Hong Kong business leaders eye Cambodia as new leadership signals a more pro-trade approach
| News Highlights |
Economy and Industry
Hong Kong business leaders eye Cambodia as new leadership signals a more pro-trade approach Top Hong Kong business executives are set to join the city leader's trip to Cambodia, Laos, and Vietnam to explore new business opportunities under Prime Minister Hun Manet's more "aggressive" preferential policies. The financial hub's business sector is hopeful that Cambodia will emerge as a viable alternative manufacturing base to neighboring Vietnam. The Chinese Manufacturers' Association of Hong Kong is particularly interested in learning more about Cambodia and Laos, as Vietnam has traditionally been a favored destination for manufacturers relocating from mainland China. Cambodia offers over 50 industry-specific economic zones, with labor costs being only two-thirds of those in Vietnam. Jonathan Choi Koon-shum, chairman of Hong Kong's Chinese General Chamber of Commerce, anticipates that Cambodia will become more open and globally connected under the new leadership. (Source: South China Morning Post)
Government advocates for increased use of financial services among informal sector Hem Vanndy, Minister of Industry, Science, Technology & Innovation, and Chea Serey, Governor of the National Bank of Cambodia (NBC), discussed implementing the national strategy for informal economic development by promoting digital banking systems and financial services within the informal sector. As Chairman of the Coordinating Committee for Developing the Informal Economy (CCDIE), Vanndy emphasized the challenge informal business owners face in accessing official financial services due to non-compliance with existing policies and regulations. He urged NBC to improve access to banking and financial institutions for all recognized informal businesses. The NBC Governor welcomed this initiative and pledged support for the program. The CCDIE has been collaborating with relevant ministries and institutions to monitor progress and review the action plan to achieve the targets set in the national strategy. (Source: Khmer Times)
NBC and Timor-Leste ink MoU on banking and financial collaboration Cambodia and Timor-Leste's central banks have signed a memorandum of understanding (MoU) to bolster banking and financial cooperation. This MoU aims to enhance collaboration in various areas, including payment connectivity, digital financial innovation, banking supervision, financial inclusion, and human resources development. It will enable technical cooperation through regular discussions, exchanges of views, and the sharing of economic and financial information and data. During their first bilateral meeting, the central bank governors discussed economic conditions, monetary policies, and banking development processes, and shared experiences and strategies on promoting local currencies and other key topics. The MoU was signed following this initial meeting. (Source: Khmer Times)
Corporate News
Texas tire manufacturing firm shows interest in investing in Cambodia TIRECYCLE POWER HOLDINGS, a US-based tire recovery manufacturer, is exploring investment opportunities in Cambodia in collaboration with the Council for the Development of Cambodia (CDC) during its inaugural visit to the Kingdom. Led by Vice President Tuan Ba, the delegation aims to contribute to Cambodia's economic growth by investing in the energy sector. The CDC expressed confidence in its investment policies and commitment to creating a favorable environment for international investors. The Deputy Secretary of the CDC thanked TIRECYCLE POWER HOLDINGS for choosing Cambodia as an investment destination. Currently, Cambodia has three operational car tire facilities in Svay Rieng, Preah Sihanouk, and Kratie provinces, with additional projects in the pipeline awaiting approval. These ventures are expected to further enhance Cambodia's status as a key car tire exporter. (Source: Khmer Times)
Stock Market
CSX index sees minor decline amid mixed performance on July 23, 2024 On July 23, 2024, the CSX Index closed at 415.6 points, reflecting a slight decline of 0.03% from the previous day. On the main board, PWSA (+0.57%) and PEPC (+0.41%) posted gains, while PPAP (-1.28%), GTI (-0.59%), PPSP (-0.44%), and PAS (-0.16%) experienced losses. ABC, MJQE, and CGSM remained unchanged. On the growth board, both DBDE and JSL held steady. The total trading volume for the day was 69,245 shares, amounting to a cumulative trading value of KHR 371 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 415.58 | -0.03 | 69,245 | 11,146 |
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 | 7,060 | 0.57 | 1.15 | -3.02 | 7,080 | 6,940 | 143,310 | 614 |
| GTI | 3,370 | -0.59 | 17.42 | 18.66 | 3,390 | 2,860 | 569,293 | 135 |
| PPAP | 15,400 | -1.28 | 20.50 | 10.00 | 17,240 | 12,700 | 136,468 | 319 |
| PPSP | 2,250 | -0.44 | 1.81 | 3.21 | 2,300 | 2,180 | 385,818 | 162 |
| PAS | 12,160 | -0.16 | 0.00 | -3.34 | 12,260 | 11,880 | 86,551 | 1,043 |
| ABC | 7,540 | 0.00 | -0.79 | -25.05 | 7,600 | 7,500 | 462,504 | 3,266 |
| PEPC | 2,440 | 0.41 | 9.91 | -10.95 | 2,450 | 2,150 | 15,098 | 183 |
| MJQE | 2,050 | 0.00 | 0.49 | -3.76 | 2,050 | 2,030 | 130,180 | 664 |
| CGSM | 2,430 | 0.00 | -0.82 | -7.60 | 2,460 | 2,390 | 252,100 | 4,761 |
| DBDE | 2,100 | 0.00 | 0.96 | -1.87 | 2,100 | 2,060 | 81,944 | 39 |
| JSL | 3,500 | 0.00 | -4.11 | -20.45 | 3,790 | 3,410 | 10,582 | 90 |
| 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 | 5.44 | 0.43 | 1.60 | 9.98 |
| GTI | 1Q24 | 106 | 7,068 | 31.68 | 0.48 | 0.41 | 12.86 |
| PPAP | 1Q24 | 1,952 | 38,178 | 7.89 | 0.40 | 2.28 | 5.43 |
| PPSP | 1Q24 | 445 | 3,501 | 5.06 | 0.64 | 1.17 | 5.52 |
| PAS | 1Q24 | 1,803 | 11,721 | 6.74 | 1.04 | 3.02 | 5.73 |
| ABC | 1Q24 | 1,518 | 13,222 | 4.97 | 0.57 | 0.97 | NA |
| PEPC* | 4Q23 | -477 | 842 | NA | 2.90 | 4.28 | 65.53 |
| MJQE | 4Q23 | 59 | 297 | 34.82 | 6.91 | 4.44 | 13.75 |
| CGSM | 4Q23 | 166 | 563 | 14.63 | 4.31 | 6.37 | 15.35 |
| JSL | 4Q23 | 274 | 593 | 12.76 | 5.90 | 1.31 | NA |
| DBDE | 1Q24 | 250 | 1,930 | 8.41 | 1.09 | 0.50 | 5.66 |
| 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* | 3,402 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,606 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,231 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,793 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 260 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 3,001 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,248 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,075 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 763 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,620 |
| *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) | 52.0 | 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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