In a survey, 77% of Cambodian restaurants report revenue loss

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CSX index down 0.11%, led by declines in PPAP, PPSP, and CGSM On September 28, 2023, the CSX index fell 0.11% to close at 456.3 points. PPAP, PPSP, and CGSM all saw decreases, falling 0.14%, 0.46%, and 0.41%, respectively. On the other hand, GTI, PAS, and PPEC saw increases of 0.67%, 0.16%, and 2.53%, respectively. PWSA, ABC, and MJQE closed at the same price as the previous day. On the growth board, JSL fell 1.10%, while DBDE closed unchanged. Trading volume decreased 43.8% from the previous day to 43,492 shares, or KHR 265 million. (Source: YSC Research)

Economy and Industry

In a survey, 77% of Cambodian restaurants report revenue loss A survey by the Cambodia Restaurant Association (CRA) revealed that 77% of Cambodian restaurants reported a revenue drop from 2022, indicating a slowdown in the country's economy and tourism sector. The survey, conducted by CRA, revealed that 45% of respondents reported a 20% dip in revenue compared to 2022. Factors contributing to this decline include a fall in occupancy rates, lower average spending tickets, decreased local consumption, and slower international tourism recovery. The discontinuation of the tax exemption package in July 2022 is a major factor, with companies that restructured their economic model becoming insolvent again. The prospects for next year are also bleak, with expenses rising, minimum wages, and social security costs. The number one issue for tourists visiting Cambodia is security, with a shift in visitor profiles to neighboring countries. (Source: Khmer Times)

From January to August, exports to Singapore increased 6.5 times Cambodia's exports to Singapore increased by over 6.5 times in the first eight months of 2023, reaching $476.9 million from $72.8 million in the same period in 2022. However, bilateral trade fell by 62.8% to $1.1 billion due to lower imports from Singapore. From January to August, Cambodia imported goods worth $625.8 million from Singapore, a decrease of 78.3% from $2.9 billion last year. The bilateral trade volume stood at $1.1 billion, narrowing Cambodia's trade deficit to $148.9 million. The high export growth value to Singapore is linked to the impact of Covid-19 in key economic sectors in 2022, which resulted in a sharp decline in exports to Singapore. The Cambodian Chamber of Commerce vice-president Lim Heng said the increase in export value from Cambodia to Singapore may be due to the greater contribution of agricultural products, while the decrease in imports from Singapore is a result of increased production capacity in Cambodia. (Source: The Phnom Penh Post)

Vietnam is Cambodia's second largest exporter Cambodia's General Department of Customs and Excise (GDCE) reported that China, Vietnam, and Thailand shipped over $11.5 billion worth of goods to the country in the first eight months of 2023, accounting for 70.8% of the country's total imports of $16.3 billion. China topped the list with $7.2 billion worth of exports, representing 43.9% of the total shipment. Vietnam's imports fell 11.7% to $2.5 billion, representing 15% of the total imports, while Thailand's shipments shrank 25.8% to $1.9 billion. Cambodia reduced its spending on imports by 25.2% during this period. The country also exported goods to China, Vietnam, and Thailand, accounting for 21.9% of the total export value of $15.7 billion. (Source: Khmer Times)

Corporate News

In FY23, Pestech see a loss of $5.7 million Pestech (Cambodia) Plc reported a net loss of $5.7 million in the financial year ending June 30, 2023, compared to a net profit of $607,000 in the previous year. Revenue decreased by 63.6% to $19.4 million in FY23, mainly due to the completion of the East Siem Reap project and lower project progress in the Laos border project and Stung Tatay hydropower project. Pestech, a wholly owned subsidiary of Pestech International Berhad, is currently undergoing a restricted issue fundraising exercise pending shareholder approval. The validity of Pestech's going concern depends on the continued support of its holding company, Pestech International, which has pledged to support it financially to meet its liabilities. (Source: Kiri Post)

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