ADB to support business policy reform with a $50 million policy-based loan
| News Highlights |
Economy and Industry
ADB to support business policy reform with a $50 million policy-based loan The Asian Development Bank (ADB) has approved a $50 million policy-based loan to enhance Cambodia's business environment, promote competitiveness, and reduce trade barriers as part of the ongoing "Trade and Competitiveness Program." This initiative aims to attract private sector investments for sustainable growth, job creation, and economic development, with a focus on empowering micro, small, and medium-sized enterprises (MSMEs) to diversify, adopt digital solutions, and boost productivity. The program addresses key constraints such as sub-optimal business environments, underdeveloped MSMEs, and trade barriers to enhance Cambodia's productivity, competitiveness, and economic growth potential. (Source: Phnom Penh Post)
Techo International Airport more than 90% complete with over $1.3B spent The Techo International Airport (TIA) near Phnom Penh, which is reaching 90% completion rate, is anticipated to significantly boost Cambodia's economic growth by enhancing access for tourists, investors, and cargo, with over $1.3 billion already invested in its construction. Situated in Kandal and Takeo provinces, TIA is being developed on 2,600 hectares through a joint effort between the Cambodian government and the Overseas Cambodian Investment Corporation (OCIC), designed to accommodate large aircraft like the Boeing 747-800 and Airbus A380-800 as a Category 4F airport. The Ministry of Tourism reports a significant increase in international tourist numbers, with expectations that the new airport will further attract major international airlines to Cambodia, positively impacting the country's GDP and economic prospects. (Source: Phnom Penh Post)
CCIA expects up to 30% growth in footwear and travel product orders The Cambodia Confederation of Investors Association (CCIA) projects a 20% to 30% increase in orders for footwear and travel products in 2025 compared to 2024, with footwear exports earning around $1.3 billion in the first 10 months of 2024. Ly Khun Thai, Chairman of the CCIA and Chairman of Cambodia Footwear Association (CFA), highlighted that Cambodian products' high quality has attracted major companies, leading to increased orders and interest in factory visits. Anticipating job growth, Khun Thai expects positive export growth in sectors like garments, bags, and footwear in 2025 due to Cambodia's stable economic and political climate and buyer confidence. (Source: Khmer Times)
Corporate News
A steel factory proposal worth $40 million in Sihanoukville approved for incentives A $40 million investment proposal for a steel factory in Preah Sihanouk Province was approved under the 'Special Investment Promotion Programme,' led by Chairman Hean Sahib of the Investment Promotion Working Group. The meeting evaluated the proposal for a heavy industrial investment company focusing on steel processing and construction, involving drilling, grinding, sheet metal production, and steel recycling. Other proposals discussed included projects for aluminium recycling and a special economic zone spanning 303 hectares in Prey Nob district with a $110 million investment. The programme offers various incentives such as tax exemptions and administrative sanction waivers to encourage investment and address the crisis of stalled buildings in Sihanoukville left by Chinese investors. Efforts to attract investments to the province have been ongoing, with a focus on revitalizing tourism in Sihanoukville to support future investments, as noted by Vichet Lor of the Cambodia Chinese Commerce Association (CCCA). (Source: Khmer Times)
Stock Market
CSX index rebounds with notable gains from GTI, CGSM, and MJQE On November 27, 2024, the CSX Index rebounded by 0.44%, closing at 402.4 points. On the main board, GTI (+1.94%), CGSM (+0.83%), MJQE (+0.49%), PPSP (+0.44%), PEPC (+0.42%), and PWSA (+0.32%) led the gains. Meanwhile, PPAP (-0.30%) and PAS (-0.18%) recorded declines, while ABC remained unchanged. On the growth board, DBDE and JSL increased by 0.49% and 1.18%, respectively. The day concluded with a trading volume of 63,278 shares and a turnover of KHR 403 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 402.36 | 0.44 | 63,278 | 10,792 |
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 | 0.32 | 1.94 | -13.46 | 6,480 | 6,180 | 116,686 | 548 |
| GTI | 5,260 | 1.94 | 22.90 | 85.21 | 5,320 | 4,200 | 186,113 | 210 |
| PPAP | 13,460 | -0.30 | 0.75 | -3.86 | 13,600 | 13,180 | 3,228 | 278 |
| PPSP | 2,290 | 0.44 | 3.15 | 5.05 | 2,290 | 2,210 | 62,713 | 165 |
| PAS | 11,280 | -0.18 | 0.00 | -10.33 | 11,420 | 11,240 | 13,213 | 968 |
| ABC | 6,920 | 0.00 | -3.62 | -31.21 | 7,220 | 6,920 | 674,536 | 2,997 |
| PEPC | 2,410 | 0.42 | 1.69 | -12.04 | 2,420 | 2,370 | 2,373 | 181 |
| MJQE | 2,050 | 0.49 | 0.99 | -3.76 | 2,050 | 2,030 | 70,142 | 664 |
| CGSM | 2,440 | 0.83 | -0.41 | -7.22 | 2,460 | 2,420 | 149,727 | 4,781 |
| DBDE | 2,040 | 0.49 | 0.00 | -4.67 | 2,060 | 2,020 | 74,744 | 38 |
| JSL | 3,440 | 1.18 | -0.86 | -21.82 | 3,510 | 3,400 | 13,901 | 88 |
| 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 | 2Q24 | 1,489 | 16,608 | 4.23 | 0.38 | 1.40 | 7.91 |
| GTI | 2Q24 | 47 | 7,165 | 111.91 | 0.73 | 0.64 | 22.95 |
| PPAP | 3Q24 | 2,406 | 40,010 | 5.59 | 0.34 | 1.72 | 3.55 |
| PPSP | 3Q24 | 267 | 3,759 | 8.56 | 0.61 | 2.53 | 4.87 |
| PAS | 3Q24 | 901 | 11,880 | 12.52 | 0.95 | 2.36 | 7.91 |
| ABC | 3Q24 | 1,041 | 13,521 | 6.65 | 0.51 | 0.86 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | NA | 4.21 | NA |
| MJQE | 3Q24 | 41 | 290 | 49.58 | 7.06 | 4.11 | 14.28 |
| CGSM | 3Q24 | 137 | 603 | 17.80 | 4.04 | 6.69 | 14.48 |
| JSL | 3Q24 | 3 | 677 | 1263.47 | 5.08 | 3.80 | 28.16 |
| DBDE | 3Q24 | -334 | 1,483 | NA | 1.38 | 0.59 | NA |
| 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* | 3,275 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,479 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,104 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,666 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 133 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,874 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,121 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,948 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 636 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,493 |
| *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 | 0.0 | 0.0 | 0.0 |
| Coupon rate (Latest) | 3.50% | 4.00% | 4.00% | 4.75% | 5.25% |
| Successful yield (Latest) | 3.85% | 4.00% | - | - | - |
| Latest bidding | 24-Apr-24 | 29-May-24 | 13-Nov-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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