Customer deposits into MDIs increase

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Stock Market

CSX index sees marginal decline on March 19, 2024 On March 19, 2024, the CSX index closed at 458.0 points, marking a marginal decrease of 0.24% compared to the previous day's close. Across the main board, no stock posted gains, with PEPC (-3.83%), PPAP (-1.03%), PPSP (-0.95%), GTI (-0.72%), and ABC (-0.41%) experiencing declines. PWSA, MJQE, and CGSM maintained their opening prices. On the growth board, DBDE rose by 0.47%, while JSL was down by 4.03%. Trading activity for the day saw 29,896 shares exchanged, with a cumulative trading value of KHR 216 million. (Source: YSC Research)

Economy and Industry

Customer deposits into MDIs increase In 2023, as per data from the Cambodia Microfinance Association (CMA), deposit balance at AMK, Amret, LOLC, and Mohanokor increased from $2 billion to $2.22 billion, representing a 11% increase YoY. Meanwhile, the number of depositors only increased by 1% from 1.98 million to 2 million. Industry experts attribute the increase in deposit balance as an indicator of public trust in MDIs. Furthermore, the ease of onboarding and technological improvements have made it easier for customers to make QR payments, transfer money to other banks, and use other add-on services via mobile app. In 2023, the average deposit value at MDIs increased by 10% from $1,009 to $1,106 by the end of the year. Sok Sophal, Deputy CEO of LOLC, noted that the increase in interest rates on deposits was another major factor in attracting the existing customer base - interest rate for deposits increased from 7.4% in 2022 to 8.4% in 2023. (Source: Khmer Times)

Cambodia to raise more capital through government bonds this year The Royal Government of Cambodia raised $58.26 million from government bond issuance in 2023. In a report released by the Ministry of Economy and Finance (MEF), the current bond issuance takes up 29% of the $200M ceiling permitted by law. The government raise funds from the local population as direct funds to use in public investment and to promote the nascent securities sector of Cambodia. This year, the government is set to issue roughly $108 million in government bonds. According to Deputy PM, Aun Pornmoniroth, the issuance of bonds will help reduce reliance from foreign borrowing. Furthermore, he mentioned that holders of government bonds not only enjoy a 50% deduction of withholding tax on the interest earned from holding and trading, but also enjoy tax exemption on capital gains from purchasing and trading the bonds for 3 years. (Source: Khmer Times)

CGCC provided $174 million credit guarantees as of February this year As of February this year, Credit Guarantee Corporation of Cambodia (CGCC) has provided credit guarantees of $174 million to 2,070 businesses for their working capital expansion. According to the fact sheet issued by CGCC, the outstanding guaranteed loan was $120 million while the outstanding guaranteed amount was $86.9 million. Furthermore, there are 1,918 micro, small and medium enterprises (MSMEs) and 152 large businesses in Cambodia, of which 881 of businesses were women-owned. The CGCC structure involves 27 participating financial institutions to extend credit for working capital investment and business expansion to MSMEs. The organization was established in November 2020 with a state budget of $200 million with the goal to improve financial inclusion and help develop the growth of SMEs. (Source: Khmer Times)

Corporate News

JS Land remains optimistic despite demand slowdown in condominium projects JS Land Plc, a listed real estate company on the Cambodia Securities Exchange (CSX), demonstrated growing momentum in both construction and sales, according to 4Q2023 filing report. The company is the developer of two condominiums in Phnom Penh Thmey, called "The Garden Residency 1" and "The Garden Residency 2." The first project was completed in 2019, and the second project is nearly finished. The firm focuses on creating affordable and high-quality homes, catering to the growing middle-class Cambodians. According to its Q4 filing, the company's property sales figure increased to $2.155 million, which represents a 251% increase in comparison to the prior year's Q4 results. On the other hand, the company's comprehensive income decreased by $575,128 compared to 4Q2022. The loss can be attributed to impairments on investment properties and inventories, which was equivalent to $401,256. (Source: Khmer Times)

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