Cambodian rubber latex exports net $472 million from January to October

Market Update / November 21, 2024


News Highlights

Economy and Industry

Cambodian rubber latex exports net $472 million from January to October  Cambodia recorded a noteworthy increase in revenue from natural rubber latex exports, reaching $472 million in the first ten months of 2024, marking a 22.5% surge compared to the previous year. The country exported 291,269 tons of natural rubber latex during this period, reflecting a 2.6% growth over the same period in the previous year, as reported by the General Directorate of Rubber. With an average cost of $1,621 per ton during the specified period, which is $264 higher than the previous year, Cambodia's natural rubber latex market has seen positive growth. The primary export destinations for Cambodia's natural rubber latex include Malaysia, Vietnam, Singapore, and China. (Source: Khmer Times)

AmCham survey details optimistic outlook for doing business in Cambodia  The American Chamber of Commerce in Cambodia (AmCham Cambodia) published its annual 'Business Climate Survey 2024' report based on insights from over 500 registered companies in Cambodia. The survey results indicate optimistic growth prospects with increased profitability and planned investment expansions in 2024, alongside improving strategic investment conditions in the market. Challenges highlighted in the report include transparency issues in the legal system and concerns about electricity and logistics costs. The survey underscores the need for clearer guidelines, reduced regulatory risks, and infrastructure improvements to sustain and further bolster Cambodia's business environment. (Source: Khmer Times)

Cambodia, China agrees to accelerate Funan Techo Canal Project Peng Ponea, Minister of Public Works and Transport (MPWT) recently met with Wang Wenbin, the Chinese Ambassador to Cambodia, and Zhang Huanteng, the Deputy Director-General of the Department of Foreign Capital and Overseas Investment of the National Development and Reform Commission (NDRC) of China, in Phnom Penh to discuss initiatives focusing on the acceleration of the Funan Techo Canal (FTC) project and the modernization of the railway network. The FTC project, a significant endeavor aimed at enhancing regional connectivity and bolstering economic growth, was a key topic of conversation during the meeting, with a focus on assessing progress and potential enhancements to the railway network within the Kingdom. (Source: Khmer Times)

Corporate News

PAS container traffic experiences 40% YoY increase, revenue up just 27% YoY in Q3 In the third quarter of 2024, the Sihanoukville Autonomous Port (PAS) in Cambodia witnessed a significant surge in container traffic, with nearly 300,000 twenty-foot equivalent units (TEUs) passing through the port, marking a substantial 40% increase compared to the same period in 2023. The PAS Q3 2024 report, released on November 19, indicated notable progress for the port company, showcasing a revenue growth that slightly trailed the TEU throughput spike while managing to reduce net losses compared to previous figures. Revenues for the quarter reached 120 billion riel (approximately $30 million), marking a 27% increase from the corresponding period in 2023, while net losses after tax plummeted by 29 billion riel (around $7 million), representing an impressive 135.63% decrease from the same timeframe in 2023, causing PAS shares to dip by 91.38 riel per share in Q3. (Source: Phnom Penh Post)

Stock Market

CSX index drops 0.26%, weighed down by PEPC's 2.07% decline On November 21, 2024, the CSX Index declined by 0.26%, closing at 402.5 points. Leading the gains on the main board was PWSA, up by 0.64%, followed by PAS (+0.35%). Conversely, PEPC (-2.07%), MJQE (-0.49%), CGSM (-0.41%), and ABC (-0.29%) saw losses, while GTI, PPAP, and PPSP remained unchanged. On the growth board, DBDE fell by 0.98%, while JSL remained flat. The day saw a trading volume of 60,170 shares, with a turnover of KHR 306 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
402.54 -0.26 60,170 10,796

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 6,320 0.64 2.27 -13.19 6,480 6,180 100,916 550
GTI 5,320 0.00 24.30 87.32 5,320 4,180 140,371 213
PPAP 13,500 0.00 1.05 -3.57 13,560 13,180 2,563 279
PPSP 2,260 0.00 1.80 3.67 2,260 2,200 52,688 162
PAS 11,400 0.35 1.06 -9.38 11,420 11,240 9,462 978
ABC 6,960 -0.29 -3.06 -30.82 7,300 6,960 542,933 3,015
PEPC 2,370 -2.07 0.00 -13.50 2,440 2,370 1,740 178
MJQE 2,040 -0.49 0.49 -4.23 2,050 2,020 58,122 661
CGSM 2,430 -0.41 -0.82 -7.60 2,460 2,420 139,801 4,761
DBDE 2,020 -0.98 -0.98 -5.61 2,060 2,020 38,257 37
JSL 3,470 0.00 0.00 -21.14 3,510 3,430 12,241 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 4.87 0.38 1.43 9.65
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 10.07 0.95 2.53 6.47
ABC 2Q24 1,554 13,448 4.48 0.52 0.88 NA
PEPC* 4Q24 -1,035 165 NA 14.32 4.18 NA
MJQE 2Q24 59 314 34.75 6.49 4.29 29.65
CGSM 2Q24 160 609 15.14 3.99 6.43 15.28
JSL 2Q24 1 669 4144.48 5.19 1.07 NA
DBDE 2Q24 80 1,932 25.23 1.05 0.54 8.64
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* 3,281
CIAF28A 0 0.0 - - KhAAA N/A 6.30% 1,485
GT27A 0 0.0 - - N/A Plain , Green 7.00% 1,110
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Term SOFR + 1.5% 1,672
RMAC25A 0 0.0 - - N/A Guaranteed 5.50% 139
RRC32A 0 0.0 - - N/A Plain 7.00% 2,880
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating** 1,127
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating*** 2,954
TCT26A 0 0.0 - - N/A Plain 4.50% 642
TCT28A 0 0.0 - - KhAAA FX-Linked Floating**** 1,499
*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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