Property tax exemption for affordable homes extended until end of 2025
News Highlights |
Economy and Industry
Property tax exemption for affordable homes extended until end of 2025 The Cambodian government has extended the exemption of property transfer taxes for residential properties valued under $70,000 until the end of 2025 to aid the real estate sector's recovery. Prime Minister Hun Manet announced this extension during the Ministry of Land Management, Urban Planning and Construction's annual meeting, highlighting two policies to support property owners and potential new homeowners. The first policy exempts property transfer taxes for residential properties under $70,000, even for long-standing purchase agreements, while the second extends exemptions for first-time homebuyers in projects with properties under $210,000. (Source: Phnom Penh Post)
MoU signed to boost automotive workforce skills A new memorandum of understanding (MoU) between the Ministry of Labour and Vocational Training in Cambodia and Australia's Bendigo Kangan Institute (BKI) aims to establish upskilling pathways in electric vehicle (EV) construction and maintenance. The agreement, signed by Labour Minister Heng Sour and BKI Group CEO Sally Curtain, with oversight from Bridget Collier of the Australian Embassy, focuses on enhancing automotive technology skills, particularly in EVs, and promoting lifelong learning for career advancement. The MoU, effective for an initial five-year period, establishes BKI's "Automotive Centre of Excellence" in Cambodia, offering globally recognized training and job opportunities for students in alignment with the National Policy on the Development of EVs 2024-2030, which aims to increase EV adoption for sustainable development. (Source: Khmer Times)
BOC RMB clearing house to facilitate trade, investment Bank of China (BOC) has introduced renminbi (RMB) clearing services in Cambodia to support the growing trade and investment between Cambodia and China, as highlighted by the National Bank of Cambodia (NBC). This clearing house is particularly beneficial for investors, especially those in Special Economic Zones and involved in exports to China, emphasizing the importance of local currency settlement. The longstanding relationship between China and Cambodia, characterized by robust trade and cooperation, has paved the way for this strategic move by Bank of China Phnom Penh Branch, which aims to enhance transaction efficiency and trade facilitation. (Source: Khmer Times)
Corporate News
Etihad Airways to launch Abu Dhabi-Phnom Penh flights Etihad Airways, the UAE's national carrier, revealed plans for ten new flight routes starting in 2025, including a service between Abu Dhabi and Phnom Penh, slated to commence on October 4, 2025, operating five times a week on Monday, Tuesday, Thursday, Friday and Saturday. The flights will utilize Airbus A321LR aircraft, departing Phnom Penh at 8:40 and landing in Abu Dhabi at 13:00, taking advantage of the new Techo International Airport in Phnom Penh. These new routes are part of Etihad's strategy to offer passengers a diverse range of destinations that cater to their travel preferences and needs. The airline highlighted Phnom Penh's appeal as a blend of historical charm and modern vibrancy, citing landmarks like the Royal Palace and the Tuol Sleng Genocide Museum. (Source: Khmer Times)
Stock Market
CSX index rebounds by 0.05% as trading ends with mixed results On November 28, 2024, the CSX Index edged up by 0.05%, closing at 402.6 points. Leading the gains on the main board were PAS (+0.71%) and PPAP (+0.45%). In contrast, PPSP (-0.44%), PEPC (-0.41%), and GTI (-0.38%) saw declines, while PWSA, ABC, MJQE, and CGSM remained flat. On the growth board, DBDE slipped by 0.49%, while JSL posted a modest gain of 0.29%. The day ended with a trading volume of 69,177 shares and a turnover of KHR 400 million. (Source: YSC Research)
CSX Stocks |
CSX Index
Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
402.58 | 0.05 | 69,177 | 10,798 |
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 | 0.00 | 1.94 | -13.46 | 6,480 | 6,180 | 117,727 | 548 |
GTI | 5,240 | -0.38 | 22.43 | 84.51 | 5,320 | 4,200 | 199,682 | 210 |
PPAP | 13,520 | 0.45 | 1.20 | -3.43 | 13,600 | 13,180 | 3,345 | 280 |
PPSP | 2,280 | -0.44 | 2.70 | 4.59 | 2,290 | 2,210 | 65,984 | 164 |
PAS | 11,360 | 0.71 | 0.71 | -9.70 | 11,420 | 11,240 | 14,369 | 974 |
ABC | 6,920 | 0.00 | -3.62 | -31.21 | 7,200 | 6,920 | 717,355 | 2,997 |
PEPC | 2,400 | -0.41 | 1.27 | -12.41 | 2,420 | 2,370 | 2,405 | 180 |
MJQE | 2,050 | 0.00 | 0.99 | -3.76 | 2,050 | 2,030 | 75,104 | 664 |
CGSM | 2,440 | 0.00 | -0.41 | -7.22 | 2,460 | 2,420 | 153,754 | 4,781 |
DBDE | 2,030 | -0.49 | -0.49 | -5.14 | 2,060 | 2,020 | 83,037 | 37 |
JSL | 3,450 | 0.29 | -0.58 | -21.59 | 3,510 | 3,400 | 13,923 | 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 | 2Q24 | 1,489 | 16,608 | 4.23 | 0.38 | 1.40 | 7.91 |
GTI | 2Q24 | 47 | 7,165 | 111.49 | 0.73 | 0.64 | 22.89 |
PPAP | 3Q24 | 2,406 | 40,010 | 5.62 | 0.34 | 1.73 | 3.57 |
PPSP | 3Q24 | 267 | 3,759 | 8.53 | 0.61 | 2.52 | 4.85 |
PAS | 3Q24 | 901 | 11,880 | 12.61 | 0.96 | 2.38 | 7.95 |
ABC | 3Q24 | 1,041 | 13,521 | 6.65 | 0.51 | 0.86 | NA |
PEPC* | 1Q25 | -1,009 | -17 | NA | NA | 4.19 | 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 | 1267.14 | 5.09 | 3.81 | 28.22 |
DBDE | 3Q24 | -334 | 1,483 | NA | 1.37 | 0.58 | 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* | 3,274 |
CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,478 |
GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,103 |
PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,665 |
RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 132 |
RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,873 |
RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,120 |
RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,947 |
TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 635 |
TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,492 |
*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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