PM extends tax exemption for tourism businesses for another year
| News Highlights |
Economy and Industry
PM extends tax exemption for tourism businesses for another year Cambodian Prime Minister Hun Manet announced an extension of the tax exemption for tourism businesses in Siem Reap until June 2025, aiming to alleviate the burden on operators and support the revival of the tourism sector. This exemption applies to all monthly taxes, excluding value-added tax and 2024 income tax. Audits on tourism businesses will also be postponed until June 2025. Additionally, the government has allocated $50 million through SME banks to provide loans, particularly to tour operators. The premier emphasized the importance of tour guides in promoting tourism and extended the waiver on fines for expired tour guide cards until the end of 2024. (Source: Khmer Times)
Cambodia and Uruguay discuss agricultural cooperation Cambodia and Uruguay have explored opportunities for cooperation in the agriculture sector, particularly in research and development. During a meeting between Cambodian Minister of Agriculture, Forestry, and Fisheries Dith Tina and Uruguayan Ambassador Valeria Csukasi Cabrera, Tina highlighted Cambodia's open policy for investors aimed at boosting agricultural exports. He emphasized the potential for collaboration in agribusiness, noting the quality and profitability of Cambodian products such as fruit and fishery. The Minister also underscored the importance of experience and techniques sharing between the two countries to enhance agricultural development and economic efficiency. (Source: Khmer Times)
Science council outline Kingdom's future STI strategy The National Council of Science, Technology & Innovation (NCSTI) convened its 4th annual meeting to review progress and set strategic directions for Cambodia's Science, Technology, and Innovation (STI) sector. Chaired by Minister Hem Vanndy, the meeting emphasized the importance of STI in driving Cambodia's socio-economic development. The council outlined a strategic direction focusing on enhancing STI governance, strengthening human capital, fostering collaboration within the innovation ecosystem, advancing artificial intelligence (AI), and accelerating research and development (R&D). They also reaffirmed commitment to the STI Roadmap 2030, proposing a mid-term review in 2025. Achievements reviewed included progress on the STI park initiative, R&D management, human resource development, and ASEAN STI initiatives. The council adopted key documents, including the Monitoring and Evaluation Framework for the National Research Agenda 2025 and the Cambodian Enterprise Innovation Index (CEII). Vanndy called for updates from all sectors to improve Cambodia's Global Innovation Index ranking and urged the private sector to take a more proactive role in advancing STI development. (Source: The Phnom Penh Post)
Corporate News
Wing Bank and SERC offer e-payment solutions for trading investors The Securities and Exchange Regulator of Cambodia (SERC) and Wing Bank (Cambodia) Plc have partnered to streamline the process of applying for and renewing investor IDs by offering e-payment options through Wing Bank. This collaboration, marked by an MOU signed by SERC's Director General H.E. Sou Socheat and Wing Bank's CEO Han Peng Kwang, aims to enhance the efficiency and accessibility of Cambodia's securities market. Wing Bank will serve as the official fee collector for SERC's investor ID applications and renewals, supporting the growth of the market by making the process more convenient for investors. The partnership aligns with both entities' commitment to advancing Cambodia's economic and technological landscape through digital transformation. As of Q2 2024, SERC had issued over 51,000 investor IDs and opened more than 53,000 trading accounts. Wing Bank's involvement reflects its broader commitment to innovation and supporting Cambodia's capital market development. (Source: Cambodia Investment Review)
Stock Market
CSX index slightly up as mixed performances mark trading day On August 23, 2024, the CSX Index edged up by 0.02%, closing at 412.8 points. The main board saw gains from PWSA (+0.58%), PEPC (+0.41%), and ABC (+0.27%), while PPAP (-2.43%), PPSP (-0.88%), and PAS (-0.17%) faced declines. GTI, MJQE, and CGSM remained unchanged. On the growth board, JSL stayed steady, while DBDE dipped by 0.48%. The day's total trading volume reached 47,869 shares, with a cumulative trading value of KHR 266 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 412.78 | 0.02 | 47,869 | 11,071 |
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 | 6,880 | 0.58 | -1.71 | -5.49 | 7,000 | 6,820 | 76,895 | 598 |
| GTI | 3,600 | 0.00 | -5.26 | 26.76 | 3,800 | 3,550 | 544,622 | 144 |
| PPAP | 13,660 | -2.43 | -6.44 | -2.43 | 15,040 | 13,660 | 15,917 | 283 |
| PPSP | 2,240 | -0.88 | -2.18 | 2.75 | 2,360 | 2,240 | 533,324 | 161 |
| PAS | 11,980 | -0.17 | -0.66 | -4.77 | 12,100 | 11,800 | 17,806 | 1,028 |
| ABC | 7,500 | 0.27 | 0.00 | -25.45 | 7,520 | 7,440 | 572,485 | 3,249 |
| PEPC | 2,450 | 0.41 | -0.81 | -10.58 | 2,490 | 2,400 | 9,362 | 184 |
| MJQE | 2,050 | 0.00 | 0.00 | -3.76 | 2,050 | 2,030 | 92,082 | 664 |
| CGSM | 2,430 | 0.00 | 0.41 | -7.60 | 2,440 | 2,400 | 107,747 | 4,761 |
| DBDE | 2,070 | -0.48 | -0.96 | -3.27 | 2,100 | 2,070 | 34,149 | 38 |
| JSL | 3,450 | 0.00 | -1.43 | -21.59 | 3,850 | 3,410 | 51,978 | 89 |
| 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 | 5.30 | 0.41 | 1.56 | 9.90 |
| GTI | 1Q24 | 106 | 7,068 | 33.85 | 0.51 | 0.43 | 13.49 |
| PPAP | 1Q24 | 1,952 | 38,178 | 7.00 | 0.36 | 2.02 | 4.90 |
| PPSP | 1Q24 | 445 | 3,501 | 5.03 | 0.64 | 1.17 | 5.50 |
| PAS | 1Q24 | 1,803 | 11,721 | 6.64 | 1.02 | 2.98 | 5.67 |
| ABC | 1Q24 | 1,518 | 13,222 | 4.94 | 0.57 | 0.96 | NA |
| PEPC* | 4Q23 | -477 | 842 | NA | 2.91 | 4.30 | 65.63 |
| 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 | 12.58 | 5.82 | 1.29 | NA |
| DBDE | 1Q24 | 250 | 1,930 | 8.29 | 1.07 | 0.49 | 5.60 |
| 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* | 3,371 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,575 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,200 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,762 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 229 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,970 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,217 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,044 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 732 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,589 |
| *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 | 5 Y | 10 Y | |
| Total issuance ('K units) | 180.1 | 312.0 | 65.3 | 10.0 | - |
| Outstanding (KHR'bn) | 52.0 | 312.0 | 65.3 | 10.0 | - |
| Issuance ('K units, Latest) | 10.0 | 20.0 | 43.3 | 10.0 | - |
| Coupon rate (Latest) | 3.50% | 4.00% | 4.50% | 5.00% | - |
| Successful yield (Latest) | 3.85% | 4.00% | 4.63% | 5.00% | - |
| Latest bidding | 24-Apr-24 | 29-May-24 | 26-Jun-24 | 45,497 | - |
| *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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