Ministry of Commerce negotiates trade preferences ahead of Cambodia's LDC graduation
| News Highlights |
Economy and Industry
Ministry of Commerce negotiates trade preferences ahead of Cambodia's LDC graduation The Ministry of Commerce (MoC) is negotiating with key trading partners to secure trade preferences as Cambodia prepares to graduate from its Least Developed Country (LDC) status by 2029. These negotiations aim to ensure stable export markets and access to new opportunities, as Cambodia faces the potential loss of preferential market access that has supported its economic growth. The MoC has developed a strategic framework for this transition, focusing on long-term economic integration and diversification of exports beyond traditional sectors like garments and textiles into areas such as electronics, rubber, and solar panels. The European Union has expressed support, offering to discuss the Generalised Scheme of Preferences Plus (GSP+) to aid Cambodia's transition. (Source: Khmer Times)
Cambodia and Japan to promote transition finance for sustainable growth The Royal Government of Cambodia (RGC) and Japan's Financial Services Agency (JFSA) have agreed to promote transition finance in banking supervision, focusing on sustainable and resilient financial practices. Discussions took place during the Asia High-level Financial Regulators' Forum in Tokyo, where Cambodian representatives, including National Bank of Cambodia Governor Chea Serey, emphasized the role of transition finance in guiding banks towards sustainability. The partnership aims to strengthen Cambodia's financial regulatory frameworks and attract sustainable investments in sectors like renewable energy and green infrastructure, aligning economic growth with environmental goals. (Source: Khmer Times)
Modern cashew farming communities officially established in Kampong Thom Three modern cashew farming communities have been officially launched in Kampong Thom province, as announced by a senior official from the Ministry of Agriculture, Forestry, and Fisheries (MAFF). The communities include Kampong Thom Sala Visai, Prasat Sambo Rong Roeung, and Tamring Kampong Thom, with a combined cultivation area of over 1,300 hectares and more than 300 members. These modern farming communities offer benefits such as reduced costs on agricultural inputs, access to low-interest loans, and technical support. Additionally, partnerships with buyers ensure market access for the harvested cashews. Collectively, the communities can make large bulk orders of fertilizers, saving millions of riels in costs. While Uon Silot, President of the Cashew Nut Association of Cambodia (CAC), remains cautiously optimistic about the impact of these communities on production and export, Cambodia has already emerged as the second-largest global producer of raw cashew nuts. Recent statistics show significant growth in cashew exports to Vietnam, further highlighting the potential of this initiative. (Source: Khmer Times)
Corporate News
No Lida appointed as CEO of CGCC The Credit Guarantee Corporation of Cambodia (CGCC) has appointed No Lida as its new CEO, marking a leadership transition from Wong Keet Loong, who played a key role in building CGCC from its inception. No Lida, previously the Deputy CEO, brings over a decade of experience in financial policy from his time at the Ministry of Economy and Finance. During the ceremony, CGCC also launched the Sustainable Green Financing Facility (SGFF) in collaboration with the United Nations Development Program (UNDP), aimed at supporting green sector investments in Cambodia. CGCC has so far provided guarantees for over 2,600 loans, amounting to approximately USD 225 million, and remains committed to supporting SMEs and promoting green investment in the country. (Source: Cambodia Investment Review)
Stock Market
CSX index closes slightly up on October 8 On October 8, 2024, the CSX index rose slightly by 0.28%, closing at 410.5 points. Among the main board stocks, PWSA (+0.63%), PAS (+0.53%), MJQE (+0.49%), PEPC (+0.41%), and CGSM (+0.41%) all gained value. However, GTI (-0.50%) and PPAP (-0.15%) declined. PPSP and ABC remained unchanged. On the growth board, DBDE and JSL increased by 0.98% and 0.41%, respectively. The total trading volume reached 49,158 shares, with a trading value of KHR 302 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 410.46 | 0.28 | 49,158 | 11,009 |
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 | 6,440 | 0.63 | -0.92 | -11.54 | 6,800 | 6,400 | 34,738 | 560 |
| GTI | 4,020 | -0.50 | -0.99 | 41.55 | 4,080 | 3,790 | 11,914 | 161 |
| PPAP | 13,400 | -0.15 | 1.52 | -4.29 | 13,900 | 13,200 | 1,362 | 277 |
| PPSP | 2,230 | 0.00 | 0.90 | 2.29 | 2,240 | 2,210 | 22,764 | 160 |
| PAS | 11,440 | 0.53 | -3.70 | -9.06 | 11,920 | 11,380 | 30,893 | 981 |
| ABC | 7,480 | 0.00 | 0.00 | -25.65 | 7,500 | 7,480 | 60,514 | 3,240 |
| PEPC | 2,460 | 0.41 | 0.41 | -10.22 | 2,500 | 2,410 | 1,914 | 184 |
| MJQE | 2,050 | 0.49 | 0.49 | -3.76 | 2,050 | 2,040 | 36,603 | 664 |
| CGSM | 2,440 | 0.41 | 0.41 | -7.22 | 2,450 | 2,420 | 15,966 | 4,781 |
| DBDE | 2,070 | 0.98 | 0.00 | -3.27 | 2,080 | 2,050 | 10,855 | 38 |
| JSL | 3,450 | 0.29 | 0.00 | -21.59 | 3,490 | 3,430 | 895 | 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 | 4.96 | 0.39 | 1.46 | 9.70 |
| GTI | 2Q24 | 47 | 7,165 | 85.66 | 0.56 | 0.49 | 17.00 |
| PPAP | 2Q24 | 1,800 | 39,401 | 7.45 | 0.34 | 2.08 | 4.80 |
| PPSP | 2Q24 | 85 | 3,560 | 26.15 | 0.63 | 1.42 | 7.92 |
| PAS | 2Q24 | 1,132 | 11,977 | 10.10 | 0.96 | 2.53 | 6.48 |
| ABC | 2Q24 | 1,554 | 13,448 | 4.81 | 0.56 | 0.94 | NA |
| PEPC* | 4Q24 | -1,035 | 165 | NA | 14.86 | 4.34 | NA |
| MJQE | 2Q24 | 59 | 314 | 34.92 | 6.52 | 4.32 | 29.78 |
| CGSM | 2Q24 | 160 | 609 | 15.20 | 4.01 | 6.46 | 15.34 |
| JSL | 2Q24 | 1 | 669 | 4120.59 | 5.16 | 1.06 | NA |
| DBDE | 2Q24 | 80 | 1,932 | 25.85 | 1.07 | 0.55 | 8.80 |
| 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* | 3,325 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,529 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,154 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,716 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 183 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,924 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,171 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,998 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 686 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,543 |
| *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 | 85.3 | 10.0 | 0.0 |
| Outstanding (KHR'bn) | 52.0 | 312.0 | 85.3 | 10.0 | 0.0 |
| Issuance ('K units, Latest) | 10.0 | 20.0 | 20.0 | 10.0 | 0.0 |
| Coupon rate (Latest) | 3.50% | 4.00% | 4.50% | 5.00% | 5.25% |
| Successful yield (Latest) | 3.85% | 4.00% | 5.13% | 5.00% | - |
| Latest bidding | 24-Apr-24 | 29-May-24 | 18-Sep-24 | 45,497 | 45,525 |
| *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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