Water Festival 2024 contributed approximately $600-$700 million to Cambodian economy

Market Update / November 20, 2024


News Highlights

Economy and Industry

Water Festival 2024 contributed approximately $600-$700 million to Cambodian economy During the recent Water Festival, tourists made substantial economic contributions, staying in Phnom Penh for up to a week and spending on accommodation, food, and souvenirs, as noted by economist Dr. Hong Vannak from the Royal Academy of Cambodia. The festival generated an estimated $600 to $700 million in economic activity over three days, assuming an average daily spending of $25 per tourist. Chhay Sivlin, President of the Cambodian Association of Travel Agents, highlighted that each tourist spent around $40 daily, significantly boosting the economy during the festival period. The organized Water Festival in November 2024 saw a notable increase in tourist arrivals, with over 7.8 million visitors, including 89,296 foreign tourists. (Source: Khmer Times)

Cambodian airports' passengers rise 21% YoY in the first ten month Cambodia's three international airports experienced a notable 21% surge in passenger traffic, reaching 4.7 million individuals during the first ten months of the year, according to the State Secretariat of Civil Aviation (SSCA). SSCA's Secretary of State highlighted the growth as a reflection of Cambodia's increasing appeal as a tourist destination and the enhancement of its air links. Contributing factors to this growth include the relaxation of travel restrictions and improved air connectivity. In the first nine months of the year, Cambodia welcomed 4.8 million foreign tourists, marking a 22.2% YoY rise, with 1.7 million international travelers passing through airports. (Source: Khmer Times)

Cambodia, Malaysia trade increases by over one third Trade between Cambodia and Malaysia surged to $715 million in the January to October period of the current year, marking a substantial 35.3% increase from the same timeframe in the previous year, with Cambodian exports to Malaysia at $110 million and imports at $605 million. Tan Khee Meng, President of the Malaysian Business Chamber of Cambodia (MBCC), emphasized the growing cooperation between the two nations as a driving force behind the escalating trade figures. Malaysian exports to Cambodia predominantly include petroleum products and construction materials, vital for Cambodia's development projects and energy requirements. Conversely, Cambodia exports agricultural goods and garments to Malaysia, showcasing its productive capacities and responsiveness to Malaysian market demands. (Source: Khmer Times)

Corporate News

ABA Bank and Grab Cambodia announce strategic partnership  ABA Bank and Grab have united to integrate their digital payment services through ABA's PayWay platform. This enables automatic payments by linking ABA accounts in the Grab app, enhancing convenience and security for Cambodian users. The integration of ABA PayWay Plus as Grab's local payment gateway improves transaction management for various card payments within Cambodia. Grab's Cambodia Country, Head Kang Sovannarot, emphasizes providing a smooth digital payment experience, in alignment with Grab's regional advancement mission. ABA Bank's Chief Digital Officer, Zokhir Rasulov, looks forward to enhancing cashless payment options and customer convenience through this partnership. (Source: B2B Cambodia)

Stock Market

CSX index rises 0.26%, led by GTI's 4.31% surge On November 20, 2024, the CSX Index gained 0.26%, closing at 403.6 points. Leading the gains on the main board was GTI, which rose by 4.31%, followed by CGSM (+0.41%) and PAS (+0.18%). In contrast, PWSA slipped by 0.32%, while PPAP, PPSP, ABC, and MJQE remained flat. On the growth board, DBDE and JSL declined by 0.49% and 0.29%, respectively. The day recorded a trading volume of 49,666 shares, with a turnover of KHR 277 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
403.59 0.26 49,666 10,825

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 6,280 -0.32 1.62 -13.74 6,480 6,180 94,452 546
GTI 5,320 4.31 24.30 87.32 5,320 4,180 122,738 213
PPAP 13,500 0.00 1.05 -3.57 13,560 13,180 2,382 279
PPSP 2,260 0.00 1.80 3.67 2,260 2,200 51,703 162
PAS 11,360 0.18 0.71 -9.70 11,420 11,240 9,269 974
ABC 6,980 0.00 -2.79 -30.62 7,340 6,980 524,463 3,023
PEPC 2,420 0.00 2.11 -11.68 2,440 2,370 1,424 181
MJQE 2,050 0.00 0.99 -3.76 2,050 2,020 55,392 664
CGSM 2,440 0.41 -0.41 -7.22 2,460 2,420 125,965 4,781
DBDE 2,040 -0.49 0.00 -4.67 2,060 2,040 26,268 38
JSL 3,470 -0.29 0.00 -21.14 3,510 3,430 12,235 89
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 1Q24 1,298 16,580 4.84 0.38 1.43 9.63
GTI 2Q24 47 7,165 113.36 0.74 0.65 20.48
PPAP 2Q24 1,800 39,401 7.50 0.34 2.10 4.83
PPSP 2Q24 85 3,560 26.50 0.63 1.44 8.00
PAS 2Q24 1,132 11,977 10.03 0.95 2.52 6.45
ABC 2Q24 1,554 13,448 4.49 0.52 0.88 NA
PEPC* 4Q24 -1,035 165 NA 14.62 4.27 NA
MJQE 2Q24 59 314 34.92 6.52 4.32 29.78
CGSM 2Q24 160 609 15.20 4.01 6.46 15.34
JSL 2Q24 1 669 4144.48 5.19 1.07 NA
DBDE 2Q24 80 1,932 25.48 1.06 0.55 8.71
NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *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* 3,282
CIAF28A 0 0.0 - - KhAAA N/A 6.30% 1,486
GT27A 0 0.0 - - N/A Plain , Green 7.00% 1,111
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Term SOFR + 1.5% 1,673
RMAC25A 0 0.0 - - N/A Guaranteed 5.50% 140
RRC32A 0 0.0 - - N/A Plain 7.00% 2,881
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating** 1,128
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating*** 2,955
TCT26A 0 0.0 - - N/A Plain 4.50% 643
TCT28A 0 0.0 - - KhAAA FX-Linked Floating**** 1,500
*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 5 Y 10 Y
Total issuance ('K units) 180.1 312.0 85.3 10.0 0.0
Outstanding (KHR'bn) 0.0 0.0 0.0 0.0 0.0
Issuance ('K units, Latest) 10.0 20.0 0.0 0.0 0.0
Coupon rate (Latest) 3.50% 4.00% 4.00% 4.75% 5.25%
Successful yield (Latest) 3.85% 4.00% - - -
Latest bidding 24-Apr-24 29-May-24 13-Nov-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.


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