Cambodia and Thailand discuss establishing special economic zones
| News Highlights |
Economy and Industry
Cambodia and Thailand discuss establishing special economic zones Cambodia and Thailand have held discussions on setting up special economic zones (SEZs) to enhance economic cooperation, tourism, and people-to-people connections. The talks took place during a meeting between Cambodian Prime Minister Hun Manet and Thai Prime Minister Paetongtarn Shinawatra on the sidelines of the ASEAN Summits in Vientiane, Laos. Both leaders highlighted the importance of resuming bilateral meetings and studying the feasibility of SEZs, which are expected to boost investment, create jobs, and improve workforce skills. The discussions also focused on preparing for the 75th anniversary of Cambodia-Thailand diplomatic relations in 2025. (Source: Khmer Times)
China commits to financing Cambodia's infrastructure and boosting tourism China has pledged to enhance financial cooperation with Cambodia to support infrastructure development, promote trade, and attract more Chinese tourists. During a meeting between Deputy Prime Minister Aun Pornmoniroth and Chinese Ambassador Wang Wenbin, both sides discussed strategies to deepen bilateral relations, including increased financial support for infrastructure projects and promoting Cambodia's tourist destinations. This commitment comes as both nations celebrate 66 years of diplomatic ties, with Cambodia expressing gratitude for China's continued assistance in socio-economic development, especially during the COVID-19 pandemic. China's support is expected to strengthen Cambodia's role in regional trade networks. (Source: Khmer Times)
Increase in minimum wage as a strategic response to economic climate Prime Minister Hun Manet's recent announcement of a minimum wage increase to $208 per month for 2025 is a strategic response to Cambodia's current economic climate. The $4 rise, aimed at supporting workers in the textile, garment, footwear, and travel goods sectors, aligns with both global and local economic conditions. Economists and union leaders emphasize that the wage adjustment is reasonable compared to neighboring countries, helping to prevent income loss while maintaining job stability and productivity. Cambodia continues its trend of annual wage increases, even as wages stagnate in other regional nations. (Source: Khmer Times)
Corporate News
Danone Cambodia wins prestigious HR Asia Awards for best workplace and most caring company Danone Specialized Nutrition Cambodia has been awarded the prestigious HR Asia Best Companies to Work for in Asia 2024 and HR Asia Most Caring Company Awards. These accolades recognize the company's exemplary HR practices, employee engagement, and workplace culture, with the Best Companies award based on employee feedback and independent validation. Danone Cambodia, which employs over 100 staff (64% women), focuses on growth, innovation, and creating a supportive work environment. Earlier in 2024, Danone also became the first Cambodia-based FMCG brand to achieve B Corp certification, contributing positively to society and local communities. This year marks the company's five-year anniversary, during which it has played a key role in addressing malnutrition and iron-deficiency anemia in Cambodia. (Source: Khmer Times)
Stock Market
CSX index slips 0.18%, mixed performance across stocks On October 11, 2024, the Cambodia Securities Exchange (CSX) index slipped by 0.18%, closing at 410.4 points. Among the main board stocks, GTI rose by 1.47% and PEPC gained 0.41%, while CGSM, PWSA, and PAS saw declines of 0.41%, 0.31%, and 0.17%, respectively. Meanwhile, PPAP, PPSP, ABC, and MJQE remained unchanged. On the growth board, DBDE and JSL advanced by 0.48% and 0.29%, respectively. The day's total trading volume amounted to 53,121 shares, with a trading value of KHR 340 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 410.39 | -0.18 | 53,121 | 11,007 |
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 | 6,380 | -0.31 | -1.85 | -12.36 | 6,740 | 6,380 | 43,606 | 555 |
| GTI | 4,140 | 1.47 | 1.97 | 45.77 | 4,140 | 3,790 | 39,733 | 166 |
| PPAP | 13,360 | 0.00 | 1.21 | -4.57 | 13,900 | 13,200 | 2,907 | 276 |
| PPSP | 2,220 | 0.00 | 0.45 | 1.83 | 2,240 | 2,210 | 25,198 | 160 |
| PAS | 11,460 | -0.17 | -3.54 | -8.90 | 11,920 | 11,380 | 31,940 | 983 |
| ABC | 7,480 | 0.00 | 0.00 | -25.65 | 7,500 | 7,480 | 146,078 | 3,240 |
| PEPC | 2,440 | 0.41 | -0.41 | -10.95 | 2,490 | 2,410 | 2,758 | 183 |
| MJQE | 2,050 | 0.00 | 0.49 | -3.76 | 2,050 | 2,040 | 45,273 | 664 |
| CGSM | 2,440 | -0.41 | 0.41 | -7.22 | 2,450 | 2,420 | 22,466 | 4,781 |
| DBDE | 2,080 | 0.48 | 0.48 | -2.80 | 2,080 | 2,050 | 11,657 | 38 |
| JSL | 3,450 | 0.29 | 0.00 | -21.59 | 3,490 | 3,430 | 1,970 | 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 | 4.91 | 0.38 | 1.45 | 9.68 |
| GTI | 2Q24 | 47 | 7,165 | 88.21 | 0.58 | 0.50 | 17.32 |
| PPAP | 2Q24 | 1,800 | 39,401 | 7.42 | 0.34 | 2.08 | 4.79 |
| PPSP | 2Q24 | 85 | 3,560 | 26.03 | 0.62 | 1.41 | 7.89 |
| PAS | 2Q24 | 1,132 | 11,977 | 10.12 | 0.96 | 2.54 | 6.49 |
| ABC | 2Q24 | 1,554 | 13,448 | 4.81 | 0.56 | 0.94 | NA |
| PEPC* | 4Q24 | -1,035 | 165 | NA | 14.74 | 4.30 | 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 | 25.98 | 1.08 | 0.56 | 8.83 |
| 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* | 3,322 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,526 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,151 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,713 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 180 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,921 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,168 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,995 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 683 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,540 |
| *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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