Cambodia embraces wind energy farms
| News Highlights |
Economy and Industry
Cambodia embraces wind energy farms Cambodia is set to establish its first wind farms in Mondulkiri and Kampot provinces, according to Minister of Mines and Energy Keo Rottanak. The wind farms will contribute to clean and renewable energy sources for the national grid. Renewable energy accounts for over 62% of Cambodia's total consumption, with wind power, hydropower, solar power, and biomass being the main sources. The country currently produces around 4,000 megawatts of energy per year, but its annual consumption is only around 2,400 megawatts. The country is considering exporting its energy to other regions in the future. In most Southeast Asian country, the majority of renewable energy comes from hydropower dams. (Source: Khmer Times)
Cambodia exported over 3 tons of mantis shrimp to China Cambodia has exported over three tons of live mantis shrimp to China since September 2023, according to a senior official for the Ministry of Agriculture, Forestry and Fisheries (MAFF). The country started exporting mantis shrimp in 4Q23, and in January and February 2024, with more than three tons sent to China. A report from the Ministry of Agriculture showed that 1,095 kilograms of live mantis shrimp were exported to China in 2023, and over 2,100 kilograms were exported in the first two months of 2024. The MAFF and the company are working closely to increase exports due to high demand, with China currently being the largest market for shrimp. (Source: Khmer Times)
Sihanoukville approved 41 projects under special investment incentives The Sihanoukville government has approved 14 more projects worth approximately $737 million under the Special Investment Promotion Programme for Sihanoukville, aimed at resolving the crisis of unfinished and abandoned constructions in the coastal city since 2019. The projects include a national agro-industrial park, a five-star hotel project, casinos, resort projects, condominiums, and multi-functional offices. Seven of these projects aim to revive stalled constructions, while six others are new projects slated for construction launch this year and one is an expansion project. The government's special incentives initiative aims to boost investments in the coastal city and resolve the crisis of unfinished constructions by attracting investments through concessions, mediation, and dispute resolution efforts. The programme applies to three categories of projects proposed and implemented in Sihanoukville: stalled building projects, new projects that can commence in 2024, and expansion of existing projects and business activities. (Source: Khmer Times)
Corporate News
PAS's revenue increased by 24.4% in 1Q24 Cambodia's largest port, Sihanoukville Autonomous Port (PAS), has seen a 24.4% increase in revenue in the first four months of 2024, with a container throughput of 296,685 TEUs. This growth is attributed to several factors, including the country's economic performance, which is expected to see steady growth in sectors like tourism and garment manufacturing, leading to increased imports and exports. The recent completion of a new terminal at PAS, which allowed the port to accommodate larger vessels and handle a greater volume of cargo, is another contributing factor. PAS is the Kingdom's sole international and commercial deep seaport, with further expansion plans on the horizon. The new container terminal, 350 meters long and 14.5 meters deep, is expected to be completed by 2026, followed by the second phase in 2028 and the third phase in 2029, which will increase the container capacity to over 2.67 million TEUs per year. Prime Minister Hun Manet has stated that PAS has been crucial in supporting Cambodia's socioeconomic development. (Source: Khmer Times)
Stock Market
CSX index drops 0.03% on June 4, 2024 On June 4, 2024, the CSX index closed at 411.5 points, down 0.03% from the previous day. The main board saw PPAP (+0.45%) and PWSA (+0.27%) gain, while PPSP (-1.30%), GTI (-0.43%), PEPC (-0.43%), and PAS (-0.32%) declined. ABC, MJQE, and CGSM remained unchanged. On the growth board, DBDE was down by 0.89%, and JSL remained unchanged. The total trading volume was 200,115 shares, with a cumulative trading value of KHR 1,259 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 411.52 | -0.03 | 200,115 | 11,037 |
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 | 7,360 | 0.27 | 0.27 | 1.10 | 7,380 | 7,080 | 5,974 | 640 |
| GTI | 2,340 | -0.43 | -0.43 | -17.61 | 2,380 | 2,270 | 764 | 94 |
| PPAP | 13,300 | 0.45 | -0.75 | -5.00 | 13,460 | 13,180 | 880 | 275 |
| PPSP | 2,270 | -1.30 | -3.40 | 4.13 | 2,400 | 2,030 | 109,630 | 163 |
| PAS | 12,500 | -0.32 | -0.32 | -0.64 | 12,540 | 12,300 | 64,858 | 1,072 |
| ABC | 7,560 | 0.00 | -0.79 | -24.85 | 7,800 | 7,420 | 62,712 | 3,275 |
| PEPC | 2,290 | -0.43 | -1.29 | -16.42 | 2,400 | 2,170 | 1,552 | 172 |
| MJQE | 2,050 | 0.00 | 0.49 | -3.76 | 2,210 | 2,040 | 21,344 | 664 |
| CGSM | 2,390 | 0.00 | -1.24 | -9.13 | 2,440 | 2,380 | 66,042 | 4,683 |
| DBDE | 2,220 | -0.89 | -0.45 | 3.74 | 2,240 | 2,130 | 23,175 | 41 |
| JSL | 4,200 | 0.00 | -0.47 | -4.55 | 4,320 | 3,890 | 1,116 | 108 |
| 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* | 4Q23 | 1,456 | 16,034 | 5.06 | 0.46 | 1.65 | 8.47 |
| GTI | 4Q23 | 109 | 7,145 | 21.48 | 0.33 | 0.28 | 9.98 |
| PPAP* | 4Q23 | 1,534 | 38,520 | 8.67 | 0.35 | 1.94 | 4.79 |
| PPSP | 4Q23 | 451 | 3,530 | 5.03 | 0.64 | 0.64 | 3.83 |
| PAS* | 4Q23 | 1,422 | 11,333 | 8.79 | 1.10 | 2.94 | 7.64 |
| ABC | 4Q23 | 1,207 | 13,033 | 6.26 | 0.58 | 0.96 | NA |
| PEPC** | 4Q23 | -477 | 842 | NA | 2.72 | 4.02 | 64.06 |
| MJQE | 4Q23 | 59 | 297 | 34.82 | 6.91 | 4.44 | 13.75 |
| CGSM | 4Q23 | 166 | 563 | 14.38 | 4.24 | 6.27 | 15.13 |
| JSL | 4Q23 | 274 | 593 | 15.31 | 7.08 | 1.57 | NA |
| DBDE | 4Q23 | 221 | 1,883 | 10.06 | 1.18 | 0.48 | 6.63 |
| 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* | 3,451 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,655 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,280 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 309 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 3,050 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,297 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,124 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 812 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,669 |
| *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. | |||||
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