Cambodia's tourism surges with 6.7 million foreign visitors expected in 2024
| News Highlights |
Economy and Industry
Cambodia's tourism surges with 6.7 million foreign visitors expected in 2024 Cambodia is on track to welcome 6.7 million foreign tourists by the end of 2024, surpassing the pre-Covid-19 record of 6.6 million visitors. Tourism Minister Huot Hak made the announcement during the 11th Sea Festival held in Kampot. In the first eleven months of 2024, Cambodia recorded approximately six million international arrivals, reflecting a 22% increase compared to 2023. Domestic tourism also thrived, with coastal areas attracting around eight million national tourists and 420,000 international visitors. Kampot province, renowned for its scenic landscapes and historical charm, has become a key driver of Cambodia's tourism growth. The recent launch of the Kampot Multipurpose Port and the interim opening of the International Tourist Port, developed in collaboration with the Asian Development Bank, are expected to strengthen Kampot's connectivity with other provinces and neighboring countries, further boosting its tourism potential. (Source: Khmer Times)
Cambodia strengthens initiatives to attract Korean investors Cambodia is encouraging South Korean investment, with trade between the two countries surpassing $760 million in 2024. The Ministry of Commerce hosted the "Cambodia-Korea Business and Investment Forum" to strengthen ties. Suon Sophal from the Cambodian Investment Board highlighted the country's stability and business-friendly policies. Trade grew 11.5%, with exports to Korea increasing by 13.8%. Economist Hong Vanak noted Korean investment in real estate and agriculture. The government is focusing on special economic zones and the Cambodia-Korea Free Trade Agreement (CKFTA) to boost investment, particularly in agriculture and exports like garments. (Source: Phnom Penh Post)
Sihanoukville revives "ghost" buildings with 101 redevelopment projects in progress Sihanoukville, once hindered by over 300 unfinished buildings due to the pandemic, is seeing a revival in 2024. The government's One Window Service Office (OWSO) policy is helping redevelop 101 of these structures by streamlining processes and offering tax incentives. Prime Minister Hun Manet stressed the importance of boosting investment for sustainable growth. So far, over 40 buildings have resumed construction, with seven completed. Efforts are underway to resolve land ownership disputes between foreign developers and local landowners. In 2024, 242 investment applications were submitted, with 212 approved, showing renewed confidence in Sihanoukville's economic potential. (Source: Phnom Penh Post)
Corporate News
ABA Bank contributes to Japan Heart's new medical center initiative ABA Bank donated $10,000 to Japan Heart, a non-profit providing free medical care to children in Cambodia, to support the construction of its second medical center in Takhmao, opening by October 2025. The new facility will offer specialized care in pediatrics, surgery, hematology, and oncology, addressing the growing need for quality healthcare. The donation was presented on December 11, 2024, with ABA's COO, Zhiger Atchabarov, and Japan Heart's Director, Dr. Maiko Kojiro, in attendance. Atchabarov emphasized the importance of healthcare access, while Dr. Kojiro thanked ABA for its support in helping families struggling to afford medical treatment. (Source: Cambodia Investment Review)
Stock Market
CSX index gains 0.22% as PEPC leads market advances On December 17, 2024, the CSX Index rose by 0.22%, closing at 400.8 points. Gains on the main board were led by PEPC (+3.35%), MJQE (+0.49%), and CGSM (+0.41%), while losses were recorded by PPSP (-0.92%), PPAP (-0.59%), and PAS (-0.18%). PWSA, GTI, and ABC remained unchanged. On the growth board, DBDE held steady, while JSL gained 0.29%. The session concluded with a trading volume of 38,999 shares and a turnover of KHR 176 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 400.79 | 0.22 | 38,999 | 10,750 |
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 | 0.00 | -0.32 | -15.11 | 6,320 | 6,160 | 73,735 | 537 |
| GTI | 5,120 | 0.00 | 0.00 | 80.28 | 5,320 | 5,100 | 103,621 | 205 |
| PPAP | 13,380 | -0.59 | -1.18 | -4.43 | 13,600 | 13,300 | 3,705 | 277 |
| PPSP | 2,160 | -0.92 | -6.90 | -0.92 | 2,330 | 2,160 | 143,003 | 155 |
| PAS | 11,280 | -0.18 | -0.53 | -10.33 | 11,420 | 11,200 | 28,752 | 968 |
| ABC | 6,920 | 0.00 | 0.00 | -31.21 | 6,980 | 6,880 | 537,991 | 2,997 |
| PEPC | 2,470 | 3.35 | 2.49 | -9.85 | 2,470 | 2,340 | 3,295 | 185 |
| MJQE | 2,050 | 0.49 | 0.00 | -3.76 | 2,050 | 2,030 | 51,812 | 664 |
| CGSM | 2,430 | 0.41 | 0.00 | -7.60 | 2,440 | 2,420 | 71,930 | 4,761 |
| DBDE | 2,030 | 0.00 | 0.50 | -5.14 | 2,040 | 2,010 | 57,585 | 37 |
| JSL | 3,440 | 0.29 | -1.71 | -21.82 | 3,500 | 3,400 | 1,387 | 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 | 4.15 | 0.37 | 1.37 | 7.87 |
| GTI | 2Q24 | 47 | 7,165 | 108.94 | 0.71 | 0.62 | 22.53 |
| PPAP | 3Q24 | 2,406 | 40,010 | 5.56 | 0.33 | 1.71 | 3.53 |
| PPSP | 3Q24 | 267 | 3,759 | 8.08 | 0.57 | 2.38 | 4.62 |
| 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 | -143.50 | 4.32 | NA |
| MJQE | 3Q24 | 41 | 290 | 49.58 | 7.06 | 4.11 | 14.28 |
| CGSM | 3Q24 | 137 | 603 | 17.73 | 4.03 | 6.66 | 14.43 |
| JSL | 3Q24 | 3 | 677 | 1263.47 | 5.08 | 3.80 | 28.16 |
| 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* | 3,255 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,459 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,084 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,646 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 113 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,854 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,101 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,928 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 616 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,473 |
| *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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