Cambodia sets $7.26 billion revenue target for 2025 amid tax relief measures
| News Highlights |
Economy and Industry
Cambodia sets $7.26 billion revenue target for 2025 amid tax relief measures The Cambodian government has set a revenue target of 29.05 trillion riel ($7.26 billion) for 2025, marking a 2.84% decrease from the previous year's target. The 2025 Budget Law, signed by King Norodom Sihamoni, outlines plans to collect revenue through taxes and other income sources from 26 ministries and institutions. National expenditure for 2025 is projected at 35.40 trillion riel ($8.85 billion). Economist Duch Darin highlighted steady revenue growth in 2024, driven by recovering consumption and tourism, with GDP expected to grow by 5.3%. Government spending slightly decreased in 2024, helping to narrow the fiscal deficit. (Source: Phnom Penh Post)
Cambodia-Korea trade reaches $762 million in 2024 Bilateral trade between Cambodia and South Korea totaled $762 million in 2024, reflecting an 11.49% increase compared to the previous year, according to the Ministry of Commerce (MoC). Cambodia exported goods worth $288 million to South Korea, while imports amounted to $474 million. Major exports included footwear, apparel, and agricultural products, whereas imports primarily comprised vehicles, electronics, and kitchen appliances. Minister of Commerce Cham Nimul highlighted the pivotal role of free trade agreements in broadening Cambodia's export markets. (Source: Khmer Times)
Cambodia, AFD, and EU sign $192 million financing agreements for water projects Aun Pornmoniroth, Cambodia's Deputy Prime Minister, signed financing agreements with officials from the French Development Agency (AFD) and the EU, securing 183 million euro ($192.2 million) for two key projects. 92 million euro will support Phase 3 of the Bakheng Water Supply project, aimed at improving water services in Phnom Penh, while 91 million euro will fund the rehabilitation of the Svay Check River in Banteay Meanchey. These initiatives are designed to enhance water resource management, benefiting millions of Cambodians. Officials emphasized the strong partnership between Cambodia, France, and the EU in promoting sustainable development. (Source: Khmer Times)
Corporate News
Prince Bank Appoints Mr. Honn Sorachna as Chairman and Mr. Looi Kok Soon as CEO Prince Bank in Cambodia has announced the appointment of Mr. Honn Sorachna as Chairman of the Board and Mr. Looi Kok Soon as CEO, effective December 17, 2024. Formerly the bank's CEO, Mr. Honn Sorachna brings a wealth of experience and will now focus on strategic direction and governance. He succeeds Neak Okhna Chen Zhi, who steps down as Chairman but continues his involvement with Prince Holding Group. Meanwhile, Mr. Looi Kok Soon, with an extensive background in financial services, aims to drive growth and enhance customer experiences. These leadership changes reflect the bank's commitment to innovation and excellence. As Prince Bank celebrates its 10th anniversary, it marks a decade of achievements and success in Cambodia's financial sector. (Source: Cambodia Investment Review)
Stock Market
CSX index edges down 0.02% on December 20, 2024 The CSX Index marginally declined by 0.02%, closing at 399.2 points. On the main board, PAS (+0.36%) led the gains, while GTI (-0.78%) and PWSA (-0.65%) recorded losses. PPAP, PPSP, ABC, MJQE, and CGSM ended the session unchanged. On the growth board, DBDE fell by 0.49%, whereas JSL rose by 1.18%. The trading session concluded with a volume of 36,600 shares and a turnover of KHR 202 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 399.2 | -0.02 | 36,600 | 10,707 |
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 | 6,160 | -0.65 | -0.65 | -15.38 | 6,300 | 6,160 | 103,540 | 536 |
| GTI | 5,060 | -0.78 | -1.17 | 78.17 | 5,260 | 5,060 | 112,603 | 202 |
| PPAP | 13,400 | 0.00 | -1.03 | -4.29 | 13,560 | 13,300 | 4,655 | 277 |
| PPSP | 2,170 | 0.00 | -6.47 | -0.46 | 2,330 | 2,160 | 155,860 | 156 |
| PAS | 11,300 | 0.36 | -0.35 | -10.17 | 11,400 | 11,200 | 33,069 | 969 |
| ABC | 6,920 | 0.00 | 0.00 | -31.21 | 6,960 | 6,880 | 586,641 | 2,997 |
| PEPC | 2,440 | 0.00 | 1.24 | -10.95 | 2,470 | 2,340 | 3,519 | 183 |
| MJQE | 2,050 | 0.00 | 0.00 | -3.76 | 2,050 | 2,030 | 56,109 | 664 |
| CGSM | 2,410 | 0.00 | -0.82 | -8.37 | 2,440 | 2,410 | 82,775 | 4,722 |
| DBDE | 2,030 | -0.49 | 0.50 | -5.14 | 2,040 | 2,010 | 64,657 | 37 |
| JSL | 3,440 | 1.18 | -1.71 | -21.82 | 3,500 | 3,400 | 2,406 | 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 | 3Q24 | 1,279 | 16,856 | 4.82 | 0.37 | 1.45 | 10.15 |
| GTI | 3Q24 | 91 | 7,114 | 55.91 | 0.71 | 0.59 | 15.68 |
| PPAP | 3Q24 | 2,406 | 40,010 | 5.57 | 0.33 | 1.71 | 3.54 |
| PPSP | 3Q24 | 267 | 3,759 | 8.11 | 0.58 | 2.39 | 4.64 |
| PAS | 3Q24 | 901 | 11,880 | 12.55 | 0.95 | 2.37 | 7.92 |
| ABC | 3Q24 | 1,041 | 13,521 | 6.65 | 0.51 | 0.86 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -141.76 | 4.26 | NA |
| MJQE | 3Q24 | 41 | 290 | 49.58 | 7.06 | 4.11 | 14.28 |
| CGSM | 3Q24 | 137 | 603 | 17.58 | 3.99 | 6.60 | 14.33 |
| 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* | 3,252 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,456 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,081 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,643 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 110 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,851 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,098 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,925 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 613 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,470 |
| *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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