** | 2Q23 | -312 | 1,220 | NA | 1.93 | 2.22 | 31.82 |
| MJQE | 2Q23 | 29 | 289 | 71.85 | 7.15 | 5.46 | 17.20 |
| CGSM | 2Q23 | 98 | 392 | 25.62 | 6.37 | 6.28 | 15.05 |
| JSL | 2Q23 | -239 | 185 | NA | 20.60 | NA | NA |
| DBDE | 2Q23 | 76 | 1,919 | 27.62 | 1.09 | 0.51 | 11.43 |
| NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *Excluding equity of non-common shares for PPWSA, PPAP and PAS; **FY ending in June | |||||||
| Corporate Bonds |
Trading Summary
| Bond Symbol | Trading Vol (Units) | Trading Val (KHR'mn) | Latest Yield | Credit Rating | Bond Feature | Coupon Rate (%) | Days to Maturity |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability | Floating* | 3,507 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,711 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,336 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 365 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 3,106 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,353 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,180 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 868 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,725 |
| *SOFR +3% or 5.5% , whichever is higher; **SOFR+3,5% or 5% (take which one is higher);***SOFR+3,5% or 5% (take which one is higher) and Year 6 to Year 10: SOFR+3,75% or 5% (take which one is higher);****Term SOFR + 2.5% | |||||||
| Government Bonds |
Historical Issuance Summary
| 1 Y | 2 Y | 3 Y | 10 Y | 15 Y | |
| Total issuance ('K units) | 170.1 | 292.0 | 22.0 | - | - |
| Outstanding (KHR'bn) | 74.0 | 292.0 | 22.0 | - | - |
| Issuance ('K units, Latest) | 22.0 | 140.0 | 6.0 | - | - |
| Coupon rate (Latest) | 3.50% | 4.50% | 4.50% | - | - |
| Successful yield (Latest) | 3.85% | 5.13% | 4.75% | - | - |
| Latest bidding | 24-Jan-24 | 20-Mar-24 | 20-Dec-23 | - | - |
| *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. | |||||
| News Highlights |
Stock Market
Mixed activity on main board and declines in growth board On April 09, 2024, the CSX index closed at 438.2 points, reflecting a drop of 0.02% from the previous day's close. Market activity on the main board depicted a mixed landscape, with gains observed in PPAP (+0.78%), PEPC (+0.43%), CGSM (+0.40%), and PWSA (+0.28%). Conversely, there were decreases in ABC (-0.68%) and PPSP (-0.49%). GTI, PAS, and MJQE maintained their opening prices. On the growth board, DBDE and JSL experienced declines of 1.88% and 1.80%, respectively. Overall trading volume for the day stood at 105,623 shares, with a cumulative trading value reaching KHR 628 million. (Source: YSC Research)
Economy and Industry
Construction investments increase despite number of projects drop in 2023 According to a report issued by the Ministry of Economy and Finance (MEF) and the Ministry of Land Management, Urban Planning and Construction issued construction permits to 3,207 projects in 2023, a 25% YoY decrease. However, construction investment rose by 84% YoY to reach $5.4 billion, while construction space increased to 13.31 million square meters, representing an 80% increase YoY. Within the scope of the projects, there are 2,700 housing projects, encompassing 2,606 borey projects and 94 condominium developments. Furthermore, there are 190 industrial construction projects, 198 commercial projects, 3 tourism projects, 3 investment projects and 61 public construction progress. According to the MEF, 2023 witnessed a forward momentum in the construction sector as the industry continues to gradually rebound. (Source: Khmer Times)
Preah Sihanouk hopes to become the next Shenzhen Sun Chanthol, Deputy PM and First Vice-chairman of the Council for the Development of Cambodia, aims to emulate the success of Shenzhen by transforming Preah Sihanouk province into a modern economic hub. This initiative entails reducing logistics costs, offering investment incentives, and enhancing human resource development to attract investors. Deputy PM Chanthol emphasized the strategy during a workshop on investment law in Phnom Penh, highlighting the government's priority to improve infrastructure connectivity through projects like the Funan Techo canal, Techo International Airport, Siem Reap Airport, and railway upgrades. Additionally, H.E. Chanthol emphasized Cambodia's strategic location for trade, and more importantly, Cambodia's young workforce, which is among the youngest in ASEAN and are capable of working for the next 30-40 years. Meanwhile, stakeholders advocate for a more streamlined customs procedure and develop human resources into advance skills that could further boost investment attractiveness. The recent incentive package reflects positive momentum, with the Kingdom already attracting over $2 billion in FDI in the first quarter of the year. (Source: Khmer Times)
Insights into tax relief trends in Cambodia The majority's share of tax relief from customs in Cambodia has been allocated to Qualified Investment Projects (QIPs) and Special Economic Zones (SEZs), as reported by World Bank. QIPS received approximately 51% of total tax exemption in 2020, followed by SEZ at 34% and followed by non-SEZ QIPs. This trend persisted between 2016 and 2020, which may have potentially impacted the government's revenue. The General Department of Customs and Excise (GDCE) attributed a $400 million loss in customs income in 2023 to factors like free trade agreements and automotive import declines. Despite challenges, the Council for the Development of Cambodia (CDC) views the 2021 Law on Investment positively for attracting FDIs and fostering a transparent investment climate. However, the World Bank cautions that the new laws may result in revenue losses due to extensive tax holidays and unclear incentive schemes. (Source: Khmer Times)
Corporate News
Hong Kong-based Sunwah Group plan to increase investments in Cambodia Sunwah Group - a Chinese company based in Hong Kong which has been investing in Cambodia since 1994 - is planning to increase its investment in the Kingdom to five other key sectors. With a strong background in export seafood processing, Chairman Jonathan K.S. Choi plans to further invest in areas such as development of green special economic zones (SEZ), construction of commercial buildings and condominiums, promotion of tourism sector, installation of electric vehicle (EV) charging stations, and construction of 5G telecommunication network. PM Hun Manet welcomed the expansion plan of Sunwah Group and reaffirmed the Chairman that the government promises to ensure peace, political stability, and social order to increase investor's confidence in the country. Furthermore, PM Manet mentioned that the government has been investing heavily in infrastructure connectivity such as expressways and deep-sea ports. Jonathan K.S. Choi was accompanied by representatives of more than 70 companies, ranging from financial technology, digital, real estate, energy, and tourism, etc. (Source: Khmer Times)
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