Cambodia's insurance sector grows 6% in first four months of 2025
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Economy and Industry
Cambodia's insurance sector grows 6% in first four months of 2025 Cambodia's insurance industry registered a gross premium of $129.5 million in the first four months of 2025, a 6% increase from the same period last year, according to an Insurance Regulator of Cambodia (IRC) report. The growth was attributed to 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm. The total amount of claims incurred was $30.34 million during January-April 2022, a 39% increase from $21.76 million in the same period last year. The insurance sector has over 1 billion dollars in total assets in the Southeast Asian country. Bou Chanphirou, director general of the IRC, highlighted the insurance sector's role in supporting the social security system and contributing to national economic development. (Source: Khmer Times)
C/O label aims to boost competitiveness of Cambodia's export sector A Certificate of Origin (C/O) is a crucial document for Cambodian products, enabling them to gain credibility and a competitive edge in international markets. Ly Khun Thai, President of the Cambodia Confederation of Investors Association and Chairman of the Cambodia Footwear Association, highlighted the importance of C/Os in facilitating trade and advancing Cambodia's export-driven growth. The workshop aimed to demystify the complexities surrounding the Rules of Origin, which determine the national origin of a product. Khun Thai highlighted the importance of such knowledge in the context of Cambodia's active participation in regional and bilateral trade frameworks, including the Regional Comprehensive Economic Partnership (RCEP), the ASEAN Free Trade Area, and several bilateral agreements with key trading partners. A clear understanding of these rules is essential for Cambodian businesses to fully leverage the benefits of various trade agreements. The workshop covered fundamental principles of rules of origin, specific rules under relevant trade agreements, and detailed procedures for applying for a C/O. (Source: Khmer Times)
Indonesia aims for affordable rice imports from Cambodia in expanding trade ties Indonesian ambassador to Cambodia, Santo Darmosumarto, has highlighted the potential for increased rice trade between the two nations, despite challenges such as competitive pricing and transportation costs. With a population of nearly 300 million, Indonesia has high demand for rice imports, particularly from regional trade partners. Darmosumarto believes that Indonesia sees an opportunity to import more rice from Cambodia, a key rice exporter in Southeast Asia. Trade relations between the two nations are improving, with the Indonesian Chamber of Commerce in Cambodia actively supporting the expansion of investment cooperation. However, Darmosumarto also noted that Cambodian rice faces competition from neighboring countries, and reducing transportation costs could improve its competitiveness in the Indonesian market. Cambodia aims to export one million tonnes of rice annually by 2025 and diversify its rice products to appeal to a wider range of international buyers. (Source: Phnom Penh Post)
Corporate News
Emirates launches first flight to Siem Reap, honored by water salute and officials Emirates has officially arrived in Siem Reap, Cambodia, marking a significant milestone for the airline. The Boeing 777-300ER landed in the city, greeted by Cambodian dignitaries and government officials. The new route, which complements Emirates' daily service to Phnom Penh via Singapore, will strengthen tourism flows and commercial ties between Cambodia and the UAE, particularly as part of the Comprehensive Economic Partnership Agreement. The service operates three times weekly, departing from Dubai and returning to Bangkok. (Source: Cambodia Investment Review)
Stock Market
CSX index slips 0.22% amid broad losses and low trading volume On 06 June 2025, the CSX Index was down by 0.22%, closing at 406.8 points. On the Main Board, PAS (+0.83%) and GTI (+0.51%) were the only gainers, while PEPC (-1.47%), MJQE (-0.49%), CGSM (-0.41%), and ABC (-0.29%) recorded a loss. PWSA, PPAP, and PPSP remained unchanged. On the Growth Board, DBDE saw no change and JSL was down by 0.70%. Total trading volume reached 54,161 shares, with a turnover of KHR 306 million. (Source: YSC Research)
CSX Stocks |
CSX Index
Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
406.81 | -0.22 | 54,161 | 10,911 |
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 | 0.00 | 0.00 | -0.63 | 6,320 | 6,300 | 15,704 | 550 |
GTI | 7,940 | 0.51 | -1.00 | 56.30 | 8,200 | 7,060 | 35,305 | 318 |
PPAP | 13,400 | 0.00 | 0.00 | -3.18 | 14,200 | 13,380 | 1,601 | 277 |
PPSP | 2,120 | 0.00 | 0.00 | -2.30 | 2,160 | 2,110 | 33,375 | 152 |
PAS | 12,220 | 0.83 | 2.00 | 5.71 | 12,220 | 11,780 | 2,754 | 1,048 |
ABC | 6,900 | -0.29 | -0.29 | -8.49 | 6,960 | 6,880 | 125,210 | 2,989 |
PEPC | 2,680 | -1.47 | -1.83 | 12.13 | 2,810 | 2,590 | 3,734 | 201 |
MJQE | 2,020 | -0.49 | 0.00 | -2.88 | 2,150 | 2,010 | 30,486 | 655 |
CGSM | 2,410 | -0.41 | -0.82 | -0.82 | 2,450 | 2,410 | 21,950 | 4,722 |
DBDE | 2,160 | 0.00 | -0.46 | 4.85 | 2,170 | 2,090 | 14,740 | 40 |
JSL | 2,840 | -0.70 | 3.27 | -16.96 | 3,440 | 2,600 | 8,430 | 73 |
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 | 4Q24 | 978 | 11,199 | 6.46 | 0.56 | 1.73 | 13.23 |
GTI | 4Q24 | 48 | 7,057 | 165.42 | 1.13 | 0.94 | 28.31 |
PPAP | 4Q24 | 2,550 | 22,115 | 5.25 | 0.61 | 1.64 | 3.30 |
PPSP | 4Q24 | 220 | 3,866 | 9.65 | 0.55 | 2.87 | 5.06 |
PAS | 4Q24 | 1,478 | 8,224 | 8.27 | 1.49 | 2.28 | 8.11 |
ABC | 4Q24 | 1,140 | 13,790 | 6.05 | 0.50 | 0.91 | NA |
PEPC* | 1Q25 | -1,009 | -17 | NA | -155.70 | 4.68 | NA |
MJQE | 4Q24 | 37 | 307 | 54.41 | 6.58 | 3.99 | 12.14 |
CGSM | 4Q24 | 52 | 606 | 46.33 | 3.97 | 6.74 | 15.99 |
JSL | 4Q24 | 14 | 685 | 202.82 | 4.14 | 4.06 | 18.19 |
DBDE | 4Q24 | 23 | 1,840 | 94.50 | 1.17 | 0.56 | 8.50 |
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% | 2,422 |
ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,464 |
CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 3,084 |
CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,288 |
CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,735 |
GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 913 |
PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,475 |
RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,683 |
RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 930 |
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) | 2,757 |
SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 1.80% | 5,409 |
SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | 5,409 |
SNTD40C | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 3.00% | 5,409 |
Government Bonds |
Historical Issuance Summary
1 Y | 2 Y | 3 Y | 5 Y | 10 Y | |
Total issuance ('K units) | 238.1 | 312.0 | 175.3 | 10.0 | 0.0 |
Outstanding (KHR'bn) | 58.0 | 236.0 | 175.3 | 10.0 | 0.0 |
Issuance ('K units, Latest) | 34.0 | 0.0 | 90.0 | 0.0 | 0.0 |
Coupon rate (Latest) | 2.70% | 3.20% | 3.50% | 4.75% | 5.25% |
Successful yield (Latest) | 3.25% | - | 4.25% | - | - |
Latest bidding | 23-Apr-25 | 21-May-25 | 19-Mar-25 | 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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