Cambodia announces the rebasing of its GDP calculations
| News Highlights |
Economy and Industry
Cambodia announces the rebasing of its GDP calculations Cambodia has updated its GDP calculations to 2014, aligning with the United Nations Statistics Division's 2008 System of National Accounts standards to reflects the country's significant structural shifts since 2000, transitioning from an agriculture-based economy to one dominated by services and industry, with notable growth in manufacturing, construction, and service sectors. The National Center of Statistics (NCS) announced this revision during a workshop at Sokha Phnom Penh. The General Department of Policy of the Ministry of Economy and Finance emphasized that accurate GDP data is crucial for effective policy planning. According to the revised calculations, Cambodia's economy was valued at 160.1 trillion riels ($39.5 billion) in 2022, marking a 5.1% increase, with a per capita income of $2,345. (Source: Khmer Times)
62% of companies in Cambodia intend to hire new staff this year A survey by the European Chamber of Commerce (EuroCham) in Cambodia found that 62% of companies plan to recruit more staff in 2024, with high demand for leadership, quality control, and project management skills. Part of the Skills Development Program, the survey highlighted that 74% of respondents faced challenges in hiring qualified employees, citing issues such as labor shortages in specific locations, under-qualified candidates, high salary and benefits expectations, language proficiency difficulties, and limited job applications. Additionally, 44% of large companies indicated a willingness to increase their employees' monthly salaries following participation in training programs. The report aims to assist the government and stakeholders in identifying skills gaps and tailoring training programs to address them effectively. (Source: Khmer Times)
CamDigiKey achieves significant adoption with 40,000 downloads CamDigiKey, an electronic Know Your Customer (eKYC) system, has been downloaded over 39,200 times by banks and insurers in Cambodia. The platform connects users to the Cambodian government's digital services on CamDX, a decentralized data exchange platform developed by Techo Start-Up under the Ministry of Economic and Finance. Banks and insurers utilize CamDigiKey for the onboarding and verification of new customers, appreciating its ease of use and versatility. The system integrates AI with facial recognition, liveness detection, and Optical Character Recognition (OCR) to read characters from Khmer national identification cards and Machine Readable Zones (MRZ) on passports. CamDigiKey helps banks reduce account opening costs, increase processing speed, and eliminate human error. Additionally, it supports full-solution and open API integration, making it suitable for both public and private institutions in Cambodia. (Source: Khmer Times)
Corporate News
Lee Li Holdings Group aims to invest in five promising sectors in Cambodia Lee Li Holdings Group is interested in investing in five key sectors in Cambodia: oil and gas, healthcare, accreditation centers for exports, food processing and logistics, and the automotive industry. During a recent visit, company representatives met with Prime Minister Dr. Hun Manet, who warmly welcomed Lee Q. Shim and highlighted the visit's potential to strengthen trade relations between Cambodia and Canada. He emphasized the Cambodian Chamber of Commerce's role in Canada in promoting trade and exports, and reiterated the Royal Government of Cambodia's commitment to supporting the private sector with various incentives and investment facilitation. The Prime Minister encouraged the company to continue discussions with relevant government ministries and institutions to advance their investment plans. (Source: Khmer Times)
Stock Market
CSX index steady at 414.0 points; PPAP and JSL show notable gains On July 3, 2024, the CSX index closed at 414.0 points, unchanged from the previous day. The main board saw gains in PPAP (+7.11%), PPSP (+1.35%), PAS (+0.66%), and PWSA (+0.57%). Conversely, GTI (-3.00%), CGSM (-0.41%), and ABC (-0.27%) experienced declines. PEPC and MJQE closed at their opening prices. On the Growth Board, DBDE dropped by 0.96% while JSL continued to rise by 2.99%. The total trading volume was 116,838 shares, with a cumulative trading value of KHR 667 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 413.99 | 0.00 | 116,838 | 11,104 |
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 | 7,080 | 0.57 | 1.43 | -2.75 | 7,340 | 6,940 | 68,031 | 616 |
| GTI | 2,910 | -3.00 | 1.39 | 2.46 | 3,000 | 2,270 | 16,150 | 116 |
| PPAP | 14,460 | 7.11 | 13.15 | 3.29 | 14,460 | 12,700 | 35,619 | 299 |
| PPSP | 2,260 | 1.35 | 2.26 | 3.67 | 2,260 | 2,140 | 91,130 | 162 |
| PAS | 12,260 | 0.66 | 0.82 | -2.54 | 12,460 | 11,980 | 22,280 | 1,052 |
| ABC | 7,500 | -0.27 | -1.32 | -25.45 | 7,600 | 7,380 | 84,810 | 3,249 |
| PEPC | 2,200 | 0.00 | -0.90 | -19.71 | 2,290 | 2,120 | 1,835 | 165 |
| MJQE | 2,050 | 0.00 | 0.49 | -3.76 | 2,050 | 2,030 | 31,921 | 664 |
| CGSM | 2,440 | -0.41 | -0.41 | -7.22 | 2,450 | 2,390 | 49,856 | 4,781 |
| DBDE | 2,060 | -0.96 | -0.96 | -3.74 | 2,300 | 2,060 | 4,527 | 38 |
| JSL | 3,790 | 2.99 | 3.84 | -13.86 | 4,280 | 3,360 | 410 | 97 |
| 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 | 1Q24 | 1,298 | 16,580 | 5.45 | 0.43 | 1.61 | 9.99 |
| GTI | 1Q24 | 106 | 7,068 | 27.36 | 0.41 | 0.35 | 11.60 |
| PPAP | 1Q24 | 1,952 | 38,178 | 7.41 | 0.38 | 2.14 | 5.14 |
| PPSP | 1Q24 | 445 | 3,501 | 5.08 | 0.65 | 1.18 | 5.54 |
| PAS | 1Q24 | 1,803 | 11,721 | 6.80 | 1.05 | 3.05 | 5.76 |
| ABC | 1Q24 | 1,518 | 13,222 | 4.94 | 0.57 | 0.96 | NA |
| PEPC* | 4Q23 | -477 | 842 | NA | 2.61 | 3.86 | 63.18 |
| MJQE | 4Q23 | 59 | 297 | 34.82 | 6.91 | 4.44 | 13.75 |
| CGSM | 4Q23 | 166 | 563 | 14.69 | 4.33 | 6.40 | 15.41 |
| JSL | 4Q23 | 274 | 593 | 13.82 | 6.39 | 1.41 | NA |
| DBDE | 1Q24 | 250 | 1,930 | 8.25 | 1.07 | 0.49 | 5.58 |
| NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *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* | 3,422 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,626 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,251 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,813 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 280 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 3,021 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,268 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,095 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 783 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,640 |
| *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 | 312.0 | 65.3 | - | - |
| Outstanding (KHR'bn) | 80.0 | 312.0 | 65.3 | - | - |
| Issuance ('K units, Latest) | 10.0 | 20.0 | 43.3 | - | - |
| Coupon rate (Latest) | 3.50% | 4.00% | 4.50% | - | - |
| Successful yield (Latest) | 3.85% | 4.00% | 4.63% | - | - |
| Latest bidding | 24-Apr-24 | 29-May-24 | 26-Jun-24 | - | - |
| *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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