Cambodia's export growth highlights the country's economic resilience
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 411.94 | 1.06 | 222,018 | 11,049 |
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 | 0.00 | 1.43 | -2.47 | 7,240 | 7,000 | 30,688 | 618 |
| GTI | 2,350 | 0.00 | 4.44 | -17.25 | 2,360 | 2,180 | 13,769 | 94 |
| PPAP | 13,180 | -0.15 | 1.70 | -5.86 | 13,200 | 12,380 | 4,305 | 273 |
| PPSP | 2,050 | 0.00 | 0.00 | -5.96 | 2,080 | 2,040 | 32,656 | 147 |
| PAS | 12,300 | -0.49 | -0.97 | -2.23 | 12,480 | 12,140 | 688 | 1,055 |
| ABC | 7,560 | 1.89 | -0.53 | -24.85 | 8,860 | 7,420 | 744,002 | 3,275 |
| PEPC | 2,170 | -0.91 | 1.88 | -20.80 | 2,510 | 2,130 | 2,110 | 163 |
| MJQE | 2,170 | 0.46 | -1.36 | 1.88 | 2,230 | 2,060 | 499,305 | 703 |
| CGSM | 2,410 | 1.26 | 1.26 | -8.37 | 2,500 | 2,370 | 99,648 | 4,722 |
| DBDE | 2,190 | 1.86 | 4.78 | 2.34 | 2,190 | 2,080 | 45,697 | 40 |
| JSL | 3,950 | -0.50 | 5.33 | -10.23 | 3,980 | 3,670 | 7,960 | 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 | 5.46 | 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 | 10.33 | 1.12 | 3.18 | 8.09 |
| ABC | 2Q23 | 1,608 | 12,485 | 4.70 | 0.61 | 1.01 | NA |
| PEPC** | 2Q23 | -312 | 1,220 | NA | 1.78 | 2.05 | 30.94 |
| MJQE | 2Q23 | 29 | 289 | 75.32 | 7.50 | 5.73 | 18.00 |
| CGSM | 2Q23 | 98 | 392 | 24.70 | 6.15 | 6.05 | 14.57 |
| JSL | 2Q23 | -239 | 185 | NA | 21.30 | NA | NA |
| DBDE | 2Q23 | 76 | 1,919 | 28.94 | 1.14 | 0.54 | 11.88 |
| 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* | 3,478 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,682 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,307 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 336 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 3,077 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,324 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,151 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 839 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,696 |
| *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 rebounded 1.06% to 411.9 points On May 8, 2024, the CSX index closed trading at 411.9 points, marking a 1.06% increase from the previous day. Main board activity showed mixed results, with gains in ABC (+1.89%), CGSM (+1.26%), and MJQE (+0.46%) while PEPC (-0.91%), PAS (-0.49%), and PPAP (-0.15%) experienced declines. PWSA, GTI, and PPSP remained unchanged. On the growth board, DBDE was up 1.86% and JSL was down by 0.50%. Total trading volume reached 222,018 shares, with a cumulative trading value of KHR 964 million. (Source: YSC Research)
Economy and Industry
Cambodia's export growth highlights the country's economic resilience Prime Minister Hun Manet underscored Cambodia's robust export performance, with an average growth of 13.3% between 2017 and 2023, reaching $23.47 billion in 2023 or 54.7% of the GDP. Speaking at the National Single Window launch, he highlighted a continued positive trend, with a 17.2% increase in exports in the 1Q24. The government prioritizes enhancing the business environment and trade facilitation, implementing policies and reforms to support growth. Notably, Cambodia achieved its first trade surplus in 1Q24, with total import-export turnover reaching $12.49 billion, a 11.9% increase YoY. The garment, footwear, and travel goods sector remain a key contributor, alongside non-garment products like electronics, agriculture, bicycles, and solar panels. (Source: Khmer Times)
Cambodia sees decline in fixed-asset investments In April, Cambodia recorded a notable decrease in fixed-asset investments, amounting to $310 million, marking a 47% drop from the previous year's $588 million. The number of approved projects also declined by 66%, with Chinese investors leading in foreign direct investment (FDI). These projects are expected to create nearly 23,000 jobs, predominantly in garment, footwear, and travel goods manufacturing, with eight located in special economic zones. Prime Minister Hun Manet emphasized the government's commitment to improving the business and investment climate, aiming to attract more investment and promote economic development. Despite challenges, strong investor confidence and trade agreements have contributed to sustained FDI flows, reflecting Cambodia's appeal to both local and foreign investors. (Source: Khmer Times)
Cambodia initiates pepper exports to China In a significant milestone, Cambodia commenced pepper exports to China, its largest trading partner, with an initial shipment of 30 tons to Qingdao on April 10 and 20, 2024. Recognized for its high quality, Cambodian pepper's entry into the Chinese market followed nearly a year of preparation since the Chinese Embassy's announcement in May 2023. The Cambodia Pepper and Spices Federation hailed this development as a promising start, anticipating growth opportunities. Increased demand from China is expected to stimulate domestic production, benefiting farmers and rural communities. While facing constraints like limited registrations with Chinese authorities, Cambodia eyes further expansion into markets like the US, the Middle East, and North Africa. This endeavor holds promise for Cambodia's pepper industry, which exported nearly $10 million worth of pepper in the first quarter of 2024, with prices showing an upward trend. (Source: Khmer Times)
Corporate News
Royal government seeks Huawei's support for digital advancement Cambodia's Minister of Tourism, Sok Soken, has initiated discussions with Huawei Technologies to enhance the kingdom's digital tourism endeavors. Minister Soken met with Tao Guangyao, CEO of Huawei Technologies (Cambodia) Co., Ltd., to explore collaboration opportunities aimed at advancing digital tourism initiatives. Tourism serves as a key economic pillar for Southeast Asia, with Cambodia witnessing a notable increase in international tourist arrivals, reaching 1.58 million in the 1Q24. The country boasts renowned heritage sites like the Angkor Archaeological Park and pristine coastlines, making it an attractive destination. Collaborating with Huawei could further leverage technology to enhance tourism experiences and promote Cambodia's unique attractions globally. (Source: Khmer Times)
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