Cambodia's GFT exports surge 20% in early 2024

/ June 10, 2024


News Highlights

Economy and Industry

Cambodia's GFT exports surge 20% in early 2024 Cambodia exported $4.969 billion worth of garments, footwear, and travel goods (GFTs) in the first five months of 2024, marking a 20% increase from $4.129 billion over the same period last year, according to a Ministry of Commerce report. Garments and textiles accounted for $3.628 billion, a 22% rise from $2.960 billion the previous year. Footwear exports reached $615 million, up 10% from $558 million, while travel goods totaled $726 million, an 18.8% increase from $611 million. The World Bank's economic update highlights the GFT sector as a key driver of Cambodia's projected 5.8% economic growth this year. The GFT industry remains the largest foreign exchange earner in Southeast Asia, with around 1,680 factories employing approximately 918,000 workers, predominantly female, according to the Ministry of Labour and Vocational Training. (Source: Khmer Times)

Cambodia aims to export 1 million ton of milled rice by 2025 With a strategy focused on market expansion, boosting production capacity, and enhancing rice quality standards, Cambodia aims to achieve an ambitious target of exporting one million ton of milled rice by 2025, said Cambodia Rice Federation (CRF) President Chan Sokheang. The export stages are set at 700,000 tons for 2023, 850,000 tons for 2024, and one million ton for 2025. In the first five months of this year, Cambodia exported 302,592 tons of milled rice, meeting 35% of the 2024 target. Agreements with new markets, such as Indonesia and the US, are key drivers to achieve greater volume. For example, the US-based Otis McAllister has shown interest in purchasing Cambodian milled rice. Currently, Cambodia produces a yearly yield of 12.49 million tons of paddy rice, generating a surplus of 6.5 million tons, which indicates the country's capability of exporting more rice. (Source: Khmer Times)

Vietnam and Cambodia strengthen investment ties at Ho Chi Minh investment seminar The Investment and Trade Promotion Center of Ho Chi Minh City hosted a seminar on June 7 to promote investment between Vietnam and Cambodia was attended by over 70 enterprises from various sectors. Leaders from the Council for the Development of Cambodia (CDC) presented investment-attraction policies, highlighting support tools like government-investor forums and bilateral cooperation frameworks. Trade between the two countries has flourished due to a 1,258-kilometer land border and ten border gates, with Cambodia's export turnover to Vietnam reaching $1.39 billion in the first quarter of 2024, a 53% increase from the same period last year, while Vietnamese imports to Cambodia totaled $0.933 billion, a 2.5% decrease YoY. Vietnam, the largest ASEAN investor in Cambodia, has 206 active projects with a registered capital of $2.95 billion, focusing on sectors like agriculture, finance, and telecommunications, boosting Cambodia's socio-economic development. Conversely, Cambodia has 31 investment projects in Vietnam, totaling $73 million in registered capital. (Source: Khmer Times)

Corporate News

EDTCO Cambodia enhances school environment with CSR initiative EDOTCO Cambodia, a prominent telecommunications infrastructure services provider, has illuminated the lives of Cambodian schoolchildren through a recent charity drive encompassing school painting, book and stationery donations, provision of first aid supplies, and tree planting. Engaging 46 employees alongside 28 teachers and 678 students at Sre Ronorng Primary School in Takeo Province, the initiative, part of the company's Corporate Social Responsibility (CSR) efforts, amassed over 6,000 voluntary hours. Executed in collaboration with school management and local authorities, the project aimed to enhance the school's physical environment and foster a brighter future for students. EDOTCO Cambodia Managing Director Ashok Muthu expressed pride in the initiative's alignment with their vision of societal betterment through education. The charitable actions garnered appreciation from local authorities and communities, fostering a sense of pride and ownership among students, teachers, and residents. This endeavor reflects just one of several CSR activities undertaken by EDOTCO Cambodia, demonstrating their commitment to social impact and environmental preservation. (Source: Khmer Times)

Stock Market

CSX index gains 0.12% on June 10, 2024 On June 10, 2024, the CSX index closed at 409.1 points, up 0.12% from the previous day. The main board saw gains in GTI (+0.88%), PAS (+0.66%), and CGSM (+0.42%), while PEPC (-1.76%), PPAP (-0.75%), and ABC (-0.27%) experienced declines. PWSA, PPSP, and MJQE remained unchanged. On the growth board, DBDE was up by 0.45%, and JSL was down by 0.77%. The total trading volume was 62,722 shares, with a cumulative trading value of KHR 391 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
409.06 0.12 62,722 10,971

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 7,020 0.00 -4.36 -3.57 7,380 7,020 53,615 611
GTI 2,290 0.88 -2.55 -19.37 2,380 2,270 6,851 92
PPAP 13,180 -0.75 -1.64 -5.86 13,460 13,180 3,613 273
PPSP 2,240 0.00 -4.68 2.75 2,400 2,030 204,566 161
PAS 12,280 0.66 -2.07 -2.38 12,540 12,200 79,281 1,053
ABC 7,500 -0.27 -1.57 -25.45 7,800 7,500 256,557 3,249
PEPC 2,230 -1.76 -3.88 -18.61 2,400 2,170 3,094 167
MJQE 2,050 0.00 0.49 -3.76 2,210 2,040 87,817 664
CGSM 2,400 0.42 -0.83 -8.75 2,440 2,390 100,408 4,702
DBDE 2,240 0.45 0.45 4.67 2,240 2,170 63,234 41
JSL 3,890 -0.77 -7.82 -11.59 4,320 3,890 9,298 100
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* 4Q23 1,456 16,034 4.82 0.44 1.57 8.34
GTI 4Q23 109 7,145 21.02 0.32 0.28 9.85
PPAP* 4Q23 1,534 38,520 8.59 0.34 1.92 4.76
PPSP 4Q23 451 3,530 4.96 0.63 0.63 3.79
PAS* 4Q23 1,422 11,333 8.64 1.08 2.89 7.54
ABC 4Q23 1,207 13,033 6.21 0.58 0.95 NA
PEPC** 4Q23 -477 842 NA 2.65 3.92 63.47
MJQE 4Q23 59 297 34.82 6.91 4.44 13.75
CGSM 4Q23 166 563 14.44 4.26 6.29 15.18
JSL 4Q23 274 593 14.18 6.56 1.45 NA
DBDE 4Q23 221 1,883 10.15 1.19 0.48 6.68
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* 3,445
CIAF28A 0 0.0 - - KhAAA N/A 6.30% 1,649
GT27A 0 0.0 - - N/A Plain , Green 7.00% 1,274
RMAC25A 0 0.0 - - N/A Guaranteed 5.50% 303
RRC32A 0 0.0 - - N/A Plain 7.00% 3,044
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating** 1,291
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating*** 3,118
TCT26A 0 0.0 - - N/A Plain 4.50% 806
TCT28A 0 0.0 - - KhAAA FX-Linked Floating**** 1,663
*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.


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