Cambodia reveals ambitious strategy for developing coastal provinces
| News Highlights |
Economy and Industry
Cambodia reveals ambitious strategy for developing coastal provinces The Royal Government of Cambodia has unveiled a master plan aimed at transforming the coastal provinces into a multi-purpose economic corridor and a premier beach tourism destination. Titled "Master Plan for the Development of Cambodia's Coastal Provinces as a Multi-Purpose Economic Corridor and Cell Interface," the initiative seeks to offer professional tourism services and improve the environment to attract leisure tourists. It prioritizes the creation of a green economy by promoting green energy, sustainable agriculture, and environmentally friendly industrial and financial developments. Reviewed in a meeting chaired by Dr. Aun Porn Moniroth, Deputy Prime Minister and Minister of Economy and Finance, the plan includes comprehensive assessments of administration, traffic infrastructure, topography, land development, population, and resource availability in each province. Additionally, it outlines strategies to foster industrial development and boost overall economic growth in the region. (Source: Khmer Times)
Cambodia has issued 1.4 million insurance policies Cambodia has issued over 1.4 million insurance policies, with insurers holding assets exceeding $1 billion and $453 million in shareholder funds. Cambodia's insurance industry has experienced a 7% growth over the past five years, with gross premiums reaching $344 million. The Insurance Regulator of Cambodia (IRC) has been hosting annual events like Insurance Day to increase public awareness about the importance of insurance. Significant innovations in the sector, including Fintech and Insuretech, have improved various functions within the industry. The IRC aligns its efforts with the Royal Government of Cambodia's "Pentagonal Strategy-Phase I" to bolster the banking and non-banking financial sectors. The insurance penetration rate is currently about 1.16%, with an insurance density of approximately $21 per person. This market growth has led to a higher demand for human resources, including employees and insurance agents. (Source: Khmer Times)
Cambodia and Korea initiate project to reduce carbon emissions Verywords, a Korean-owned firm with an e-motorbike factory in Kandal province, has launched the Korea-Cambodia Greenhouse Gas Reduction Project. Named 'E-mobility Internationally Transferred Mitigation Outcomes' (ITMO), this initiative aims to lower carbon emissions in Cambodia by establishing electric vehicle charging infrastructure in Phnom Penh and Siem Reap province. The project aligns with national policy and the 'Circular Strategy on Environment 2023-2028', which promotes renewable energy. The collaboration between the Korea International Cooperation Agency (KOICA) and Verywords has also resulted in the construction of an advanced e-mobility assembly plant in Cambodia. The governments of Korea and Cambodia will work together to achieve the 2050 Net Zero goal through this international greenhouse gas reduction project, utilizing electric motorcycles produced by Verywords. (Source: Khmer Times)
Corporate News
AirAsia Cambodia to introduce nonstop flights from Phnom Penh to Kuala Lumpur Starting August 1, AirAsia Cambodia will launch daily direct flights between Phnom Penh International Airport and Kuala Lumpur International Airport, providing convenient and affordable travel options between the two capitals. This expansion into international routes underscores AirAsia Cambodia's commitment to world-class air travel services and enhancing global connectivity for Cambodia, which saw a 22.7% increase in foreign tourists in the first half of 2023. According to Top Sopheak, the Ministry of Tourism's Secretary of State and Spokesperson, the increase in direct flights will facilitate easier travel to Cambodia. In addition to this new route, AirAsia Cambodia, a joint venture between AirAsia and Sivilai Asia, has initiated daily flights between Phnom Penh and Siem Reap, as well as between Sihanoukville and Siem Reap, further boosting both domestic and international tourism and economic growth. (Source: Khmer Times)
Stock Market
CSX index slightly declines on July 29, 2024 On July 29, 2024, the CSX Index closed at 414.2 points, reflecting a 0.06% decrease from the previous day. Gains on the main board included PEPC (+2.05%) and PPSP (+0.88%). However, several stocks experienced declines: PPAP (-1.19%), MJQE (-0.49%), PAS (-0.33%), and PWSA (-0.29%). GTI, ABC, and CGSM remained unchanged. On the growth board, both DBDE and JSL held steady. The total trading volume for the day was 56,651 shares, with a cumulative trading value of KHR 362 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 414.23 | -0.06 | 56,651 | 11,110 |
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 | 6,980 | -0.29 | 0.00 | -4.12 | 7,080 | 6,980 | 160,103 | 607 |
| GTI | 3,590 | 0.00 | 25.09 | 26.41 | 3,590 | 2,860 | 611,403 | 144 |
| PPAP | 14,980 | -1.19 | 17.21 | 7.00 | 17,240 | 13,500 | 139,905 | 310 |
| PPSP | 2,280 | 0.88 | 3.17 | 4.59 | 2,300 | 2,230 | 410,813 | 164 |
| PAS | 12,080 | -0.33 | -0.66 | -3.97 | 12,260 | 11,880 | 93,728 | 1,036 |
| ABC | 7,520 | 0.00 | -1.05 | -25.25 | 7,540 | 7,500 | 576,019 | 3,257 |
| PEPC | 2,490 | 2.05 | 12.16 | -9.12 | 2,520 | 2,200 | 17,389 | 187 |
| MJQE | 2,050 | -0.49 | 0.49 | -3.76 | 2,060 | 2,030 | 154,964 | 664 |
| CGSM | 2,420 | 0.00 | -1.22 | -7.98 | 2,460 | 2,390 | 262,988 | 4,741 |
| DBDE | 2,090 | 0.00 | 0.48 | -2.34 | 2,100 | 2,060 | 89,994 | 39 |
| JSL | 3,500 | 0.00 | -4.11 | -20.45 | 3,790 | 3,500 | 14,077 | 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 | 5.38 | 0.42 | 1.58 | 9.95 |
| GTI | 1Q24 | 106 | 7,068 | 33.75 | 0.51 | 0.43 | 13.46 |
| PPAP | 1Q24 | 1,952 | 38,178 | 7.67 | 0.39 | 2.21 | 5.30 |
| PPSP | 1Q24 | 445 | 3,501 | 5.12 | 0.65 | 1.19 | 5.58 |
| PAS | 1Q24 | 1,803 | 11,721 | 6.70 | 1.03 | 3.00 | 5.70 |
| ABC | 1Q24 | 1,518 | 13,222 | 4.95 | 0.57 | 0.97 | NA |
| PEPC* | 4Q23 | -477 | 842 | NA | 2.96 | 4.37 | 66.02 |
| MJQE | 4Q23 | 59 | 297 | 34.82 | 6.91 | 4.44 | 13.75 |
| CGSM | 4Q23 | 166 | 563 | 14.57 | 4.30 | 6.34 | 15.30 |
| JSL | 4Q23 | 274 | 593 | 12.76 | 5.90 | 1.31 | NA |
| DBDE | 1Q24 | 250 | 1,930 | 8.37 | 1.08 | 0.50 | 5.64 |
| 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* | 3,396 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,600 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,225 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,787 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 254 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,995 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,242 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,069 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 757 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,614 |
| *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. | |||||
| Stock Charts |
Main Board
Growth Board
