USAID grants $29 million aims for trade over aid to boost Cambodia's growth
| News Highlights |
Economy and Industry
USAID grants $29 million aims for trade over aid to boost Cambodia's growth USAID Administrator Samantha Power announced a new $50 million US aid package to support Cambodia's economic growth. Of this, $29 million is dedicated to improving food safety regulations, market access, and the adoption of advanced agricultural technologies. The initiative focuses on empowering farmers, promoting climate-smart agriculture, and conserving Cambodia's natural resources, particularly the Mekong River Basin. Power emphasized the shift from aid to trade, aiming to enhance Cambodia's global competitiveness while addressing challenges such as transparency, corruption, and landmine clearance. The support will also strengthen civil society, labor rights, and independent media to ensure Cambodia's sustainable development and democratic progress. (Source: Phnom Penh Post)
Cambodia's new car market sees promising growth Cambodia's automotive market is experiencing notable growth, driven by economic expansion and an increasing middle class. CEO of RMA Cambodia, Ngorn Saing, highlighted the potential for affordable new cars, particularly those with enhanced safety features. The company plans to hold auto exhibitions and continues to invest in a Ford assembly plant in Pursat province. Cham Nimul, Minister of Commerce, praised RMA's contributions, outlining the government's roadmap to modernize the automotive sector, shifting from labor-intensive industries to skill-based manufacturing, with a target to expand automotive exports by $500 million by 2027. Despite a 12.8% YoY decline in vehicle imports in early 2024, Cambodia's six operational and upcoming auto assembly plants signal a promising future for local manufacturing. (Source: Khmer Times)
MAFF to unveil cashew cultivation area maps for sustainable agricultural development The Ministry of Agriculture, Forestry and Fisheries (MAFF) will officially release a document outlining designated cashew cultivation areas in Cambodia, aimed at supporting sustainable agricultural land management and enhancing the cashew value chain. The document provides accurate maps based on satellite data and is seen as a crucial resource for stakeholders, helping them adjust their strategies and development plans. Uon Silot, President of the Cashew Nut Association of Cambodia, expressed optimism about the map's potential to boost the sector and generate $1 billion annually. The launch event will include presentations and booklets on agricultural mapping, and the cashew cultivation areas cover approximately 580,000 hectares. Currently, only 10% of cashews are processed domestically, with most sent abroad for processing. Key cashew-growing regions include Kampong Thom, Ratanakiri, and Kratie. (Source: Khmer Times)
Corporate News
Wing Bank partners with Kotluy to promote financial literacy among cambodian youth Wing Bank has partnered with Kotluy, a financial management app startup, to promote financial literacy among Cambodian youth. This collaboration aims to equip young people with essential financial skills, building on Wing Bank's commitment to supporting startups and fostering innovation. As part of this effort, Wing Bank is the main sponsor of the Reverse Innovation Cohort 4, a FinTech-focused accelerator program, providing startups with resources, training, and access to digital infrastructure to develop innovative financial solutions. This partnership reinforces Wing Bank's role in driving financial literacy and supporting Cambodia's digital economy. (Source: Khmer Times)
Stock Market
CSX index slips 0.23% despite gains from GTI and PWSA On October 24, 2024, the CSX Index declined by 0.23%, closing at 405.7 points. Gains on the main board were led by GTI (+1.90%), PWSA (+0.65%), and PPSP (+0.45%), while PAS (-0.88%), MJQE (-0.49%), and CGSM (-0.41%) posted losses. Both PPAP and ABC remained unchanged. On the growth board, DBDE and JSL remained flat. The day's trading volume amounted to 49,154 shares, with a total turnover of KHR 298 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 405.71 | -0.23 | 49,154 | 10,882 |
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 | 6,220 | 0.65 | -4.31 | -14.56 | 6,660 | 6,180 | 126,274 | 541 |
| GTI | 4,300 | 1.90 | 5.91 | 51.41 | 4,300 | 3,830 | 79,049 | 172 |
| PPAP | 13,300 | 0.00 | 0.76 | -5.00 | 13,620 | 13,200 | 4,567 | 275 |
| PPSP | 2,210 | 0.45 | 0.00 | 1.38 | 2,240 | 2,200 | 50,346 | 159 |
| PAS | 11,300 | -0.88 | -4.88 | -10.17 | 11,900 | 11,300 | 41,875 | 969 |
| ABC | 7,300 | 0.00 | -2.41 | -27.44 | 7,480 | 7,300 | 396,255 | 3,162 |
| PEPC | 2,420 | -0.41 | -1.22 | -11.68 | 2,460 | 2,400 | 6,991 | 181 |
| MJQE | 2,040 | -0.49 | 0.00 | -4.23 | 2,050 | 2,040 | 133,942 | 661 |
| CGSM | 2,430 | -0.41 | 0.00 | -7.60 | 2,450 | 2,420 | 35,201 | 4,761 |
| DBDE | 2,060 | 0.00 | -0.48 | -3.74 | 2,080 | 2,050 | 20,671 | 38 |
| JSL | 3,440 | 0.00 | -0.29 | -21.82 | 3,490 | 3,430 | 5,968 | 88 |
| 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 | 4.79 | 0.38 | 1.41 | 9.61 |
| GTI | 2Q24 | 47 | 7,165 | 91.62 | 0.60 | 0.52 | 17.75 |
| PPAP | 2Q24 | 1,800 | 39,401 | 7.39 | 0.34 | 2.07 | 4.77 |
| PPSP | 2Q24 | 85 | 3,560 | 25.91 | 0.62 | 1.40 | 7.86 |
| PAS | 2Q24 | 1,132 | 11,977 | 9.98 | 0.94 | 2.50 | 6.43 |
| ABC | 2Q24 | 1,554 | 13,448 | 4.70 | 0.54 | 0.92 | NA |
| PEPC* | 4Q24 | -1,035 | 165 | NA | 14.62 | 4.27 | NA |
| MJQE | 2Q24 | 59 | 314 | 34.75 | 6.49 | 4.29 | 29.65 |
| CGSM | 2Q24 | 160 | 609 | 15.14 | 3.99 | 6.43 | 15.28 |
| JSL | 2Q24 | 1 | 669 | 4108.64 | 5.14 | 1.06 | NA |
| DBDE | 2Q24 | 80 | 1,932 | 25.73 | 1.07 | 0.55 | 8.77 |
| 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* | 3,309 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,513 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,138 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,700 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 167 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,908 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,155 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,982 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 670 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,527 |
| *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) | 0.0 | 0.0 | 0.0 | 0.0 | 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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