Government introduces tax break to boost Siem Reap tourism businesses
| News Highlights |
Economy and Industry
Government introduces tax break to boost Siem Reap tourism businesses The Cambodian government has announced a tax exemption for tourism-related businesses in Siem Reap, effective until June 2025, to aid the recovery of the sector hit hard by the pandemic. This initiative, aimed at attracting more visitors to the province, will allow businesses to reinvest and expand their services. Prime Minister Hun Manet emphasized the importance of promoting Siem Reap as a priority tourist destination and supporting operators with favorable policies, including $50 million in loans for tourism businesses. The province, home to Angkor Wat, has seen a 20% rise in visitors in 2024. (Source: Khmer Times)
Australia partners with Institut Pasteur du Cambodge to enhance food safety and exports Australia, through its Cambodia Australia Partnership for Resilient Economic Development (CAPRED) program, is collaborating with the Institut Pasteur du Cambodge (IPC) to improve food safety and export competitiveness in Cambodia. This partnership, launched on October 11, focuses on establishing accredited testing services (ISO 17025) for pesticide and antibiotic residues, as well as heavy metals, at IPC's Laboratory of Environment and Food Safety. These services will enhance product quality, job creation, and consumer protection, while reducing reliance on foreign testing services. Australia's investment aims to boost Cambodia's agricultural export capabilities and promote sustainable growth. (Source: Khmer Times)
Cambodia-ASEAN consider revising tariffs to monitor trade flow Cambodia and ASEAN are working to revise customs tariff regulations to improve trade monitoring and efficiency, with plans to implement a new customs program by 2028. This effort, discussed at a recent meeting in Siem Reap, aims to update the ASEAN Harmonized Tariff Nomenclature (AHTN) to keep up with technological advancements and changes in global trade practices. The revisions will align with WTO updates, enhancing trade flow, and addressing challenges posed by differing economic priorities among member states. (Source: Khmer Times)
Corporate News
Japanese firm to create promotional videos showcasing Cambodia Tokyo Broadcasting System Holdings (TBS Holdings Inc.) expressed interest in producing promotional videos to showcase Cambodia's heritage, historical sites, natural tourist destinations, culture, cuisine, and local products. The initiative aims to boost awareness among the Japanese public and attract more international tourists to Cambodia. This was discussed in a meeting between Cambodia's Minister of Tourism, Huot Hak, and TBS Holdings executives. The videos will be broadcast through TBS, which reaches over 10 million viewers in Japan. Plans for a business forum and the expansion of direct flights between Japan and Cambodia were also discussed. (Source: Khmer Times)
Stock Market
CSX index holds steady amid mixed performance on October 17, 2024 On October 17, 2024, the CSX index held steady, closing at 408.1 points. On the main board, several stocks posted gains, including PPSP (+0.91%), CGSM (+0.41%), PAS (+0.35%), and PWSA (+0.32%). In contrast, ABC (-0.81%) and PPAP (-0.15%) saw declines, while GTI, PEPC, and MJQE ended the day unchanged. Over on the growth board, DBDE recorded a 0.98% increase, with JSL remaining flat. The total trading volume for the day amounted to 113,178 shares, with a trading value of KHR 443 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 408.13 | 0.00 | 113,178 | 10,947 |
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 | 6,300 | 0.32 | -3.08 | -13.46 | 6,720 | 6,280 | 81,438 | 548 |
| GTI | 4,160 | 0.00 | 2.46 | 46.48 | 4,160 | 3,800 | 54,555 | 166 |
| PPAP | 13,300 | -0.15 | 0.76 | -5.00 | 13,900 | 13,200 | 3,927 | 275 |
| PPSP | 2,220 | 0.91 | 0.45 | 1.83 | 2,240 | 2,200 | 33,477 | 160 |
| PAS | 11,420 | 0.35 | -3.87 | -9.22 | 11,920 | 11,380 | 34,203 | 980 |
| ABC | 7,320 | -0.81 | -2.14 | -27.24 | 7,500 | 7,320 | 225,226 | 3,171 |
| PEPC | 2,440 | 0.00 | -0.41 | -10.95 | 2,470 | 2,400 | 5,556 | 183 |
| MJQE | 2,050 | 0.00 | 0.49 | -3.76 | 2,050 | 2,040 | 124,513 | 664 |
| CGSM | 2,450 | 0.41 | 0.82 | -6.84 | 2,450 | 2,420 | 29,644 | 4,800 |
| DBDE | 2,070 | 0.98 | 0.00 | -3.27 | 2,080 | 2,050 | 13,239 | 38 |
| JSL | 3,450 | 0.00 | 0.00 | -21.59 | 3,490 | 3,430 | 3,475 | 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 | 4.85 | 0.38 | 1.43 | 9.64 |
| GTI | 2Q24 | 47 | 7,165 | 88.64 | 0.58 | 0.50 | 17.37 |
| PPAP | 2Q24 | 1,800 | 39,401 | 7.39 | 0.34 | 2.07 | 4.77 |
| PPSP | 2Q24 | 85 | 3,560 | 26.03 | 0.62 | 1.41 | 7.89 |
| PAS | 2Q24 | 1,132 | 11,977 | 10.09 | 0.95 | 2.53 | 6.48 |
| ABC | 2Q24 | 1,554 | 13,448 | 4.71 | 0.54 | 0.92 | 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 | 15.27 | 4.02 | 6.49 | 15.39 |
| 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* | 3,316 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,520 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,145 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,707 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 174 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,915 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,162 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,989 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 677 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,534 |
| *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 | 0.0 | 0.0 |
| Coupon rate (Latest) | 3.50% | 4.00% | 4.50% | 4.75% | 5.25% |
| Successful yield (Latest) | 3.85% | 4.00% | 5.13% | - | - |
| Latest bidding | 24-Apr-24 | 29-May-24 | 18-Sep-24 | 45,581 | 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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