ADB and Cambodia strengthen partnership to enhance water supply and sanitation services
| News Highlights |
Economy and Industry
ADB and Cambodia strengthen partnership to enhance water supply and sanitation services The Asian Development Bank (ADB) is partnering with Cambodia's Ministry of Industry, Science, Technology & Innovation (MISTI) to enhance the country's water supply and sanitation systems. In a recent meeting between Minister Hem Vanndy and ADB's Senior Director Norio Saito, discussions focused on securing sustainable funding for wastewater management and preparing for climate-related service disruptions. Minister Vanndy emphasized Cambodia's need for ADB's ongoing collaboration in infrastructure development and technical support. ADB, which is already supporting a $119 million Provincial Water Supply and Sanitation Project, is also preparing a $400 million multi-tranche financing facility for urban development, anticipated by 2025. (Source: Khmer Times)
Cambodia's year-end tourism efforts for year-end tourism surge As Cambodia anticipates a surge in year-end tourism, the Royal Government is intensifying efforts to attract international visitors through campaigns like "Visit Siem Reap 2024" while contending with competition from neighboring countries. Prime Minister Hun Manet has reaffirmed tourism's pivotal role as "green gold" for the nation's socio-economic growth, recognizing its contributions to job creation and poverty reduction. Recent policy measures, including visa process improvements and tax waivers for tourism businesses, underscore Cambodia's commitment to supporting the sector's resilience post-COVID-19. Despite a partial recovery of Chinese tourism, challenges remain due to China's domestic tourism policies and past negative portrayals of Cambodia. (Source: Khmer Times)
Cambodia and Australia strengthen economic partnership with focus on digital innovation and trade In a recent meeting in Phnom Penh, Cambodia's Deputy Prime Minister Sok Chenda Sophea and Australian Ambassador Derek Yip reaffirmed Cambodia and Australia's commitment to economic cooperation, focusing on trade, digital innovation, and workforce development. The dialogue highlighted Australia's contributions to Cambodia's economic progress, particularly through support for digital transformation under Cambodia's Pentagonal Strategy, which seeks to drive national growth and attract foreign investment. Both nations aim to boost market access, diversify trade-including in agriculture, textiles, and machinery-and support regional connectivity. This partnership, grounded in mutual goals for economic resilience and social development, is expected to open new business avenues, enhance job creation, and raise living standards in Cambodia. (Source: Khmer Times)
Corporate News
Cambodia Air and Henan Group forge partnership to enhance air connectivity Cambodia Air and China's Henan Investment Group have signed an MoU to expand air connectivity between Cambodia and Henan Province, China. The MoU, signed in Zhengzhou and witnessed by Minister Mao Havannall of the State Secretariat of Civil Aviation, aims to boost bilateral ties by increasing flight frequency, exploring new routes, and enhancing trade and travel opportunities. Havannall highlighted the potential of this partnership to strengthen economic, cultural, and diplomatic ties between the two countries. Cambodia Air, founded in 2009, sees this partnership as part of its broader mission to support trade, tourism, and mutual cooperation with Henan as Zhengzhou develops into an international air hub. (Source: Khmer Times)
Stock Market
CSX index declines amid mixed performance on main and growth boards On November 4, 2024, the CSX Index declined by 1.03%, closing at 400.2 points. On the main board, PEPC (+1.68%), PPAP (+0.89%), GTI (+0.48%), PWSA (+0.32%), and PAS (+0.18%) recorded gains. In contrast, CGSM (-1.63%) and ABC (-1.41%) declined, while PPSP and MJQE closed unchanged. On the growth board, DBDE and JSL were down 0.49% and 0.85%, respectively. The day's trading volume reached 156,824 shares, with a turnover of KHR 970 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 400.22 | -1.03 | 156,824 | 10,734 |
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 | 6,200 | 0.32 | 0.32 | -14.84 | 6,460 | 6,180 | 12,110 | 539 |
| GTI | 4,220 | 0.48 | -1.40 | 48.59 | 4,300 | 4,020 | 8,114 | 169 |
| PPAP | 13,560 | 0.89 | 1.50 | -3.14 | 13,560 | 13,180 | 58 | 280 |
| PPSP | 2,210 | 0.00 | -0.45 | 1.38 | 2,230 | 2,200 | 4,491 | 159 |
| PAS | 11,320 | 0.18 | 0.35 | -10.02 | 11,780 | 11,280 | 1,354 | 971 |
| ABC | 7,000 | -1.41 | -2.51 | -30.42 | 7,480 | 7,000 | 145,807 | 3,032 |
| PEPC | 2,420 | 1.68 | 2.11 | -11.68 | 2,460 | 2,370 | 477 | 181 |
| MJQE | 2,040 | 0.00 | 0.49 | -4.23 | 2,050 | 2,020 | 6,956 | 661 |
| CGSM | 2,420 | -1.63 | -1.22 | -7.98 | 2,460 | 2,420 | 25,288 | 4,741 |
| DBDE | 2,040 | -0.49 | 0.00 | -4.67 | 2,080 | 2,040 | 287 | 38 |
| JSL | 3,480 | -0.85 | 0.29 | -20.91 | 3,510 | 3,430 | 391 | 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 | 4.78 | 0.37 | 1.41 | 9.60 |
| GTI | 2Q24 | 47 | 7,165 | 89.92 | 0.59 | 0.51 | 17.54 |
| PPAP | 2Q24 | 1,800 | 39,401 | 7.54 | 0.34 | 2.11 | 4.85 |
| PPSP | 2Q24 | 85 | 3,560 | 25.91 | 0.62 | 1.40 | 7.86 |
| PAS | 2Q24 | 1,132 | 11,977 | 10.00 | 0.95 | 2.51 | 6.43 |
| ABC | 2Q24 | 1,554 | 13,448 | 4.50 | 0.52 | 0.88 | 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 | 15.08 | 3.98 | 6.41 | 15.22 |
| JSL | 2Q24 | 1 | 669 | 4156.42 | 5.20 | 1.07 | NA |
| DBDE | 2Q24 | 80 | 1,932 | 25.48 | 1.06 | 0.55 | 8.71 |
| 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* | 3,298 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,502 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,127 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,689 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 156 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,897 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,144 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,971 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 659 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,516 |
| *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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