Vietnam will increase its electricity supply to Cambodia to 400 MW in 2025
| News Highlights |
Economy and Industry
Vietnam will increase its electricity supply to Cambodia to 400 MW in 2025 Vietnam has agreed to increase its electricity supply to Cambodia from the current 250 MW to 400 MW, aiming to boost Cambodia's economy and prevent power shortages. Vietnamese Prime Minister Pham Minh Chinh announced the plan during a meeting with Senate President Hun Sen in Hanoi. The agreement will be renewed and increased to 400 MW in 2025. The two countries also discussed bilateral cooperation in trade, economy, investment, tourism, and infrastructure. Currently, Cambodia imports around 25% of its power needs from neighboring countries, with power trade expected to reach 6,000 MW by 2030. According to Cambodia's Power Development Plan (PDP) 2022-2040, demand is expected to rise to 66 TWh by 2040. Cambodia is also collaborating with Vietnam and Laos to develop the Cambodia-Laos-Vietnam Development Triangle Area (CLV-DTA) to enhance economic activities with its neighbors. (Source: Khmer Times)
Cambodia experiences a 9% YoY increase in the number of factories in the first half of 2024 Cambodia's manufacturing sector is experiencing robust growth, with the number of factories reaching a new high of 2,175 as of June 2024, marking an 8.9% increase from the 1,997 factories recorded the previous year according to the report from National Bank of Cambodia (NBC). This expansion has significantly impacted the Cambodian job market, serving as a key driver of economic growth and poverty reduction. The manufacturing sector employs 1.1 million locals and has led to a surge in the export of garments, footwear, and travel goods (GFTs), primarily to the EU, US, Canada, the UK, and RCEP countries. In the first half of 2024, Cambodia exported $6.24 billion worth of GFT products, up 16.5% from the same period last year. The GFT industry is the country's largest foreign exchange earner, with about 1,538 factories and branches employing around 913,000 workers, most of whom are female. NBC views the manufacturing sector as a crucial economic driver, with increasing external demand from trade partners like the US and EU supporting the recovery of the garment industry. (Source: Khmer Times)
Hong Kong business leaders highlight Cambodia's key advantages The Hong Kong Trade Development Council (HKTDC) will visit Cambodia, Laos, and Vietnam (CLV) on July 30-31. The delegation aims to highlight the key advantages of Cambodia and the ASEAN marketplace for investment, encouraging Hong Kong businesses and investors to consider the region for expansion in 2024 and beyond. Wingco Lo, President of the Chinese Manufacturers' Association of Hong Kong, emphasized the significant opportunities for growth and transformation in Southeast Asia, particularly in the CLV region. These countries offer regional investors key advantages, such as low production costs for manufacturing enterprises. Lo also mentioned that the tour will showcase Hong Kong's business strengths and attract talent from the region to employment opportunities in the nearby market. HKTDC economist Henry Cheung believes that Hong Kong businesses can help Cambodia diversify its economic base and shift towards technology-driven production. The council also noted that all three CLV countries have substantial potential and present opportunities for Hong Kong firms to explore greater business and trade cooperation. (Source: Khmer Times)
Corporate News
Royal Railway has acquired 25 new flat wagons to improve its freight transportation capabilities Royal Railway, a subsidiary of Royal Group, has imported 25 new flat wagons from Malaysia to enhance its freight train service capabilities in Cambodia. This acquisition is part of Neak Oknha Kith Meng's strategic investment plan to expand the fleet by 200 wagons, underscoring a strong commitment to developing Cambodia's rail infrastructure. Royal Railway aims to boost its capacity and efficiency, reinforcing its position as a key player in the region's transport sector. The company expresses gratitude to its partners and stakeholders for their continued support and cooperation and remains dedicated to delivering exceptional service while contributing to Cambodia's infrastructure and economic development. Established as Cambodia's premier rail transport provider, Royal Railway began operations in 2010 following the rehabilitation of the railway network. (Source: Khmer Times)
Stock Market
CSX index slightly declines on July 30, 2024 On July 30, 2024, the CSX Index closed at 414.2 points, reflecting a 0.08% decrease from the previous day. Gains on the main board included GTI (+5.85%), PWSA (+0.29%), and PAS (+0.17%). However, several stocks experienced declines: PPAP (-2.80%), MJQE (-0.49%), and ABC (-0.27%). PPSP, PEPC, and CGSM remained unchanged. On the growth board, both DBDE and JSL held steady. The total trading volume for the day was 57,359 shares, with a cumulative trading value of KHR 290 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 413.91 | -0.08 | 57,359 | 11,102 |
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 | 7,000 | 0.29 | 0.29 | -3.85 | 7,080 | 6,980 | 162,370 | 609 |
| GTI | 3,800 | 5.85 | 32.40 | 33.80 | 3,800 | 2,860 | 633,130 | 152 |
| PPAP | 14,560 | -2.80 | 13.93 | 4.00 | 17,240 | 14,460 | 140,712 | 301 |
| PPSP | 2,280 | 0.00 | 3.17 | 4.59 | 2,300 | 2,250 | 416,722 | 164 |
| PAS | 12,100 | 0.17 | -0.49 | -3.82 | 12,260 | 11,880 | 94,305 | 1,038 |
| ABC | 7,500 | -0.27 | -1.32 | -25.45 | 7,540 | 7,500 | 595,378 | 3,249 |
| PEPC | 2,490 | 0.00 | 12.16 | -9.12 | 2,520 | 2,200 | 17,493 | 187 |
| MJQE | 2,040 | -0.49 | 0.00 | -4.23 | 2,060 | 2,030 | 157,407 | 661 |
| CGSM | 2,420 | 0.00 | -1.22 | -7.98 | 2,460 | 2,390 | 267,168 | 4,741 |
| DBDE | 2,090 | 0.00 | 0.48 | -2.34 | 2,100 | 2,060 | 90,130 | 39 |
| JSL | 3,500 | 0.00 | -4.11 | -20.45 | 3,790 | 3,500 | 14,610 | 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 | 5.39 | 0.42 | 1.59 | 9.95 |
| GTI | 1Q24 | 106 | 7,068 | 35.73 | 0.54 | 0.46 | 14.03 |
| PPAP | 1Q24 | 1,952 | 38,178 | 7.46 | 0.38 | 2.15 | 5.17 |
| PPSP | 1Q24 | 445 | 3,501 | 5.12 | 0.65 | 1.19 | 5.58 |
| PAS | 1Q24 | 1,803 | 11,721 | 6.71 | 1.03 | 3.01 | 5.71 |
| ABC | 1Q24 | 1,518 | 13,222 | 4.94 | 0.57 | 0.96 | NA |
| PEPC* | 4Q23 | -477 | 842 | NA | 2.96 | 4.37 | 66.02 |
| MJQE | 4Q23 | 59 | 297 | 34.65 | 6.88 | 4.42 | 13.68 |
| 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* | 3,395 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,599 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,224 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,786 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 253 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,994 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,241 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,068 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 756 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,613 |
| *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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