Cambodia's exports see growth despite weakening global demand
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 463.12 | 0.57 | 147,067 | 12,422 |
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 | 7,280 | 0.55 | 0.00 | 0.00 | 7,300 | 7,240 | 8,822 | 633 |
| GTI | 2,790 | 0.72 | -0.36 | -1.76 | 2,810 | 2,770 | 2,544 | 112 |
| PPAP | 13,780 | 0.29 | -0.86 | -1.57 | 14,120 | 13,740 | 3,422 | 285 |
| PPSP | 2,110 | -0.47 | -1.86 | -3.21 | 2,180 | 2,110 | 78,047 | 152 |
| PAS | 12,540 | 0.00 | -0.16 | -0.32 | 12,600 | 12,500 | 11,126 | 1,076 |
| ABC | 9,720 | 0.00 | -1.02 | -3.38 | 10,000 | 9,720 | 123,493 | 4,210 |
| PEPC | 2,700 | 1.89 | -3.23 | -1.46 | 2,860 | 2,650 | 981 | 202 |
| MJQE | 2,090 | 0.48 | 0.00 | -1.88 | 2,120 | 2,080 | 49,420 | 677 |
| CGSM | 2,590 | 1.17 | 1.17 | -1.52 | 2,590 | 2,540 | 73,720 | 5,075 |
| DBDE | 2,130 | -1.39 | -0.93 | -0.47 | 2,190 | 2,130 | 4,212 | 39 |
| JSL | 3,990 | -0.25 | 0.25 | -9.32 | 4,220 | 3,930 | 630 | 103 |
| 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 | 6.22 | 0.48 | 1.73 | 8.84 |
| GTI | 2Q23 | 95 | 7,181 | 29.23 | 0.39 | 0.30 | 11.49 |
| PPAP* | 2Q23 | 2,412 | 38,041 | 5.71 | 0.36 | 2.04 | 4.93 |
| PPSP | 2Q23 | 489 | 3,576 | 4.32 | 0.59 | 0.66 | 3.79 |
| PAS* | 2Q23 | 1,191 | 11,029 | 10.53 | 1.14 | 3.24 | 8.21 |
| ABC | 2Q23 | 1,608 | 12,485 | 6.04 | 0.78 | 1.30 | NA |
| PEPC** | 2Q23 | -312 | 1,220 | NA | 2.21 | 2.54 | 33.38 |
| MJQE | 2Q23 | 29 | 289 | 72.54 | 7.22 | 5.51 | 17.36 |
| CGSM | 2Q23 | 98 | 392 | 26.54 | 6.60 | 6.51 | 15.53 |
| JSL | 2Q23 | -239 | 185 | NA | 21.52 | NA | NA |
| DBDE | 2Q23 | 76 | 1,919 | 28.15 | 1.11 | 0.52 | 11.61 |
| 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 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability | Floating* | 3,540 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,744 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,369 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 398 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 3,139 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,386 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,213 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 901 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,758 |
| *SOFR +3% or 5.5% , whichever is higher; **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);****Term SOFR + 2.5% | |||||||
| Government Bonds |
Historical Issuance Summary
| 1 Y | 2 Y | 3 Y | 10 Y | 15 Y | |
| Total issuance ('K units) | 170.1 | 152.0 | 22.0 | - | - |
| Outstanding (KHR'bn) | 74.0 | 152.0 | 22.0 | - | - |
| Issuance ('K units, Latest) | 22.0 | 20.0 | 6.0 | - | - |
| Coupon rate (Latest) | 3.50% | 4.00% | 4.50% | - | - |
| Successful yield (Latest) | 3.85% | 4.73% | 4.75% | - | - |
| Latest bidding | 24-Jan-24 | 21-Feb-24 | 20-Dec-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
CSX index inches up on March 07, 2024 On March 07, 2024, the CSX index concluded at 463.1 points, registering a slight 0.57% increase from the previous day's close. Across the main board, fluctuations were observed, with PEPC (+1.89%), CGSM (+1.17%), GTI (+0.72%), PWSA (+0.55%), MJQE (+0.48%), and PPAP (+0.29%) recording gains, while PPSP (-0.47%) experienced declines. However, PAS and ABC maintained their opening prices. On the growth board, DBDE and JSL decreased by 1.39% and 0.25%, respectively. Trading activity amounted to 147,067 shares traded, totaling KHR 612 million in cumulative trading value. (Source: YSC Research)
Economy and Industry
Cambodia's exports see growth despite weakening global demand Despite a global demand slowdown and geopolitical challenges, Cambodia experienced stable export growth, reaching $1.97 billion in January 2024, a 27% increase compared to the same period in 2023. Penn Sovicheat, Secretary of State at the Ministry of Commerce, highlighted that Cambodia's international trade volume has grown steadily, even amidst the war crisis. He attributed the resilience to sustained high volumes of orders, particularly from Regional Comprehensive Economic Partnership (RCEP) member countries. In addition, Cambodia's trade with the RCEP member countries amounted to $2.74 billion in January, representing a 21.2% increase from 2022. Under the economic partnership, as much as 90% of tariffs on goods traded between countries will be eliminated over the next 20 years. (Source: Phnom Penh Post)
Cambodia's tourism sees more guests from neighboring countries In January 2024, Cambodia experienced a 34% surge in international tourism, hosting 540,023 foreign visitors compared to the same period in 2023 - over half originated from neighboring countries Thailand, Vietnam, and Laos. Thailand led with 163,661 visitors (30.3%), followed by Vietnam with 85,700 (15.9%), and Laos with 36,153 (6.7%). The president of the Khmer Angkor Tourist Guide Association noted a continuous rise in visitors since October 2023, particularly to rising in visit to Angkor Wat. Despite a steady post-pandemic recovery, Chinese tourists remain modest. In 2019, Cambodia welcomes over 6.61 million foreign tourists, with ASEAN neighbors contributing 24.33% of the total. In 2023, the country received 5.45 million tourists, generating roughly $3.04 billion in tourism revenue, a substantial increase from $1.41 billion in 2022. (Source: Phnom Penh Post)
Cambodia's furniture and bedroom product exports surge over 60% Cambodia witnessed a remarkable surge of over 60% in exports of furniture and bedroom products in January 2024 compared to the same period in 2023, as reported by the General Department of Customs and Excise (GDCE). The notable increase, categorized under Harmonised System (HS) Code 94, which includes furniture, bedding, mattresses, cushions, and similar stuffed furnishings, accounts for 3.05% of the country's total sales to international markets and amounted to $59.93 million in January 2024. Experts attribute this growth to rising international market demand, increased production capacity in Cambodia, and positive outcomes from direct investments, driven by favorable internal and external factors, including geographical location, investment laws, infrastructure, and trade agreements. (Source: Phnom Penh Post)
Corporate News
More Chinese tire manufacturers plan on Cambodian expansion China's Shouguang Firemax Tyre Co., Ltd., is planning to invest $190 million in a radial tire production facility in Cambodia. The new facility is anticipated to have an annual capacity of producing 8 million passenger car radial tires and 1.2 million truck and bus radial tires. This investment aligns with a broader trend of Chinese tire manufacturers exploring Cambodia as an alternative market due to trade barriers in Western markets. Other major Chinese tire firms, such as Wanli Tires and Sailun Group, are also eyeing significant investments in Cambodia to increase production and supply capacity. All three factories are expected to produce a total of 33 million tires and utilize 90% of Cambodia's total rubber tree yield annually. (Source: Khmer Times)
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