Phnom Penh embarks on ambitious metro rail project
| News Highlights |
Economy and Industry
Phnom Penh embarks on ambitious metro rail project Phnom Penh has initiated steps toward realizing its long-awaited metro rail system, a transformative project aimed at modernizing the city's transportation infrastructure. The plan, which has been under discussion for years, envisions a network of urban rail lines to alleviate traffic congestion and enhance connectivity. The Ministry of Public Works and Transport (MPWT) announced that the pre-study agreement for the Phnom Penh Metro Rail (METRO) project was officially signed with the Asian Infrastructure Investment Bank (AIIB) on September 26, 2024, in Beijing, China. This initiative is part of a larger effort to explore public transportation solutions for Phnom Penh, drawing upon earlier studies conducted by the ministry and Phnom Penh Capital Hall on options such as light rail, Automated Guideway Transit, Bus Rapid Transit, and tramways. (Source: Khmer Times)
Cambodia's securities regulator proposes new debt instruments The Securities and Exchange Regulator of Cambodia (SERC) has drafted guidelines for the issuance of infrastructure debt securities, a move aimed at diversifying the country's financial market. These securities are designed to attract investment in critical infrastructure projects, such as roads, bridges, and energy facilities. The draft guidelines outline eligibility criteria for assets and issuers, as well as regulatory requirements to ensure transparency and investor protection. SERC's initiative aligns with Cambodia's broader economic development strategy, which emphasizes sustainable growth and enhanced connectivity. By introducing these debt instruments, the regulator aims to provide a new avenue for financing large-scale projects, thereby supporting the country's long-term development goals. (Source: Khmer Times)
Cambodia's rubber exports generate over $106 million in early 2025 In the first two months of 2025, Cambodia earned more than $106 million from rubber exports, reflecting the sector's resilience and economic significance. According to the report, by February 2025, rubber exports generated $105.12 million in revenue, while exports of rubberwood accounted for $968,530. Rubber remains one of Cambodia's key agricultural exports, alongside rice and cashew nuts. The government continues to support the sector through tax incentives and initiatives to improve production quality. Despite global market fluctuations, Cambodia's rubber industry has shown steady growth, contributing significantly to the national economy. (Source: Khmer Times)
Corporate News
ACLEDA Bank and Daikin Partner for flexible payment solutions ACLEDA Bank Plc. and Daikin Air Conditioning Cambodia have signed a Memorandum of Understanding (MOU) to introduce a "Buy Now, Pay Later" (BNPL) service. This innovative digital credit solution allows customers to purchase Daikin products and defer payments through ACLEDA's Super App. The partnership aims to make high-quality air conditioning systems more accessible to Cambodian consumers while offering flexible financing options. The BNPL service is part of ACLEDA Bank's broader strategy to enhance customer experience through digital innovation. This collaboration highlights the growing trend of integrating financial technology into everyday transactions, paving the way for more inclusive economic opportunities. (Source: Cambodian Investment Review)
Stock Market
CSX index drops 0.27% amid mixed stock performance The CSX index declined by 0.27%, closing at 412.3 points. On the main board, PPSP (+0.46%), PPAP (+0.43%), and PEPC (+0.40%) posted gains, while CGSM (-0.41%), PAS (-0.34%), GTI (-0.33%), and ABC (-0.27%) recorded losses. PWSA and MJQE remained unchanged. On the growth board, DBDE also remained unchanged, while JSL declined by 0.33%. The session recorded a total trading volume of 40,027 shares, with a turnover of KHR 270 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 412.28 | -0.27 | 40,027 | 11,058 |
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 | 6,340 | 0.00 | 0.96 | -0.31 | 6,360 | 6,240 | 62,316 | 551 |
| GTI | 6,040 | -0.33 | 0.00 | 18.90 | 6,140 | 6,020 | 43,349 | 242 |
| PPAP | 14,040 | 0.43 | -4.62 | 1.45 | 14,880 | 13,980 | 21,398 | 290 |
| PPSP | 2,190 | 0.46 | 1.86 | 0.92 | 2,190 | 2,150 | 21,796 | 157 |
| PAS | 11,860 | -0.34 | 0.17 | 2.60 | 11,900 | 11,640 | 5,559 | 1,017 |
| ABC | 7,300 | -0.27 | -0.54 | -3.18 | 7,400 | 7,180 | 246,905 | 3,162 |
| PEPC | 2,530 | 0.40 | 4.12 | 5.86 | 2,640 | 2,420 | 8,348 | 190 |
| MJQE | 2,120 | 0.00 | 0.47 | 1.92 | 2,120 | 2,090 | 40,281 | 687 |
| CGSM | 2,430 | -0.41 | -0.41 | 0.00 | 2,440 | 2,430 | 50,030 | 4,761 |
| DBDE | 2,100 | 0.00 | 0.48 | 1.94 | 2,110 | 2,060 | 12,361 | 39 |
| JSL | 3,050 | -0.33 | 0.00 | -10.82 | 3,080 | 3,030 | 2,814 | 78 |
| 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 | 4.96 | 0.51 | 1.41 | 10.14 |
| GTI | 4Q24 | 48 | 7,057 | 125.83 | 0.86 | 0.72 | 23.01 |
| PPAP | 4Q24 | 2,550 | 22,115 | 5.51 | 0.63 | 1.72 | 3.46 |
| PPSP | 4Q24 | 220 | 3,866 | 9.97 | 0.57 | 2.96 | 5.21 |
| PAS | 4Q24 | 1,478 | 8,224 | 8.03 | 1.44 | 2.22 | 7.94 |
| ABC | 4Q24 | 1,140 | 13,790 | 6.40 | 0.53 | 0.97 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -146.99 | 4.42 | NA |
| MJQE | 4Q24 | 37 | 307 | 57.11 | 6.91 | 4.19 | 12.71 |
| CGSM | 4Q24 | 52 | 606 | 46.71 | 4.01 | 6.79 | 16.11 |
| JSL | 4Q24 | 14 | 685 | 217.82 | 4.45 | 4.36 | 18.96 |
| DBDE | 4Q24 | 23 | 1,840 | 91.87 | 1.14 | 0.54 | 8.29 |
| 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 |
| ABC32A | 0 | 0.0 | - - | khAA | Subordinated Bond | 8.50% | 2,506 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 3,168 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,372 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 997 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,559 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 26 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,767 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 1,014 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 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) | 2,841 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | 529 |
| 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 | 240.0 | 85.3 | 10.0 | 0.0 |
| Issuance ('K units, Latest) | 24.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Coupon rate (Latest) | 2.80% | 3.20% | 3.80% | 4.75% | 5.25% |
| Successful yield (Latest) | 3.13% | - | - | - | |
| Latest bidding | 23-Jan-25 | 19-Feb-25 | 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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