Insurance sector's premiums show promising growth in early 2025
| News Highlights |
Economy and Industry
Insurance sector's premiums show promising growth in early 2025 According to a report by the Insurance Regulator of Cambodia (IRC), the insurance sector recorded a gross premium of $72 million during the first two months of this year. This marks a 7.5% increase compared to the $67.38 million achieved in the same timeframe last year with general insurance seeing 8.7% and life insurance 4.9%. This surge reflects heightened awareness and demand for insurance products among the population. The sector's expansion is attributed to a combination of factors, including improved economic conditions, regulatory support, and innovative insurance offerings. Both life and non-life insurance segments have contributed to this growth, with health and motor vehicle insurance leading the non-life category. Despite impressive progress, the penetration rate remains low, indicating substantial potential for future expansion. (Source: Khmer Times)
Cambodia's textile exports surge to $14 billion in 2024 The textile industry in Cambodia has reached a remarkable milestone, with exports hitting $14 billion in 2024 reflecting a 50% increase from the previous year. This achievement underscores the sector's resilience and its pivotal role in the national economy. Key factors driving this growth include favorable trade agreements, a skilled workforce, and strong demand from international markets, particularly in the EU, US, and UK. The industry's success is further bolstered by government policies promoting vocational training and sustainable practices. As Cambodia prepares to transition from its Least Developed Country status, the textile sector is poised to remain a cornerstone of economic growth and global competitiveness. (Source: Khmer Times)
Investor confidence in Cambodia strengthens amid economic growth Investor sentiment towards Cambodia has improved significantly, driven by the country's stable political environment and robust economic performance. In 2024, the government approved a record number of investment projects, reflecting its commitment to fostering a business-friendly climate. Out of the 172 projects greenlit during this period, Chinese investment firms accounted for an impressive 80%. Key sectors attracting investment include agriculture, manufacturing, and tourism. The adoption of digital tools and streamlined processes has further enhanced the investment landscape. As Cambodia continues to implement policies aimed at economic modernization and sustainability, it is emerging as a preferred destination for both regional and international investors. (Source: Khmer Times)
Corporate News
SchneiTec Dynamic launches first green project bond worth $50M in Cambodia Yuanta Securities (Cambodia) has made history by issuing Cambodia's first-ever project bond, a green bond totaling USD 50 million that aims to advance the Kingdom's solar power infrastructure. This groundbreaking financial initiative signifies a major step forward in the realm of sustainable finance and the domestic bond market. The bond is slated for listing on the Cambodia Securities Exchange on April 10, 2025, further reinforcing its landmark status. The bond's innovative dual-tranche structure has captured the attention of global investors. One tranche is backed by the Credit Guarantee and Investment Facility (CGIF), offering enhanced security for risk-averse stakeholders, while the other tranche remains unguaranteed to appeal to investors seeking higher returns. This versatile structure was specifically tailored to address the varying risk-return preferences of a diverse investor base. (Source: Cambodian Investment Review)
Stock Market
CSX index declines by 0.78% amid broad market losses The CSX index fell by 0.78%, closing at 407.5 points. On the Main Board, no stocks recorded gains, while PPSP (-1.82%), ABC (-1.68%), PWSA (-0.62%), MJQE (-0.47%), CGSM (-0.41%), PAS (-0.34%), and GTI (-0.31%) declined. PPAP and PEPC remained unchanged. On the Growth Board, DBDE and JSL fell by 0.48% and 0.93%, respectively. The session recorded a total trading volume of 137,843 shares, generating a turnover of KHR 830 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 407.45 | -0.78 | 137,843 | 10,928 |
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 | 6,360 | -0.62 | -0.62 | 0.00 | 6,420 | 6,300 | 9,155 | 553 |
| GTI | 6,480 | -0.31 | -0.31 | 27.56 | 6,500 | 5,980 | 5,753 | 259 |
| PPAP | 14,080 | 0.00 | 0.00 | 1.73 | 14,200 | 13,980 | 1,781 | 291 |
| PPSP | 2,160 | -1.82 | -1.82 | -0.46 | 2,220 | 2,160 | 18,882 | 155 |
| PAS | 11,780 | -0.34 | -0.34 | 1.90 | 11,940 | 11,780 | 1,075 | 1,010 |
| ABC | 7,020 | -1.68 | -1.68 | -6.90 | 7,340 | 7,020 | 91,195 | 3,041 |
| PEPC | 2,620 | 0.00 | 0.00 | 9.62 | 2,640 | 2,460 | 3,426 | 196 |
| MJQE | 2,100 | -0.47 | -0.47 | 0.96 | 2,120 | 2,100 | 1,927 | 681 |
| CGSM | 2,420 | -0.41 | -0.41 | -0.41 | 2,440 | 2,420 | 6,867 | 4,741 |
| DBDE | 2,080 | -0.48 | -0.48 | 0.97 | 2,110 | 2,080 | 412 | 38 |
| JSL | 3,180 | -0.93 | -0.93 | -7.02 | 3,360 | 3,010 | 43 | 82 |
| 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 | 4.97 | 0.51 | 1.41 | 10.15 |
| GTI | 4Q24 | 48 | 7,057 | 135.00 | 0.92 | 0.77 | 24.23 |
| PPAP | 4Q24 | 2,550 | 22,115 | 5.52 | 0.64 | 1.72 | 3.47 |
| PPSP | 4Q24 | 220 | 3,866 | 9.83 | 0.56 | 2.92 | 5.14 |
| PAS | 4Q24 | 1,478 | 8,224 | 7.97 | 1.43 | 2.20 | 7.90 |
| ABC | 4Q24 | 1,140 | 13,790 | 6.16 | 0.51 | 0.93 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -152.21 | 4.58 | NA |
| MJQE | 4Q24 | 37 | 307 | 56.57 | 6.84 | 4.15 | 12.60 |
| CGSM | 4Q24 | 52 | 606 | 46.52 | 3.99 | 6.76 | 16.05 |
| JSL | 4Q24 | 14 | 685 | 227.11 | 4.64 | 4.54 | 19.43 |
| DBDE | 4Q24 | 23 | 1,840 | 91.00 | 1.13 | 0.54 | 8.22 |
| 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% | 2,488 |
| ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,530 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 3,150 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,354 |
| CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,801 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 979 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,541 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 8 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,749 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 996 |
| 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) | 2,823 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | 511 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked Bond | Term SOFR + 2.5% | 1,368 |
| 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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