Cambodia plan to establish large-scale seedling nurseries across 5 provinces

/ May 7, 2024

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
407.63 -0.29 143,459 10,933

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 7,100 0.28 1.43 -2.47 7,240 7,000 29,236 618
GTI 2,350 0.00 4.44 -17.25 2,360 2,180 13,139 94
PPAP 13,200 0.15 1.85 -5.71 13,200 12,380 3,620 273
PPSP 2,050 0.00 0.00 -5.96 2,080 2,040 11,283 147
PAS 12,360 -0.32 -0.48 -1.75 12,480 12,140 518 1,060
ABC 7,420 0.00 -2.37 -26.24 8,860 7,420 656,184 3,214
PEPC 2,190 -0.45 2.82 -20.07 2,510 2,130 2,088 164
MJQE 2,160 -1.37 -1.82 1.41 2,230 2,060 410,250 700
CGSM 2,380 -0.42 0.00 -9.51 2,500 2,370 78,732 4,663
DBDE 2,150 0.94 2.87 0.47 2,150 2,080 21,193 40
JSL 3,970 2.06 5.87 -9.77 3,980 3,670 7,346 102
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 1,170 15,172 6.07 0.47 1.69 8.76
GTI 2Q23 95 7,181 24.62 0.33 0.26 10.24
PPAP* 2Q23 2,412 38,041 5.47 0.35 1.95 4.76
PPSP 2Q23 489 3,576 4.19 0.57 0.64 3.71
PAS* 2Q23 1,191 11,029 10.38 1.12 3.19 8.12
ABC 2Q23 1,608 12,485 4.61 0.59 0.99 NA
PEPC** 2Q23 -312 1,220 NA 1.80 2.06 31.03
MJQE 2Q23 29 289 74.97 7.46 5.70 17.92
CGSM 2Q23 98 392 24.39 6.07 5.98 14.41
JSL 2Q23 -239 185 NA 21.41 NA NA
DBDE 2Q23 76 1,919 28.41 1.12 0.53 11.70
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* 3,479
CIAF28A 0 0.0 - - KhAAA N/A 6.30% 1,683
GT27A 0 0.0 - - N/A Plain , Green 7.00% 1,308
RMAC25A 0 0.0 - - N/A Guaranteed 5.50% 337
RRC32A 0 0.0 - - N/A Plain 7.00% 3,078
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating** 1,325
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating*** 3,152
TCT26A 0 0.0 - - N/A Plain 4.50% 840
TCT28A 0 0.0 - - KhAAA FX-Linked Floating**** 1,697
*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) 180.1 292.0 22.0 - -
Outstanding (KHR'bn) 80.0 292.0 22.0 - -
Issuance ('K units, Latest) 10.0 140.0 6.0 - -
Coupon rate (Latest) 3.50% 4.50% 4.50% - -
Successful yield (Latest) 3.85% 5.13% 4.75% - -
Latest bidding 24-Apr-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

CSX index continues decline, reaches 407.6 points On May 7, 2024, the CSX index closed trading at 407.6 points, marking a 0.29% decrease from the previous day. Main board activity showed mixed results, with gains in PWSA (+0.28%) and PPAP (+0.15%), while MJQE (-1.37%), PEPC (-0.45%), CGSM (-0.42%), and PAS (-0.32%) experienced declines. GTI, PPSP, and ABC remained unchanged. On the growth board, DBDE and JSL rose by 0.94% and 2.06%, respectively. Total trading volume reached 143,459 shares, with a cumulative trading value of KHR 717 million. (Source: YSC Research)

Economy and Industry

Cambodia plan to establish large-scale seedling nurseries across 5 provinces The Ministry of Environment plans to establish five large-scale seedling nurseries in five provinces, with Tboung Khmum hosting Cambodia's first regional nursery capable of producing over one million seedlings annually. These nurseries will support the campaign to plant at least one million trees annually from 2024 onwards. Equipped with solar-powered irrigation systems, the nurseries aim to increase forest cover to 60% by 2050, aligning with Cambodia's goal of becoming carbon-neutral. The initiative also promotes urban green spaces and eco-tourism while contributing to the government's Environmental Circular Strategy 2023-2028. As of April 25, 2024, over 850,000 seedlings have been distributed for free to over 200,000 people. (Source: Khmer Times)

CSX reports rise in trading accounts The Cambodian Securities Exchange (CSX) reports that trading accounts increased to 51,044 in 1Q24, representing a 31.7% increase YoY. However, despite this surge in accounts, total trading volume during the first quarter declined nearly 38% compared to the same period last year, with the total traded value also dropping approximately 58% YoY. CSX recently introduced a new trading mechanism in January, which allowed investors to trade in Khmer riel and settle in US dollars. CSX's membership in the Asia-Oceania Stock Exchange Federation (AOSEF) underscores the commitment to market integrity and regional collaboration, positioning the exchange to leverage international resources and drive sustainable market growth. (Source: Khmer Times)

IMF reports Cambodia's inflation to stabilize at 2.3% in 2024 According to the IMF Regional Economic Outlook for April 2024, Cambodia's inflation is projected to remain stable at 2.3% this year, slightly up from 2.1% in 2023, aligning with trends across Asia and the Pacific. The report forecasts Cambodia's economic growth at 6% for 2024 and 6.1% for 2025, positioning the country as one of the fastest-growing economies in ASEAN. Despite external challenges such as global geopolitical tensions, the National Bank of Cambodia anticipates growth driven by the industry segment at 8.6%, with services at 6.4% and agriculture at 1.3%. Internal challenges include private sector indebtedness and weak recoveries in sectors like construction and real estate. (Source: Khmer Times)

Corporate News

Taiwan's SinoPac Bank to acquire Amret MFI Taiwan's Bank SinoPac plans to acquire 80% of Amret Plc initially for $435 million, followed by two 10% tranches over the next two years. The acquisition, at a premium to Amret's $302 million book value, aims to expand Bank SinoPac's international presence into Cambodia's growing economy. Amret, Cambodia's largest microfinance institution, boasts $2 billion in assets and 150 branches nationwide. While SinoPac Holdings' board approved the acquisition, regulatory approvals from Cambodia and Taiwan are pending. The move aligns with SinoPac's strategy to boost overseas revenue and tap into Cambodia's projected 6.3% GDP growth. The bank aims to leverage Amret's customer base and product suite, enhancing financial services and sustainability efforts. Partnerships with the IFC and FMO will continue post-acquisition, bolstering ESG investments. Collaboration aims to realize a shared vision of improved financial services for a better future. (Source: Khmer Times)

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