2024 business startups decline amid rising investment prospects for 2025
| News Highlights |
Economy and Industry
2024 business startups decline amid rising investment prospects for 2025 In the first 11 months of 2024, new business registrations in Cambodia dropped by 17% YoY, totaling 9,530, while business closures surged by nearly 33% YoY. The decline was most pronounced among private enterprises and foreign commercial companies, though joint ventures and capital companies remained stable or grew. Despite the slowdown, financial support applications rose by 10%, and 414 investment projects worth nearly $7 billion were approved, a 54% YoY increase. With a GDP growth forecast of 6.3% for 2025, driven by industrial, services, and agricultural sectors, Cambodia's investment climate is expected to strengthen, enhancing startup opportunities in the year ahead. (Source: Khmer Times)
Cambodia strengthens trade, tourism, and investment ties with Russia Cambodia is seeking enhanced cooperation with Russia in trade, economy, tourism, and investment, while expressing gratitude for Russia's support in human resource development. The appeal was made by Ouch Borith, First Vice President of the Cambodian Senate, during a meeting with Russian Ambassador Anatoly Borovik on December 24. Ouch Borith emphasized the role of parliamentary diplomacy in deepening bilateral ties. Ambassador Borovik commended Cambodia's constructive approach to global issues and reaffirmed Russia's commitment to strengthening relations. Russia plans to increase scholarships, trade, tourism, and cultural exchanges with Cambodia. (Source: Khmer Times)
Sihanoukville Port surpasses 1M TEUs, aiming for 2.6M by 2030 Sihanoukville Autonomous Port (PAS) in Cambodia has achieved a milestone, surpassing 1 million TEUs in annual container throughput, reflecting a 29% YoY growth. To meet rising demand, PAS is undergoing a $1.3 billion expansion to boost its capacity to 2.64 million TEUs by 2030. The first phase, expected to be operational by 2027, will add 450,000 TEUs, with subsequent phases further increasing capacity. This expansion is set to position Sihanoukville as a competitive regional logistics hub, mitigating global shipping delays and enhancing Cambodia's role in the global supply chain. Japan remains a key supporter of the port's development. (Source: Phnom Penh Post)
Corporate News
Woori Bank (Cambodia) appoints Cheol Su Sohn as new CEO Woori Bank (Cambodia) Plc. has named Mr. Cheol Su Sohn as its new CEO, effective November 2024. With a career at Woori Bank of Korea since 1995, Mr. Sohn brings a wealth of expertise in corporate finance, sales, and leadership. His previous roles include General Manager at Woori Bank Korea and Woori Bank Vietnam from 2019 to 2022. As CEO, Mr. Sohn aims to spearhead innovation, enhance customer service, and drive growth. Woori Bank (Cambodia) operates 142 branches with over 4,200 employees, serving more than 475,000 customers and managing assets of $1.4 billion. (Source: Phnom Penh Post)
Stock Market
CSX index gains 0.62%, boosted by PPAP and ABC The CSX Index advanced by 0.62%, closing at 404.5 points. On the main board, gains were led by PPAP (+1.49%), ABC (+1.43%), CGSM (+0.41%), GTI (+0.40%), and PWSA (+0.32%), while PEPC (-1.63%) recorded a decline. PPSP, PAS, and MJQE ended the session unchanged. On the growth board, JSL remained steady, whereas DBDE was down 0.29%. The trading session closed with a total volume of 44,397 shares and a turnover of KHR 265 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 404.52 | 0.62 | 44,397 | 10,850 |
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 | 6,240 | 0.32 | 0.65 | -14.29 | 6,240 | 6,160 | 120,159 | 543 |
| GTI | 5,040 | 0.40 | -1.56 | 77.46 | 5,240 | 5,020 | 127,359 | 202 |
| PPAP | 13,600 | 1.49 | 0.44 | -2.86 | 13,600 | 13,300 | 5,346 | 281 |
| PPSP | 2,180 | 0.00 | -6.03 | 0.00 | 2,330 | 2,160 | 165,855 | 157 |
| PAS | 11,360 | 0.00 | 0.18 | -9.70 | 11,360 | 11,200 | 40,339 | 974 |
| ABC | 7,080 | 1.43 | 2.31 | -29.62 | 7,080 | 6,880 | 681,216 | 3,067 |
| PEPC | 2,420 | -1.63 | 0.41 | -11.68 | 2,470 | 2,340 | 5,091 | 181 |
| MJQE | 2,050 | 0.00 | 0.00 | -3.76 | 2,050 | 2,030 | 66,706 | 664 |
| CGSM | 2,440 | 0.41 | 0.41 | -7.22 | 2,440 | 2,410 | 106,691 | 4,781 |
| DBDE | 2,030 | 0.00 | 0.50 | -5.14 | 2,040 | 2,010 | 67,925 | 37 |
| JSL | 3,420 | -0.29 | -2.29 | -22.27 | 3,500 | 3,400 | 2,524 | 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 | 4.88 | 0.37 | 1.47 | 10.19 |
| GTI | 3Q24 | 91 | 7,114 | 55.69 | 0.71 | 0.59 | 15.64 |
| PPAP | 3Q24 | 2,406 | 40,010 | 5.65 | 0.34 | 1.74 | 3.59 |
| PPSP | 3Q24 | 267 | 3,759 | 8.15 | 0.58 | 2.41 | 4.66 |
| PAS | 3Q24 | 901 | 11,880 | 12.61 | 0.96 | 2.38 | 7.95 |
| ABC | 3Q24 | 1,041 | 13,521 | 6.80 | 0.52 | 0.88 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -140.59 | 4.23 | 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 | 1256.12 | 5.05 | 3.78 | 28.05 |
| 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* | 3,246 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,450 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,075 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,637 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 104 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,845 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,092 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,919 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 607 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,464 |
| *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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