PM seeks stimulus package for northeastern provinces
| News Highlights |
Economy and Industry
PM seeks stimulus package for northeastern provinces Prime Minister Hun Manet has tasked the Ministry of Economy and Finance (MEF) with preparing a stimulus package to boost investment in Cambodia's northeastern provinces - Kratie, Stung Treng, Mondulkiri, and Ratanakiri. He asked for the package to be completed by the end of 2024 and implemented from 2025. The initiative aims to attract local investors, develop the region, and address concerns about the government's commitment to these provinces. Lim Heng, Vice-President of the Cambodia Chamber of Commerce, emphasized the potential for agro-tourism, tourism, and mining industries in the region if infrastructure is improved. Chey Tech, a socio-economic researcher, supported the stimulus package, suggesting it could enhance business and protect territorial integrity. The package is expected to include incentives like tax benefits, infrastructure development, and strengthened human resources, similar to those offered in Special Economic Zones (SEZs). (Source: Khmer Times)
CDC mulls launching online investment application form Deputy Prime Minister Sun Chanthol announced that the Council for the Development of Cambodia (CDC) plans to launch an online investment application system to simplify the investment process. The new system, called the CDC Investment Project Management (CDCIPM), will allow investors to apply for investment project registration, pay service fees, and obtain digital certificates online. The system aims to enhance coordination and streamline public services. In the future, the CDCIPM will connect with other ministries and institutions to further ease investment in Cambodia. The online system is expected to launch officially after approval from the Prime Minister. (Source: Khmer Times)
Public fund launched to develop border infrastructure The Cambodian government has launched a public fundraising drive to build infrastructure in border areas, allowing both local and international citizens to contribute voluntarily. Announced by Prime Minister Hun Manet, the Border Infrastructure Fund responds to public interest in supporting national development, particularly in regions near Thailand, Laos, and Vietnam. While the initiative has been welcomed as a way to involve the public directly, experts like Soeung Saroeun and Yong Kim Eng emphasize the importance of transparency, effective fund management, and regular updates to maintain public trust and ensure that donations are used appropriately. (Source: Kiripost)
Corporate News
Wing Bank offers full financing loan to JETOUR Cambodia's customers Wing Bank (Cambodia) Plc and KNN Cambodia Co., Ltd, the parent company of JETOUR Cambodia, have signed an MoU to offer Cambodians loans covering up to 100% of JETOUR vehicle purchases. This partnership, endorsed by key figures like Neak Oknha Kith Meng, aims to make car ownership more accessible without a down payment. Wing Bank will provide flexible repayment terms of up to 84 months and swift loan approvals. This collaboration is expected to boost Cambodia's economic development, with JETOUR Cambodia serving as the exclusive distributor of JETOUR luxury cars. (Source: Kiripost)
Stock Market
CSX index inches up 0.02% amid mixed market performance on August 27, 2024 On August 27, 2024, the CSX Index edged up by 0.02%, closing at 410.3 points. The main board saw gains from PPAP (+0.90%) and CGSM (+0.42%), while PWSA (-0.58%), MJQE (-0.49%), PPSP (-0.44%), PEPC (-0.41%), PAS (-0.33%), and ABC (-0.27%) posted losses. GTI remained unchanged. On the growth board, JSL and DBDE declined by 0.96% and 0.58%, respectively. The day's trading activity included 86,557 shares, with a total trading value of KHR 424 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 410.27 | 0.02 | 86,557 | 11,004 |
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 | 6,800 | -0.58 | -2.86 | -6.59 | 7,000 | 6,800 | 78,893 | 591 |
| GTI | 3,610 | 0.00 | -5.00 | 27.11 | 3,800 | 3,550 | 555,623 | 144 |
| PPAP | 13,480 | 0.90 | -7.67 | -3.71 | 15,040 | 13,360 | 17,935 | 279 |
| PPSP | 2,240 | -0.44 | -2.18 | 2.75 | 2,360 | 2,240 | 588,769 | 161 |
| PAS | 11,920 | -0.33 | -1.16 | -5.25 | 12,080 | 11,800 | 19,020 | 1,022 |
| ABC | 7,480 | -0.27 | -0.27 | -25.65 | 7,520 | 7,440 | 651,776 | 3,240 |
| PEPC | 2,440 | -0.41 | -1.21 | -10.95 | 2,470 | 2,400 | 9,579 | 183 |
| MJQE | 2,040 | -0.49 | -0.49 | -4.23 | 2,050 | 2,030 | 107,681 | 661 |
| CGSM | 2,410 | 0.42 | -0.41 | -8.37 | 2,440 | 2,400 | 115,738 | 4,722 |
| DBDE | 2,070 | -0.96 | -0.96 | -3.27 | 2,100 | 2,070 | 34,762 | 38 |
| JSL | 3,450 | -0.58 | -1.43 | -21.59 | 3,850 | 3,410 | 52,008 | 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 | 5.24 | 0.41 | 1.54 | 9.86 |
| GTI | 1Q24 | 106 | 7,068 | 33.94 | 0.51 | 0.43 | 13.51 |
| PPAP | 1Q24 | 1,952 | 38,178 | 6.91 | 0.35 | 1.99 | 4.85 |
| PPSP | 1Q24 | 445 | 3,501 | 5.03 | 0.64 | 1.17 | 5.50 |
| PAS | 1Q24 | 1,803 | 11,721 | 6.61 | 1.02 | 2.96 | 5.65 |
| ABC | 1Q24 | 1,518 | 13,222 | 4.93 | 0.57 | 0.96 | NA |
| PEPC* | 4Q23 | -477 | 842 | NA | 2.90 | 4.28 | 65.53 |
| MJQE | 4Q23 | 59 | 297 | 34.65 | 6.88 | 4.42 | 13.68 |
| CGSM | 4Q23 | 166 | 563 | 14.51 | 4.28 | 6.32 | 15.24 |
| 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* | 3,367 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,571 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,196 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,758 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 225 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,966 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,213 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,040 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 728 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,585 |
| *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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