Cambodian government to issue $125M in bonds in 2025
| News Highlights |
Economy and Industry
Cambodian government to issue $125M in bonds in 2025 The Royal Government of Cambodia plans to issue bonds worth 500 billion riels (around $125 million) in 2025 to support public sector projects and maintain the national budget. Additionally, the government aims to issue up to $1 billion in bonds over the next five years, primarily to fund infrastructure projects and stimulate economic growth. The volume of government loans will align with budgetary needs, with government securities playing a key role in meeting 2025 budget targets. The Public Debt Management Strategy 2024-2028 underpins Cambodia's ambition to achieve Upper Middle-Income Country status by 2030 - a milestone that could phase out traditional financing sources. To prepare, Cambodia aims to diversify its funding base by establishing new partnerships and exploring alternative financing tools to drive public investment. The issuance of government securities is expected to mobilize domestic capital, enhancing socio-economic development and supporting the nation's inclusive growth agenda. (Source: Khmer Times)
Cambodia unveils Digital Technology Centre The Royal Government of Cambodia (RGC) and the National University of Management (NUM) have inaugurated the Digital Technology Centre (DTC) and University Management System (UMS) to drive Cambodia's digital transformation, aligning with global standards. The ceremony was led by Minister Chea Vandeth, Secretary of State of the Ministry of Education, Youth and Sport, and NUM Rector Hor Peng. The agreements, signed in April, have led to four key achievements: the integration of a standard QR Code for doctoral degrees, the establishment of a DTC equipped with advanced digital tools, the completion of infrastructure and internet connectivity design, and the successful launch of the UMS. These initiatives support the Cambodia Digital Government Policy 2022-2035 (CDGP 2022-2035) and the Pentagonal Strategy - Phase One under Prime Minister Hun Manet's administration. (Source: Khmer Times)
Cambodia-China trade increases by 23% YoY in first 10 months Cambodia's trade with China reached $12.37 billion in the first ten months of 2024, marking a 23% increase YoY. China remains Cambodia's leading trading partner, followed by the United States, Vietnam, Thailand, and Japan. Between January and October, Cambodia's exports to China totaled $1.42 billion, a 21% rise compared to the same period in 2023. Key Cambodian exports to China included milled rice, bananas, mangos, cassava, fishery products, and apparel, while imports from China grew by 23% YoY to $10.9 billion. The Cambodia-China Bilateral Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP) are expected to further facilitate the export of Cambodian agricultural goods to China. Signed in 2022, the Cambodia-China Free Trade and RCEP agreements have significantly strengthened bilateral trade ties. (Source: Khmer Times)
Corporate News
LOLC Cambodia launches climate-resilient insurance to protect rice farmers LOLC Cambodia has introduced a weather-indexed rice crop insurance program to mitigate the increasing impact of climate change on agriculture. This insurance aims to support rice farmers in Prey Veng, Kampong Thom, and Battambang provinces, where 72% of clients - primarily rice farmers - have faced significant crop losses due to extreme weather. By the end of 2024, the program is expected to assist 3,859 rice farmers by providing compensation for climate-related losses, serving as a vital safety net to help them recover quickly and continue supporting their families and communities. This initiative reflects LOLC Cambodia's commitment to bolstering resilience in the Kingdom's agricultural sector, empowering communities, and ensuring financial security amid climate uncertainties. It also reinforces the company's mission to foster sustainable growth and be a trusted partner in Cambodia's pursuit of climate resilience. (Source: Phnom Penh Post)
Stock Market
CSX index gains 0.54% with strong performances from PWSA and GTI On November 13, 2024, the CSX Index rose by 0.54%, closing at 404.8 points. Gains on the main board were led by PWSA (+2.86%), followed by GTI (+0.81%), ABC (+0.57%), MJQE (+0.49%), and CGSM (+0.41%). PPAP and PEPC remained flat. On the growth board, DBDE was up 0.49% while JSL remained steady. The day saw a trading volume of 87,974 shares, with a turnover of KHR 481 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 404.75 | 0.54 | 87,974 | 10,856 |
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 | 6,480 | 2.86 | 4.85 | -10.99 | 6,480 | 6,180 | 67,511 | 564 |
| GTI | 4,960 | 0.81 | 15.89 | 74.65 | 4,960 | 4,160 | 84,075 | 198 |
| PPAP | 13,360 | 0.00 | 0.00 | -4.57 | 13,560 | 13,180 | 1,662 | 276 |
| PPSP | 2,230 | 0.45 | 0.45 | 2.29 | 2,240 | 2,200 | 34,991 | 160 |
| PAS | 11,260 | 0.00 | -0.18 | -10.49 | 11,420 | 11,240 | 6,010 | 966 |
| ABC | 7,040 | 0.57 | -1.95 | -30.02 | 7,380 | 6,980 | 452,679 | 3,049 |
| PEPC | 2,370 | 0.00 | 0.00 | -13.50 | 2,440 | 2,370 | 1,146 | 178 |
| MJQE | 2,050 | 0.49 | 0.99 | -3.76 | 2,050 | 2,020 | 46,217 | 664 |
| CGSM | 2,450 | 0.41 | 0.00 | -6.84 | 2,460 | 2,420 | 119,643 | 4,800 |
| DBDE | 2,060 | 0.49 | 0.98 | -3.74 | 2,070 | 2,040 | 9,895 | 38 |
| JSL | 3,480 | 0.00 | 0.29 | -20.91 | 3,510 | 3,430 | 11,118 | 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 | 4.99 | 0.39 | 1.47 | 9.72 |
| GTI | 2Q24 | 47 | 7,165 | 105.69 | 0.69 | 0.60 | 19.52 |
| PPAP | 2Q24 | 1,800 | 39,401 | 7.42 | 0.34 | 2.08 | 4.79 |
| PPSP | 2Q24 | 85 | 3,560 | 26.15 | 0.63 | 1.42 | 7.92 |
| PAS | 2Q24 | 1,132 | 11,977 | 9.94 | 0.94 | 2.50 | 6.41 |
| ABC | 2Q24 | 1,554 | 13,448 | 4.53 | 0.52 | 0.89 | NA |
| PEPC* | 4Q24 | -1,035 | 165 | NA | 14.32 | 4.18 | NA |
| MJQE | 2Q24 | 59 | 314 | 34.92 | 6.52 | 4.32 | 29.78 |
| CGSM | 2Q24 | 160 | 609 | 15.27 | 4.02 | 6.49 | 15.39 |
| JSL | 2Q24 | 1 | 669 | 4156.42 | 5.20 | 1.07 | 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* | 3,289 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,493 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,118 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,680 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 147 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,888 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,135 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,962 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 650 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,507 |
| *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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