Cross-border insurance to be a reality soon for Cambodia
| News Highlights |
Economy and Industry
Cross-border insurance to be a reality soon for Cambodia Cambodia is advancing towards implementing cross-border motor insurance for vehicles traveling between Cambodia, Vietnam, Thailand, and Laos, with the Insurance Association of Cambodia (IAC) playing a key role. The IAC is collaborating with the Insurance Regulator of Cambodia (IRC) and the General Department of Customs and Excise (GDCE) to integrate the ASEAN Compulsory Motor Insurance (ACMI) system with the customs portal, similar to Vietnam's successful integration. The ACMI system, used by all ASEAN countries, allows for issuing compulsory third-party insurance policies to facilitate vehicle movement across borders. Cambodia plans to implement this policy by 2025, and companies like Forte Insurance already offer comprehensive cross-border insurance options for vehicles. (Source: Khmer Times)
27 projects worth $306 million get incentives in Preah Sihanouk 27 new projects worth $306 million were recently approved under the 'Special Investment Promotion Programme for Preah Sihanouk Province,' bringing the total eligible projects to 110. Launched by Prime Minister Hun Manet, this program aims to revitalize investment in the province, especially addressing unfinished and abandoned constructions since 2019. The approved projects span various sectors, including an aluminium refinery, EV charging stations, and housing developments. Incentives include tax exemptions and measures to improve the investment climate, such as developing model special economic zones and agricultural-industrial parks. The initiative seeks to enhance tourism potential and attract more investors to the province. (Source: Khmer Times)
CCC and CCPIT Shanghai boost economic ties The Cambodia Chamber of Commerce (CCC) and China's Shanghai Council for the Promotion of International Trade (CCPIT Shanghai) have agreed to enhance trade and investment cooperation between the two countries. During a meeting, CCC Vice President Lim Heng highlighted Cambodia's appeal to Chinese investors, citing incentives for foreign investment and opportunities through frameworks like the China-Cambodia Free Trade Agreement and the Belt and Road Initiative. CCPIT Chairman Zhou Minhai expressed interest in increasing exports of Cambodian agricultural products to Shanghai, emphasizing the success of Shanghai companies in Cambodia. In 2023, China accounted for 66% of Cambodia's total investment, amounting to $4.92 billion. (Source: Khmer Times)
Corporate News
Huawei CEO calls on Cambodian students to augment digital skills Tao Guangyao, CEO of Huawei Cambodia, encouraged Cambodian students to boost their ICT skills at the Huawei ICT Talents Graduation Ceremony, highlighting the growing demand for digital skills as technologies like 5G, AI, and cloud computing expand. Huawei has been involved in talent development in Cambodia for 25 years, collaborating with the government and private sector. Dr. Om Romny from the Ministry of Education praised these efforts, noting the alignment with national goals to improve IT skills, and celebrated Cambodian students' success in global competitions, showcasing the transformative impact of technology on industries like agriculture and transport. (Source: Khmer Times)
Stock Market
CSX index rises 0.25% with broad gains on main board On September 4, 2024, the CSX index edged up by 0.25%, closing at 412.5 points. Gains were observed on the main board, led by PPSP (+1.36%), followed by PPAP (+1.05%), GTI (+0.53%), CGSM (+0.41%), and PAS (+0.17%). No stocks on the main board experienced declines, while PWSA, ABC, PEPC, and MJQE remained unchanged. On the growth board, DBDE rose by 0.48%, while JSL held steady. The total trading volume for the day reached 110,024 shares, with a cumulative trading value of KHR 594 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 412.48 | 0.25 | 110,024 | 11,063 |
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 | 6,820 | 0.00 | -0.58 | -6.32 | 7,000 | 6,800 | 7,316 | 593 |
| GTI | 3,820 | 0.53 | 6.11 | 34.51 | 3,820 | 3,550 | 87,495 | 153 |
| PPAP | 13,500 | 1.05 | -0.74 | -3.57 | 14,980 | 13,360 | 947 | 279 |
| PPSP | 2,240 | 1.36 | 0.45 | 2.75 | 2,360 | 2,210 | 5,410 | 161 |
| PAS | 11,840 | 0.17 | -0.50 | -5.88 | 12,020 | 11,800 | 3,346 | 1,016 |
| ABC | 7,500 | 0.00 | 0.27 | -25.45 | 7,500 | 7,440 | 166,693 | 3,249 |
| PEPC | 2,500 | 0.00 | 2.04 | -8.76 | 2,500 | 2,400 | 13,389 | 187 |
| MJQE | 2,050 | 0.00 | 0.49 | -3.76 | 2,050 | 2,030 | 30,491 | 664 |
| CGSM | 2,430 | 0.41 | 0.41 | -7.60 | 2,440 | 2,400 | 12,962 | 4,761 |
| DBDE | 2,080 | 0.48 | 0.48 | -2.80 | 2,090 | 2,070 | 15,740 | 38 |
| JSL | 3,470 | 0.00 | 1.17 | -21.14 | 3,500 | 3,380 | 10,545 | 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 | 5.25 | 0.41 | 1.55 | 9.87 |
| GTI | 1Q24 | 106 | 7,068 | 35.91 | 0.54 | 0.46 | 14.09 |
| PPAP | 1Q24 | 1,952 | 38,178 | 6.92 | 0.35 | 2.00 | 4.85 |
| PPSP | 1Q24 | 445 | 3,501 | 5.03 | 0.64 | 1.17 | 5.50 |
| PAS | 1Q24 | 1,803 | 11,721 | 6.57 | 1.01 | 2.94 | 5.62 |
| ABC | 1Q24 | 1,518 | 13,222 | 4.94 | 0.57 | 0.96 | NA |
| PEPC* | 4Q23 | -477 | 842 | NA | 2.97 | 4.39 | 66.12 |
| 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 | 12.65 | 5.85 | 1.29 | NA |
| DBDE | 1Q24 | 250 | 1,930 | 8.33 | 1.08 | 0.49 | 5.62 |
| 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* | 3,359 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,563 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,188 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,750 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 217 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,958 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,205 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 3,032 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 720 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,577 |
| *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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