Cambodia and Ukraine explore potential for economic and investment collaboration
| News Highlights |
Economy and Industry
Cambodia and Ukraine explore potential for economic and investment collaboration On October 30, Cambodian and Ukrainian officials met to discuss the possibility of a bilateral agreement focused on mutual investment promotion and protection. During the meeting, Sar Senera, Deputy Secretary General of Cambodia's Investment Board, presented Cambodia's investment laws, offering foreign investors legal assurance, protection, and incentives across various sectors. He highlighted Cambodia's political stability and access to significant markets, including ASEAN, RCEP, and the GM market. Ukraine's Deputy Minister of Economy, Taras Kachka, expressed appreciation and underscored Ukraine's strengths in agricultural technology, particularly in fertilisers and animal feed. (Source: Khmer Times)
Cambodia and Japan partner to advance digital workforce and technology growth The Royal Government of Cambodia (RGC) and Japan are collaborating to boost Cambodia's digital sector through a recent seminar on "Emerging Digital Technology," focusing on Open RAN and cybersecurity. Held at the Cambodia Academy of Digital Technology, the seminar saw participation from officials and industry leaders to discuss critical developments in telecommunications and digital skills. Minister of Post and Telecommunications Chea Vandeth highlighted the need for a skilled digital workforce to support Cambodia's economic and social progress, in line with RGC's Pentagonal Strategy. Japan is aiding in cybersecurity and ICT capacity-building, with opportunities for Cambodian students to gain certifications and employment in Japan's tech sector through partnerships with Japanese firms. (Source: Khmer Times)
Cambodia and Germany strengthen economic and development ties The Council for the Development of Cambodia (CDC) and Germany's Federal Ministry for Economic Cooperation and Development (BMZ) have committed to strengthening their partnership in economic and developmental areas. During an October 31 meeting with a German delegation led by Barbel Kofler, CDC's Senior Minister Chhieng Yanara highlighted Germany's long-term support, particularly in helping Cambodia mitigate COVID-19's socio-economic impacts. The meeting emphasized Cambodia's "Pentagonal Strategy" under Prime Minister Hun Manet to promote sustainable economic development and resilience through workforce enhancement, economic diversification, and digital economy growth. Both sides expressed intentions to deepen cooperation on human rights, governance, and transparency, with a shared commitment to ensuring long-term stability and continued growth for Cambodia's economy. (Source: Khmer Times)
Corporate News
Sailun to establish industrial park in Cambodia's Kampot province Chinese tyre manufacturer Sailun announced plans on October 30 to develop the "Cambodia Kampot Special Economic Zone Project" (Kampot SEZ), an industrial park in Cambodia. The project, valued at approximately $110 million, will be managed by Sailun's new subsidiary, Kampot Bay Investment Co., Ltd. Initially, Sailun aims to produce 3 million semi-steel radial tyres annually in Kampot, with a goal of expanding capacity to 9 million tyres by 2026. This development aligns with Sailun's growing investment in Cambodia, which has more than doubled since the project's inception in 2021. (Source: Khmer Times)
Stock Market
CSX index declines slightly amid mixed performance on November 1, 2024 On November 1, 2024, the CSX Index declined by 0.11%, closing at 404.4 points. On the main board, PPAP (+0.60%), MJQE (+0.49%), PEPC (+0.42%), CGSM (+0.41%), and PAS (+0.18%) recorded gains. In contrast, GTI (-1.87%), ABC (-1.11%), and PPSP (-0.45%) declined, while PWSA closed unchanged. On the growth board, DBDE and JSL gained 0.49% and 0.41%, respectively. The day's trading volume reached 47,109 shares, with a turnover of KHR 260 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 404.39 | -0.11 | 47,109 | 10,846 |
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 | 6,180 | 0.00 | 0.00 | -15.11 | 6,500 | 6,180 | 3,803 | 537 |
| GTI | 4,200 | -1.87 | -1.87 | 47.89 | 4,300 | 4,020 | 542 | 168 |
| PPAP | 13,440 | 0.60 | 0.60 | -4.00 | 13,440 | 13,180 | 19 | 278 |
| PPSP | 2,210 | -0.45 | -0.45 | 1.38 | 2,230 | 2,200 | 1,213 | 159 |
| PAS | 11,300 | 0.18 | 0.18 | -10.17 | 11,880 | 11,280 | 1,080 | 969 |
| ABC | 7,100 | -1.11 | -1.11 | -29.42 | 7,480 | 7,100 | 25,883 | 3,075 |
| PEPC | 2,380 | 0.42 | 0.42 | -13.14 | 2,460 | 2,370 | 201 | 178 |
| MJQE | 2,040 | 0.49 | 0.49 | -4.23 | 2,050 | 2,020 | 2,931 | 661 |
| CGSM | 2,460 | 0.41 | 0.41 | -6.46 | 2,460 | 2,420 | 11,639 | 4,820 |
| DBDE | 2,050 | 0.49 | 0.49 | -4.21 | 2,080 | 2,040 | 146 | 38 |
| JSL | 3,510 | 1.15 | 1.15 | -20.23 | 3,510 | 3,430 | 61 | 90 |
| 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 | 4.76 | 0.37 | 1.40 | 9.59 |
| GTI | 2Q24 | 47 | 7,165 | 89.49 | 0.59 | 0.51 | 17.48 |
| PPAP | 2Q24 | 1,800 | 39,401 | 7.47 | 0.34 | 2.09 | 4.81 |
| 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 | 4.57 | 0.53 | 0.90 | NA |
| PEPC* | 4Q24 | -1,035 | 165 | NA | 14.38 | 4.20 | NA |
| MJQE | 2Q24 | 59 | 314 | 34.75 | 6.49 | 4.29 | 29.65 |
| CGSM | 2Q24 | 160 | 609 | 15.33 | 4.04 | 6.51 | 15.45 |
| JSL | 2Q24 | 1 | 669 | 4192.25 | 5.25 | 1.08 | NA |
| DBDE | 2Q24 | 80 | 1,932 | 25.60 | 1.06 | 0.55 | 8.74 |
| 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* | 3,301 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,505 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,130 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,692 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 159 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,900 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,147 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,974 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 662 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,519 |
| *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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