Government aims to strengthen intellectual property rights
| News Highlights |
Economy and Industry
Government aims to strengthen intellectual property rights The Cambodian government is taking significant steps to enhance the protection of intellectual property rights (IPR) in the country. Recognizing the importance of IPR in fostering innovation and economic growth, the government is implementing various measures to strengthen the legal framework and enforcement mechanisms. These efforts include updating existing laws, increasing public awareness, and providing training for relevant authorities. The government is also working closely with international organizations and partners to align Cambodia's IPR standards with global best practices. By improving the protection of intellectual property, Cambodia aims to attract more foreign investment, support local businesses, and promote the development of creative industries. (Source: Khmer Times)
NBC and BFM sign agreement to explore cross-border payment system The National Bank of Cambodia (NBC) and Banky Foiben'i Madagasikara (BFM) or the Central Bank of Madagascar have signed a Memorandum of Understanding (MoU) to explore the development of a cross-border payment system. This collaboration aims to enhance financial connectivity and facilitate seamless transactions between the two countries. The MoU focuses on leveraging digital payment technologies to create a secure and efficient cross-border payment infrastructure. By integrating their respective payment systems, NBC and BFM seek to promote economic cooperation and boost trade and investment opportunities. The partnership also aims to improve financial inclusion by providing accessible and affordable payment solutions to businesses and individuals. (Source: Khmer Times)
Cambodia's rubber sale to China's tyre manufacturer reached 60,000 tonnes Cambodia sold between 50,000 to 60,000 tonnes of rubber annually to Double Star, a leading tyre manufacturer in China in Kratie province. This trade relationship highlights the significance of Cambodia's rubber industry and its contribution to the country's economy. The Cambodian government is actively supporting the rubber sector by providing incentives and promoting sustainable practices. Efforts are also being made to improve the quality of rubber and enhance the value chain through investments in processing facilities and technology. The steady demand for Cambodian rubber underscores the importance of maintaining strong trade relations and exploring new market opportunities to ensure the continued growth of the rubber industry. (Source: Khmer Times)
Corporate News
Air Cambodia introduces round-trip flights to Thailand Air Cambodia has launched a new round-trip flight service connecting Phnom Penh and Bangkok. This new route aims to enhance connectivity between Cambodia and Thailand, facilitating travel and tourism between the two countries. The inaugural flight was well-received, with passengers enjoying the convenience and comfort of the service. Air Cambodia is committed to providing high-quality services, including competitive pricing, modern aircraft, and excellent customer service. The introduction of this new route is part of Air Cambodia's broader strategy to expand its network and strengthen its position in the regional aviation market. By offering more travel options, Air Cambodia aims to attract more tourists and business travelers, contributing to the growth of the tourism industry and the overall economy of Cambodia. (Source: Khmer Times)
Stock Market
CSX dips 0.08% with mixed performance across boards The CSX index declined by 0.08%, closing at 409.5 points. On the main board, PPAP (+1.56%) and ABC (+0.28%) led the gains, while PEPC (-1.22%), PAS (-1.02%), MJQE (-0.95%), PPSP (-0.46%), GTI (-0.33%), and PWSA (-0.32%) posted losses. CGSM remained unchanged. On the growth board, DBDE rose by 0.97%, while JSL declined by 0.32%. The session recorded a total trading volume of 25,192 shares, with a turnover of KHR 138 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 409.46 | -0.08 | 25,192 | 10,982 |
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 | 6,260 | -0.32 | -0.63 | -1.57 | 6,320 | 6,240 | 37,901 | 544 |
| GTI | 6,100 | -0.33 | 14.23 | 20.08 | 6,140 | 5,300 | 84,201 | 244 |
| PPAP | 14,300 | 1.56 | 2.58 | 3.32 | 14,300 | 13,820 | 3,565 | 296 |
| PPSP | 2,160 | -0.46 | 0.00 | -0.46 | 2,170 | 2,140 | 31,071 | 155 |
| PAS | 11,700 | -1.02 | -1.68 | 1.21 | 11,900 | 11,700 | 7,455 | 1,004 |
| ABC | 7,200 | 0.28 | -1.37 | -4.51 | 7,300 | 7,160 | 253,121 | 3,119 |
| PEPC | 2,430 | -1.22 | 2.97 | 1.67 | 2,540 | 2,340 | 4,840 | 182 |
| MJQE | 2,090 | -0.95 | 0.48 | 0.48 | 2,110 | 2,080 | 44,641 | 677 |
| CGSM | 2,430 | 0.00 | -0.41 | 0.00 | 2,450 | 2,420 | 63,086 | 4,761 |
| DBDE | 2,080 | 0.97 | 1.46 | 0.97 | 2,100 | 2,050 | 3,415,870 | 38 |
| JSL | 3,070 | -0.32 | 0.00 | -10.23 | 3,090 | 3,020 | 3,757 | 79 |
| 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 | 3Q24 | 1,279 | 12,359 | 4.89 | 0.51 | 1.39 | 10.10 |
| GTI | 3Q24 | 91 | 7,114 | 67.40 | 0.86 | 0.71 | 17.89 |
| PPAP | 3Q24 | 2,406 | 21,877 | 5.94 | 0.65 | 1.83 | 3.75 |
| PPSP | 3Q24 | 267 | 3,759 | 8.08 | 0.57 | 2.38 | 4.62 |
| PAS | 3Q24 | 784 | 7,630 | 14.92 | 1.53 | 2.45 | 8.96 |
| ABC | 3Q24 | 1,041 | 13,404 | 6.92 | 0.54 | 0.89 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -141.18 | 4.25 | NA |
| MJQE | 3Q24 | 41 | 290 | 50.54 | 7.20 | 4.19 | 14.55 |
| CGSM | 3Q24 | 137 | 603 | 17.73 | 4.03 | 6.66 | 14.43 |
| JSL | 3Q24 | 3 | 677 | 1127.57 | 4.53 | 3.39 | 25.98 |
| DBDE | 3Q24 | -340 | 1,510 | NA | 1.38 | 0.59 | NA |
| NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *FY ending in June, **excluding non-voting shares | |||||||
| 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 Bond | Floating* | 3,190 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,394 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 1,019 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,581 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 48 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,789 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating** | 1,036 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating*** | 2,863 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | 551 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked Bond | Floating**** | 1,408 |
| *SOFR +3% or 5.5% per annum, whichever is higher; **SOFR+3,5% or 5% per annum (take which one is higher);***SOFR+3,5% or 5% per annum (take which one is higher) and Year 6 to Year 10: SOFR+3,75% or 5% per annum (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) | 204.1 | 312.0 | 85.3 | 10.0 | 0.0 |
| Outstanding (KHR'bn) | 34.0 | 312.0 | 85.3 | 10.0 | 0.0 |
| Issuance ('K units, Latest) | 24.0 | 20.0 | 0.0 | 0.0 | 0.0 |
| Coupon rate (Latest) | 2.80% | 4.00% | 3.80% | 4.75% | 5.25% |
| Successful yield (Latest) | 3.13% | 4.00% | - | - | - |
| Latest bidding | 23-Jan-25 | 29-May-24 | 11-Dec-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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