ADB to support business policy reform with a $50 million policy-based loan

Market Update / November 27, 2024


News Highlights

Economy and Industry

ADB to support business policy reform with a $50 million policy-based loan The Asian Development Bank (ADB) has approved a $50 million policy-based loan to enhance Cambodia's business environment, promote competitiveness, and reduce trade barriers as part of the ongoing "Trade and Competitiveness Program." This initiative aims to attract private sector investments for sustainable growth, job creation, and economic development, with a focus on empowering micro, small, and medium-sized enterprises (MSMEs) to diversify, adopt digital solutions, and boost productivity. The program addresses key constraints such as sub-optimal business environments, underdeveloped MSMEs, and trade barriers to enhance Cambodia's productivity, competitiveness, and economic growth potential. (Source: Phnom Penh Post)

Techo International Airport more than 90% complete with over $1.3B spent The Techo International Airport (TIA) near Phnom Penh, which is reaching 90% completion rate, is anticipated to significantly boost Cambodia's economic growth by enhancing access for tourists, investors, and cargo, with over $1.3 billion already invested in its construction. Situated in Kandal and Takeo provinces, TIA is being developed on 2,600 hectares through a joint effort between the Cambodian government and the Overseas Cambodian Investment Corporation (OCIC), designed to accommodate large aircraft like the Boeing 747-800 and Airbus A380-800 as a Category 4F airport. The Ministry of Tourism reports a significant increase in international tourist numbers, with expectations that the new airport will further attract major international airlines to Cambodia, positively impacting the country's GDP and economic prospects. (Source: Phnom Penh Post)

CCIA expects up to 30% growth in footwear and travel product orders The Cambodia Confederation of Investors Association (CCIA) projects a 20% to 30% increase in orders for footwear and travel products in 2025 compared to 2024, with footwear exports earning around $1.3 billion in the first 10 months of 2024. Ly Khun Thai, Chairman of the CCIA and Chairman of Cambodia Footwear Association (CFA), highlighted that Cambodian products' high quality has attracted major companies, leading to increased orders and interest in factory visits. Anticipating job growth, Khun Thai expects positive export growth in sectors like garments, bags, and footwear in 2025 due to Cambodia's stable economic and political climate and buyer confidence. (Source: Khmer Times)

Corporate News

A steel factory proposal worth $40 million in Sihanoukville approved for incentives A $40 million investment proposal for a steel factory in Preah Sihanouk Province was approved under the 'Special Investment Promotion Programme,' led by Chairman Hean Sahib of the Investment Promotion Working Group. The meeting evaluated the proposal for a heavy industrial investment company focusing on steel processing and construction, involving drilling, grinding, sheet metal production, and steel recycling. Other proposals discussed included projects for aluminium recycling and a special economic zone spanning 303 hectares in Prey Nob district with a $110 million investment. The programme offers various incentives such as tax exemptions and administrative sanction waivers to encourage investment and address the crisis of stalled buildings in Sihanoukville left by Chinese investors. Efforts to attract investments to the province have been ongoing, with a focus on revitalizing tourism in Sihanoukville to support future investments, as noted by Vichet Lor of the Cambodia Chinese Commerce Association (CCCA). (Source: Khmer Times)

Stock Market

CSX index rebounds with notable gains from GTI, CGSM, and MJQE On November 27, 2024, the CSX Index rebounded by 0.44%, closing at 402.4 points. On the main board, GTI (+1.94%), CGSM (+0.83%), MJQE (+0.49%), PPSP (+0.44%), PEPC (+0.42%), and PWSA (+0.32%) led the gains. Meanwhile, PPAP (-0.30%) and PAS (-0.18%) recorded declines, while ABC remained unchanged. On the growth board, DBDE and JSL increased by 0.49% and 1.18%, respectively. The day concluded with a trading volume of 63,278 shares and a turnover of KHR 403 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
402.36 0.44 63,278 10,792

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 6,300 0.32 1.94 -13.46 6,480 6,180 116,686 548
GTI 5,260 1.94 22.90 85.21 5,320 4,200 186,113 210
PPAP 13,460 -0.30 0.75 -3.86 13,600 13,180 3,228 278
PPSP 2,290 0.44 3.15 5.05 2,290 2,210 62,713 165
PAS 11,280 -0.18 0.00 -10.33 11,420 11,240 13,213 968
ABC 6,920 0.00 -3.62 -31.21 7,220 6,920 674,536 2,997
PEPC 2,410 0.42 1.69 -12.04 2,420 2,370 2,373 181
MJQE 2,050 0.49 0.99 -3.76 2,050 2,030 70,142 664
CGSM 2,440 0.83 -0.41 -7.22 2,460 2,420 149,727 4,781
DBDE 2,040 0.49 0.00 -4.67 2,060 2,020 74,744 38
JSL 3,440 1.18 -0.86 -21.82 3,510 3,400 13,901 88
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 2Q24 1,489 16,608 4.23 0.38 1.40 7.91
GTI 2Q24 47 7,165 111.91 0.73 0.64 22.95
PPAP 3Q24 2,406 40,010 5.59 0.34 1.72 3.55
PPSP 3Q24 267 3,759 8.56 0.61 2.53 4.87
PAS 3Q24 901 11,880 12.52 0.95 2.36 7.91
ABC 3Q24 1,041 13,521 6.65 0.51 0.86 NA
PEPC* 1Q25 -1,009 -17 NA NA 4.21 NA
MJQE 3Q24 41 290 49.58 7.06 4.11 14.28
CGSM 3Q24 137 603 17.80 4.04 6.69 14.48
JSL 3Q24 3 677 1263.47 5.08 3.80 28.16
DBDE 3Q24 -334 1,483 NA 1.38 0.59 NA
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* 3,275
CIAF28A 0 0.0 - - KhAAA N/A 6.30% 1,479
GT27A 0 0.0 - - N/A Plain , Green 7.00% 1,104
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Term SOFR + 1.5% 1,666
RMAC25A 0 0.0 - - N/A Guaranteed 5.50% 133
RRC32A 0 0.0 - - N/A Plain 7.00% 2,874
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating** 1,121
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating*** 2,948
TCT26A 0 0.0 - - N/A Plain 4.50% 636
TCT28A 0 0.0 - - KhAAA FX-Linked Floating**** 1,493
*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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