Cambodia plan to establish large-scale seedling nurseries across 5 provinces
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 407.63 | -0.29 | 143,459 | 10,933 |
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 | 7,100 | 0.28 | 1.43 | -2.47 | 7,240 | 7,000 | 29,236 | 618 |
| GTI | 2,350 | 0.00 | 4.44 | -17.25 | 2,360 | 2,180 | 13,139 | 94 |
| PPAP | 13,200 | 0.15 | 1.85 | -5.71 | 13,200 | 12,380 | 3,620 | 273 |
| PPSP | 2,050 | 0.00 | 0.00 | -5.96 | 2,080 | 2,040 | 11,283 | 147 |
| PAS | 12,360 | -0.32 | -0.48 | -1.75 | 12,480 | 12,140 | 518 | 1,060 |
| ABC | 7,420 | 0.00 | -2.37 | -26.24 | 8,860 | 7,420 | 656,184 | 3,214 |
| PEPC | 2,190 | -0.45 | 2.82 | -20.07 | 2,510 | 2,130 | 2,088 | 164 |
| MJQE | 2,160 | -1.37 | -1.82 | 1.41 | 2,230 | 2,060 | 410,250 | 700 |
| CGSM | 2,380 | -0.42 | 0.00 | -9.51 | 2,500 | 2,370 | 78,732 | 4,663 |
| DBDE | 2,150 | 0.94 | 2.87 | 0.47 | 2,150 | 2,080 | 21,193 | 40 |
| JSL | 3,970 | 2.06 | 5.87 | -9.77 | 3,980 | 3,670 | 7,346 | 102 |
| 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 | 6.07 | 0.47 | 1.69 | 8.76 |
| GTI | 2Q23 | 95 | 7,181 | 24.62 | 0.33 | 0.26 | 10.24 |
| PPAP* | 2Q23 | 2,412 | 38,041 | 5.47 | 0.35 | 1.95 | 4.76 |
| PPSP | 2Q23 | 489 | 3,576 | 4.19 | 0.57 | 0.64 | 3.71 |
| PAS* | 2Q23 | 1,191 | 11,029 | 10.38 | 1.12 | 3.19 | 8.12 |
| ABC | 2Q23 | 1,608 | 12,485 | 4.61 | 0.59 | 0.99 | NA |
| PEPC** | 2Q23 | -312 | 1,220 | NA | 1.80 | 2.06 | 31.03 |
| MJQE | 2Q23 | 29 | 289 | 74.97 | 7.46 | 5.70 | 17.92 |
| CGSM | 2Q23 | 98 | 392 | 24.39 | 6.07 | 5.98 | 14.41 |
| JSL | 2Q23 | -239 | 185 | NA | 21.41 | NA | NA |
| DBDE | 2Q23 | 76 | 1,919 | 28.41 | 1.12 | 0.53 | 11.70 |
| 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* | 3,479 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,683 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,308 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 337 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 3,078 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,325 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,152 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 840 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,697 |
| *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) | 180.1 | 292.0 | 22.0 | - | - |
| Outstanding (KHR'bn) | 80.0 | 292.0 | 22.0 | - | - |
| Issuance ('K units, Latest) | 10.0 | 140.0 | 6.0 | - | - |
| Coupon rate (Latest) | 3.50% | 4.50% | 4.50% | - | - |
| Successful yield (Latest) | 3.85% | 5.13% | 4.75% | - | - |
| Latest bidding | 24-Apr-24 | 20-Mar-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 continues decline, reaches 407.6 points On May 7, 2024, the CSX index closed trading at 407.6 points, marking a 0.29% decrease from the previous day. Main board activity showed mixed results, with gains in PWSA (+0.28%) and PPAP (+0.15%), while MJQE (-1.37%), PEPC (-0.45%), CGSM (-0.42%), and PAS (-0.32%) experienced declines. GTI, PPSP, and ABC remained unchanged. On the growth board, DBDE and JSL rose by 0.94% and 2.06%, respectively. Total trading volume reached 143,459 shares, with a cumulative trading value of KHR 717 million. (Source: YSC Research)
Economy and Industry
Cambodia plan to establish large-scale seedling nurseries across 5 provinces The Ministry of Environment plans to establish five large-scale seedling nurseries in five provinces, with Tboung Khmum hosting Cambodia's first regional nursery capable of producing over one million seedlings annually. These nurseries will support the campaign to plant at least one million trees annually from 2024 onwards. Equipped with solar-powered irrigation systems, the nurseries aim to increase forest cover to 60% by 2050, aligning with Cambodia's goal of becoming carbon-neutral. The initiative also promotes urban green spaces and eco-tourism while contributing to the government's Environmental Circular Strategy 2023-2028. As of April 25, 2024, over 850,000 seedlings have been distributed for free to over 200,000 people. (Source: Khmer Times)
CSX reports rise in trading accounts The Cambodian Securities Exchange (CSX) reports that trading accounts increased to 51,044 in 1Q24, representing a 31.7% increase YoY. However, despite this surge in accounts, total trading volume during the first quarter declined nearly 38% compared to the same period last year, with the total traded value also dropping approximately 58% YoY. CSX recently introduced a new trading mechanism in January, which allowed investors to trade in Khmer riel and settle in US dollars. CSX's membership in the Asia-Oceania Stock Exchange Federation (AOSEF) underscores the commitment to market integrity and regional collaboration, positioning the exchange to leverage international resources and drive sustainable market growth. (Source: Khmer Times)
IMF reports Cambodia's inflation to stabilize at 2.3% in 2024 According to the IMF Regional Economic Outlook for April 2024, Cambodia's inflation is projected to remain stable at 2.3% this year, slightly up from 2.1% in 2023, aligning with trends across Asia and the Pacific. The report forecasts Cambodia's economic growth at 6% for 2024 and 6.1% for 2025, positioning the country as one of the fastest-growing economies in ASEAN. Despite external challenges such as global geopolitical tensions, the National Bank of Cambodia anticipates growth driven by the industry segment at 8.6%, with services at 6.4% and agriculture at 1.3%. Internal challenges include private sector indebtedness and weak recoveries in sectors like construction and real estate. (Source: Khmer Times)
Corporate News
Taiwan's SinoPac Bank to acquire Amret MFI Taiwan's Bank SinoPac plans to acquire 80% of Amret Plc initially for $435 million, followed by two 10% tranches over the next two years. The acquisition, at a premium to Amret's $302 million book value, aims to expand Bank SinoPac's international presence into Cambodia's growing economy. Amret, Cambodia's largest microfinance institution, boasts $2 billion in assets and 150 branches nationwide. While SinoPac Holdings' board approved the acquisition, regulatory approvals from Cambodia and Taiwan are pending. The move aligns with SinoPac's strategy to boost overseas revenue and tap into Cambodia's projected 6.3% GDP growth. The bank aims to leverage Amret's customer base and product suite, enhancing financial services and sustainability efforts. Partnerships with the IFC and FMO will continue post-acquisition, bolstering ESG investments. Collaboration aims to realize a shared vision of improved financial services for a better future. (Source: Khmer Times)
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