ADB commits $403 million in investments for Cambodia in 2024
| News Highlights |
Economy and Industry
ADB commits $403 million in investments for Cambodia in 2024 Cambodia has signed concessional loan and grant agreements with the Asian Development Bank (ADB) for five key development programs, totaling $403 million in investments for 2024. These agreements aim to enhance education, water management, trade, and gender-based violence prevention, with a focus on strengthening infrastructure, promoting climate resilience, and building human capital. The initiatives include $90 million for the Rural Water Supply Program, $80 million for the Secondary Education Project, $10 million for a gender-based violence prevention initiative, $50 million for the Trade and Competitiveness Program, and $88 million for water resource management in the Tonle Sap Basin. (Source: Phnom Penh Times)
Cambodia-Vietnam trade surpasses $7 billion Trade between Cambodia and Vietnam totaled $7.08 billion from January to November 2024, marking a 20.6% increase compared to the previous year. Vietnam has become Cambodia's second-largest export market after the United States. Cambodia's exports to Vietnam grew by 26.3%, reaching $3.29 billion, while imports from Vietnam increased by 16%, totaling $3.79 billion. Cambodia's primary exports to Vietnam include agricultural products such as rice, rubber, and cashews. In contrast, its main imports from Vietnam consist of construction materials, machinery, and fuel. Both nations aim to expand bilateral trade to over $10 billion in the near term and eventually reach $20 billion. The growth in trade is attributed to shifting global economic trends and Cambodia's geographic proximity to Vietnam, which enhances trade efficiency. By September 2024, Vietnam's total investment in Cambodia stood at $2.91 billion, while Cambodia's investment in Vietnam reached $75.76 million. (Source: Khmer Times)
Cambodia's first fintech portal launched by NBFSA Cambodia's Non-Bank Financial Services Authority (NBFSA) unveiled the country's first fintech portal yesterday. The launch event featured a workshop designed to raise awareness and provide stakeholders with access to critical fintech-related information. Sou Socheat, Director General of the Securities and Exchange Regulator, underscored the portal's significance in advancing the government's digital transformation agenda. The platform is designed to benefit both public and private sector stakeholders by serving as a centralized hub for fintech data and resources. Sau Sophea, Director of the FinTech Centre, emphasized the portal's commitment to inclusivity and its adaptability to technological advancements, ensuring it remains a valuable tool for the evolving financial ecosystem. (Source: Khmer Times)
Corporate News
Grab and Heineken introduced safety initiatives Heineken Cambodia and Grab have partnered to promote responsible drinking and reduce drunk driving, marking Heineken's 30th anniversary in Cambodia. The year-long campaign will spread the message "When you Drive, Never Drink," encourage safer rides, and provide upskilling for Grab's drivers. This is part of a global initiative with the International Alliance for Responsible Drinking. Heineken has allocated 10% of its global marketing budget to responsible consumption, reaching over 1 billion people. Grab's country head emphasized the importance of such initiatives as the company expands in Southeast Asia. (Source: Khmer Times)
Stock Market
CSX index drops 0.12% amid limited gains On December 18, 2024, the CSX Index declined by 0.12%, closing at 400.3 points. On the main board, PWSA (+0.65%) was the sole gainer, while losses were posted by PEPC (-0.81%), PAS (-0.53%), GTI (-0.39%), and ABC (-0.29%). PPAP, PPSP, MJQE, and CGSM remained unchanged. On the growth board, JSL held steady, while DBDE advanced by 0.49%. The session ended with a trading volume of 39,658 shares and a turnover of KHR 230 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 400.32 | -0.12 | 39,658 | 10,737 |
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 | 6,220 | 0.65 | 0.32 | -14.56 | 6,320 | 6,160 | 82,998 | 541 |
| GTI | 5,100 | -0.39 | -0.39 | 79.58 | 5,320 | 5,100 | 106,396 | 204 |
| PPAP | 13,380 | 0.00 | -1.18 | -4.43 | 13,600 | 13,300 | 3,729 | 277 |
| PPSP | 2,160 | 0.00 | -6.90 | -0.92 | 2,330 | 2,160 | 149,038 | 155 |
| PAS | 11,220 | -0.53 | -1.06 | -10.81 | 11,420 | 11,200 | 30,666 | 962 |
| ABC | 6,900 | -0.29 | -0.29 | -31.41 | 6,980 | 6,880 | 557,745 | 2,989 |
| PEPC | 2,450 | -0.81 | 1.66 | -10.58 | 2,470 | 2,340 | 3,335 | 184 |
| MJQE | 2,050 | 0.00 | 0.00 | -3.76 | 2,050 | 2,030 | 52,386 | 664 |
| CGSM | 2,430 | 0.00 | 0.00 | -7.60 | 2,440 | 2,420 | 72,623 | 4,761 |
| DBDE | 2,040 | 0.49 | 0.99 | -4.67 | 2,040 | 2,010 | 57,975 | 38 |
| JSL | 3,440 | 0.00 | -1.71 | -21.82 | 3,500 | 3,400 | 1,435 | 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 | 4.18 | 0.37 | 1.38 | 7.89 |
| GTI | 2Q24 | 47 | 7,165 | 108.51 | 0.71 | 0.62 | 22.47 |
| 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 | 12.46 | 0.94 | 2.35 | 7.88 |
| ABC | 3Q24 | 1,041 | 13,521 | 6.63 | 0.51 | 0.85 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -142.34 | 4.28 | 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 | 1.38 | 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* | 3,254 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,458 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,083 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,645 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 112 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,853 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,100 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,927 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 615 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,472 |
| *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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