Exports from Cambodia reached $15.7 billion in 8 months, up 0.3%

/ September 11, 2023

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
459.92 0.01 104,904 12,336

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 7,440 0.54 0.00 -1.59 7,480 7,300 26,273 647
GTI 3,060 0.33 0.33 -19.47 3,090 3,040 50,959 122
PPAP 14,120 0.00 0.00 0.86 14,180 13,960 1,584 292
PPSP 2,200 0.92 -0.45 -7.95 2,260 2,180 13,141 158
PAS 12,200 -0.81 -1.61 -8.41 12,660 12,200 9,033 1,046
ABC 10,020 0.00 0.00 -7.39 10,040 10,000 263,332 4,340
PEPC 2,490 0.40 -3.11 -20.95 2,840 2,300 5,356 187
MJQE 2,110 0.00 -2.31 NA 2,200 2,100 82,405 684
CGSM 2,480 3.33 -6.06 NA 2,830 2,400 280,784 4,859
DBDE 2,170 0.00 0.00 -9.21 2,210 2,150 6,980 40
JSL 2,900 -1.36 -9.09 -41.53 3,500 2,860 11,842 75
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* 2Q23 1,170 15,172 6.36 0.49 1.77 8.91
GTI 2Q23 95 7,181 32.06 0.43 0.33 12.26
PPAP* 2Q23 2,412 38,041 5.85 0.37 2.09 5.02
PPSP 2Q23 489 3,576 4.50 0.62 0.69 3.90
PAS* 2Q23 1,191 11,029 10.24 1.11 3.15 8.04
ABC 2Q23 1,608 12,485 6.23 0.80 1.34 NA
PEPC** 2Q23 -312 1,220 NA 2.04 2.35 32.41
MJQE 2Q23 29 289 73.24 7.29 5.57 17.52
CGSM 4Q22 85 392 29.30 6.32 6.22 16.02
JSL 2Q23 -239 185 NA 15.64 NA NA
DBDE 2Q23 76 1,919 28.68 1.13 0.53 11.79
NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *Excluding equity of non-common shares for PPWSA, PPAP and PAS; **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
GT27A 0 0.0 - - N/A Plain 7.00% 1,547
PPCB23B 0 0.0 - - N/A Plain 6.50% 11
RMAC25A 0 0.0 - - N/A Plain 5.50% 576
RRC32A 0 0.0 - - N/A Plain 7.00% 3,317
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating* 1,564
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating** 3,391
TCT26A 0 0.0 - - N/A Plain 4.50% 1,079
*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)

Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 10 Y 15 Y
Total issuance ('K units) 128.1 104.0 8.0 - -
Outstanding (KHR'bn) 86.3 104.0 8.0 - -
Issuance ('K units, Latest) 28.0 28.0 4.0 - -
Coupon rate (Latest) 3.48% 4.00% 4.50% - -
Successful yield (Latest) 3.70% 4.28% 5.00% - -
Latest bidding 19-Jul-23 16-Aug-23 14-Jun-23 - -
*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.

News Highlights

Stock Market

PWSA, GTI, PPSP, PEPC, and CGSM lead CSX Index gains The CSX index increased by 1.27% to 459.9 points on September 11, 2023. PWSA, GTI, PPSP, PEPC, and CGSM all had increases of 0.54%, 0.33%, 0.92%, 0.40%, and 3.33%, respectively. While PPAP, ABC, and MJQE remained steady, PAS fell by 0.81%. JSL decreased by 1.36% on the growth board, while DBDE remained unchanged. The volume of trading was 104,904 shares, representing KHR 708 million, a fall of 27.3% from the previous day's closing volume. (Source: YSC Research)

Economy and Industry

Exports from Cambodia reached $15.7 billion in 8 months, up 0.3% Cambodia exported $15.7 billion in the first eight months of 2023, a slight increase of 0.3% from the same period last year. The country's export to China surged by 16.8% to $940 million during January-August, from $804.6 million in the same period last year. China is the third-largest export destination for Cambodia after the United States and Vietnam. The main items exported included apparel, footwear, travel goods, bicycles, and agricultural goods like rice, rubber, cassava, bananas, mangos, and longans. Cambodian Ministry of Commerce Secretary of State Penn Sovicheat praised the Regional Comprehensive Economic Partnership agreement and the Cambodia-China Free Trade Agreement as catalysts for Cambodia's long-term and sustainable export growth. (Source: Khmer Times)

China and Cambodia will sign six additional MOU to expand their investment relations Cambodia and China are set to sign six more memoranda of understanding (MoUs) to strengthen investment cooperation. The MoUs will focus on promoting investment in the digital sector, new industrialisation types, green development, and industrial development corridor building. The Cambodian government has already signed an MoU to strengthen investment and economic cooperation. Economic and trade adviser Zhong Jie from the Chinese embassy in Phnom Penh has expressed her commitment to encouraging Chinese investors to invest in all sectors in Cambodia. In the first seven months of 2023, bilateral trade volume rose by 1.8% to around $7 billion. China is Cambodia's largest international trading partner, accounting for 26.6% of its international trade volume. The Economist Intelligence Unit has ranked Cambodia as the world's sixth most attractive investment destination for Chinese companies. (Source: Khmer Times)

Between January and August, milled rice exports to Cambodia brought approximately $278.6 million Cambodia exported 401,699 tonnes of milled rice in the first eight months of 2023, generating a total revenue of $278.6 million, according to the Cambodia Rice Federation (CRF). The country shipped milled rice to 56 countries and regions, with China being the top buyer. The kingdom exported 143,818 tonnes to China, generating a gross revenue of $91.6 million. CRF President Chan Sokheang has set a full-year milled rice export target of 700,000 tonnes in 2023, citing China as a significant market. The federation plans to collaborate with the Ministry of Commerce to ensure annual sales of milled rice to China exceed 400,000 tonnes in the future. (Source: Khmer Times)

Corporate News

CGCC's bond guarantee to encourage local companies to issue bonds The Securities and Exchange Regulator of Cambodia (SERC) has accredited the Credit Guarantee Corporation of Cambodia (CGCC) as the country's first guarantor for bond issuance. The CGCC has developed a policy framework on bond guarantee, approved by Deputy Prime Minister and Minister of MEF Aun Pornmoniroth, to support the sustainable development of Cambodia's financial market. The company's guarantee on bond issuance services can encourage bond issuance by local companies, attract investors to invest in corporate bonds, increase liquidity of riel from bond issuance, and improve the credit rating of corporate bonds. The presence of CGCC in the securities market is expected to boost bond market development in Cambodia through building more market confidence and lowering issuance costs. CGCC will apply for a credit rating from the Rating Agency of Cambodia. The government's long-term consideration is to make full use of CGCC's role in the development of the bond market through guarantee on bond issuance and loan guarantee in the banking sector. (Source: Khmer Times)

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