Cambodian mines produce 13 tonnes of gold dore bars
| News Highlights |
Economy and Industry
Cambodian mines produce 13 tonnes of gold dore bars Cambodia's gold mining sector is flourishing, with private companies like Renaissance Minerals Company and Rong Cheng Company producing a total of 12,558 kg of dore bars containing a 90% gold solution as of November 3. This production data was released amid intensified efforts by authorities to curb illegal gold mining by local villagers. In Mondulkiri, Renaissance Minerals Company produced 807 gold bars weighing 12,536 kg, while Rong Cheng Company contributed 12 gold bars, totaling 22 kg. Renaissance Minerals (Cambodia) Ltd's operations in the O'Khvav area of Keo Seima district, Mondulkiri, are progressing as planned. This development highlights Cambodia's abundant mineral resources and the growing interest from international mining firms. Currently, 10 companies are involved in refining gold in the country. Renaissance Minerals, Cambodia's first gold producer, began production in June 2021 after starting mine and infrastructure construction in mid-2020. The company aims to refine three tonnes of gold ore annually over the first eight years, yielding approximately 250 kg of gold per month. (Source: Khmer Times)
MLVT and OCIC sign MoU to enhance workforce development in Cambodia The Ministry of Labour and Vocational Training (MLVT) has partnered with the Overseas Cambodian Investment Corporation (OCIC) through a Memorandum of Understanding (MoU) to advance workforce development in Cambodia. This MoU focuses on equipping Cambodian workers with specialized skills to promote career growth in priority sectors such as construction, engineering, real estate, hospitality, and infrastructure. MLVT and OCIC will collaborate to create training environments aligned with industry demands, aiming to prepare 1.5 million Cambodians through technical and vocational education and training (TVET) programs. Established 24 years ago, OCIC operates across diverse industries and employs over 17,000 people in Cambodia. Committed to supporting education and career development, OCIC has invested in internal training initiatives and three educational institutions, while also emphasizing the value of international expertise to enhance workforce standards. (Source: Cambodia Investment Review)
Cambodia's retail credit surpasses $15 billion By the third quarter of 2024, Cambodia's retail loan balance exceeded $15 billion, reflecting an uptick in retail credit demand and performance. Both the number of applications and the total amount disbursed saw increases, though loan quality slightly declined, with the non-performing loan rate edging up from 6.22% in the second quarter to 6.35% in the third. Personal loan growth remained moderate, averaging 12% annually. The number of consumers applying for credit in personal loans, credit cards, and mortgages rose by 37% in Q3, while the total loan amount requested increased by 2% over the previous quarter. This growth was largely driven by an 83% surge in credit card applications, with personal finance and mortgage applications each rising by 2%. By September 2024, retail loan accounts had grown by 5.6%, reaching a total of 2.02 million nationwide. (Source: Khmer Times)
Corporate News
Mastercard's 'Pay Local' program provides support for the Bakong digital wallet Mastercard has introduced 'Pay Local,' a new service enabling digital wallet providers across Asia to support card payments from over two billion Mastercard cardholders. Launched just before the Singapore FinTech Festival, this service underscores Mastercard's dedication to expanding digital payment solutions in the region. Pay Local integrates with popular Asian digital wallets, including Cambodia's Bakong, Indonesia's DANA, Malaysia's Touch 'n Go, and Sri Lanka's LankaPay. The service enhances the payment experience by allowing tourists to make seamless transactions abroad and providing local users with greater access to card-accepting merchants. Mastercard plans to expand this service to other digital wallet-friendly regions like Latin America, Eastern Europe, and the Middle East. Benefiting SMEs, wallet operators, and card issuers alike, the initiative builds on Mastercard's collaborations with major wallet providers, including Alipay and Weixin Pay in China and Octopus in Hong Kong. (Source: Khmer Times)
Stock Market
CSX index rises 0.45% amid mixed stock performance On November 7, 2024, the CSX Index rose by 0.45%, closing at 403.1 points. Gains on the main board included PWSA (+1.61%), ABC (+1.42%), and GTI (+1.40%), while PPAP (-1.34%) and PAS (-0.35%) posted losses. PEPC, MJQE, and CGSM remained unchanged. On the growth board, JSL held steady, and DBDE increased by 0.49%. The day's trading volume reached 71,369 shares, with a turnover of KHR 388 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 403.05 | 0.45 | 71,369 | 10,810 |
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 | 1.61 | 1.94 | -13.46 | 6,440 | 6,180 | 44,435 | 548 |
| GTI | 4,360 | 1.40 | 1.87 | 53.52 | 4,360 | 4,080 | 30,170 | 174 |
| PPAP | 13,220 | -1.34 | -1.05 | -5.57 | 13,560 | 13,180 | 408 | 273 |
| PPSP | 2,240 | 0.90 | 0.90 | 2.75 | 2,240 | 2,200 | 15,198 | 161 |
| PAS | 11,260 | -0.35 | -0.18 | -10.49 | 11,480 | 11,260 | 4,349 | 966 |
| ABC | 7,120 | 1.42 | -0.84 | -29.22 | 7,480 | 6,980 | 257,170 | 3,084 |
| PEPC | 2,420 | 0.00 | 2.11 | -11.68 | 2,440 | 2,370 | 561 | 181 |
| MJQE | 2,040 | 0.00 | 0.49 | -4.23 | 2,050 | 2,020 | 15,326 | 661 |
| CGSM | 2,430 | 0.00 | -0.82 | -7.60 | 2,460 | 2,420 | 70,978 | 4,761 |
| DBDE | 2,060 | 0.49 | 0.98 | -3.74 | 2,080 | 2,040 | 1,850 | 38 |
| JSL | 3,500 | 0.00 | 0.86 | -20.45 | 3,510 | 3,430 | 7,436 | 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 | 4.85 | 0.38 | 1.43 | 9.64 |
| GTI | 2Q24 | 47 | 7,165 | 92.90 | 0.61 | 0.53 | 17.91 |
| PPAP | 2Q24 | 1,800 | 39,401 | 7.35 | 0.34 | 2.05 | 4.75 |
| PPSP | 2Q24 | 85 | 3,560 | 26.26 | 0.63 | 1.42 | 7.95 |
| PAS | 2Q24 | 1,132 | 11,977 | 9.94 | 0.94 | 2.50 | 6.41 |
| ABC | 2Q24 | 1,554 | 13,448 | 4.58 | 0.53 | 0.90 | 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 | 4180.31 | 5.23 | 1.08 | 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* | 3,295 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,499 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,124 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,686 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 153 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,894 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,141 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,968 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 656 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,513 |
| *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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