Cambodia's microfinance sector sees minimal loan growth amid economic challenges
News Highlights |
Economy and Industry
Cambodia's microfinance sector sees minimal loan growth amid economic challenges In the first three quarters of 2024, Cambodia's microfinance sector recorded only a 1% growth in loan volume, reflecting the strain of unfavorable global economic conditions. According to the Cambodian Microfinance Association (CMA), non-performing loans over 30 days increased to 8.7%, while loan restructuring rose from 2% to 3.8%. With the sector facing challenges like over-indebtedness and limited financial literacy, regulatory support from the National Bank of Cambodia (NBC) is focusing on consumer protection and financial literacy to mitigate risk. CMA's Chairwoman Dith Nita highlighted the importance of responsible lending to maintain sustainability and address financial stress among Cambodian borrowers. (Source: Khmer Times)
Cambodia strengthens market reach with MoU in Macau The Ministry of Commerce (MoC) of Cambodia has signed an MoU with the Macau Union Suppliers Association (MUSA) to expand Cambodia's trade access across more than 1,000 markets in Macau and Hong Kong SAR. This agreement aims to strengthen economic ties by connecting Cambodian agricultural suppliers with Macau's key retail sectors, including supermarkets, hotels, and restaurants. MUSA's interest in sourcing Cambodian products, particularly cashews and swiftlet nests, signals new opportunities for Cambodian farmers, and aligns with broader initiatives to promote bilateral trade between Cambodia and China. (Source: Khmer Times)
CDC showcases Cambodia's investment opportunities to Japanese investors in Thailand The Council for the Development of Cambodia (CDC) recently highlighted Cambodia's investment potential to Japanese business leaders in Thailand, emphasizing a "plus-one strategy" approach at the Cambodia Investment Seminar in Bangkok. Deputy Prime Minister Sun Chanthol underscored Cambodia's favorable investment environment, including political stability, economic openness, skilled labor, and robust infrastructure. The seminar, co-organized by JETRO and AMEICC, outlined Cambodia's investment policies, including incentives for priority sectors and the CDC's role in integrating Cambodia into the global supply chain. Over 200 participants from various Japanese and Cambodian organizations attended in person and virtually. (Source: Khmer Times)
Corporate News
CBC and ABA partner to launch digital financial health check Credit Bureau Cambodia (CBC) and ABA Bank have launched a new Financial Health Check service on the ABA Mobile app, allowing users to monitor their financial well-being by accessing their personal Credit Report and K-Score. The K-Score is a statistical measure of credit risk that helps users gauge the likelihood of payment defaults, while the Credit Report provides a detailed history of personal credit activities. The Memorandum of Understanding (MoU) for this integration was signed on November 5, 2024, by CBC CEO Oeur Sothearoath and ABA CEO Askhat Azhikhanov. Both leaders emphasized the service's role in promoting financial literacy and responsible management, aligning with Cambodia's digitalization goals. To mark the launch, ABA Mobile users can access a free Credit Report and K-Score until February 2025. (Source: Cambodia Investment Review)
Stock Market
CSX index edges up 0.08% as GTI, PPSP, and CGSM lead gains On November 5, 2024, the CSX Index rose slightly by 0.08%, closing at 400.5 points. On the main board, GTI (+2.37%), PPSP (+0.45%), and CGSM (+0.41%) posted gains, while PPAP (-1.92%), PWSA (-0.32%), and ABC (-0.29%) saw declines. PAS, PEPC, and MJQE remained unchanged. On the growth board, DBDE and JSL increased by 0.49% and 0.29%, respectively. The day's trading volume reached 65,483 shares, with a turnover of KHR 383 million. (Source: YSC Research)
CSX Stocks |
CSX Index
Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
400.54 | 0.08 | 65,483 | 10,743 |
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 | -0.32 | 0.00 | -15.11 | 6,440 | 6,180 | 16,196 | 537 |
GTI | 4,320 | 2.37 | 0.93 | 52.11 | 4,320 | 4,020 | 14,381 | 173 |
PPAP | 13,300 | -1.92 | -0.45 | -5.00 | 13,560 | 13,180 | 67 | 275 |
PPSP | 2,220 | 0.45 | 0.00 | 1.83 | 2,230 | 2,200 | 10,509 | 160 |
PAS | 11,320 | 0.00 | 0.35 | -10.02 | 11,480 | 11,280 | 1,863 | 971 |
ABC | 6,980 | -0.29 | -2.79 | -30.62 | 7,480 | 6,980 | 188,556 | 3,023 |
PEPC | 2,420 | 0.00 | 2.11 | -11.68 | 2,460 | 2,370 | 492 | 181 |
MJQE | 2,040 | 0.00 | 0.49 | -4.23 | 2,050 | 2,020 | 9,044 | 661 |
CGSM | 2,430 | 0.41 | -0.82 | -7.60 | 2,460 | 2,420 | 29,134 | 4,761 |
DBDE | 2,050 | 0.49 | 0.49 | -4.21 | 2,080 | 2,040 | 588 | 38 |
JSL | 3,490 | 0.29 | 0.58 | -20.68 | 3,510 | 3,430 | 1,307 | 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 | 92.05 | 0.60 | 0.52 | 17.80 |
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 | 10.00 | 0.95 | 2.51 | 6.43 |
ABC | 2Q24 | 1,554 | 13,448 | 4.49 | 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 | 15.14 | 3.99 | 6.43 | 15.28 |
JSL | 2Q24 | 1 | 669 | 4168.36 | 5.22 | 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* | 3,297 |
CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,501 |
GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,126 |
PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,688 |
RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 155 |
RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,896 |
RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,143 |
RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,970 |
TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 658 |
TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,515 |
*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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