EDC to prioritize Renewable Energy Certificates for exporting factories
| News Highlights |
Economy and Industry
EDC to prioritize Renewable Energy Certificates for exporting factories Starting in 2025, Cambodia will prioritize factories producing goods for export in applying for Renewable Energy Certificates (RECs) from Electricite du Cambodge (EDC). This initiative aims to enhance market access, especially in the US and EU, by verifying clean energy usage. Cambodia generates over 60% of its electricity from renewable sources, positioning it as a leader in the ASEAN region. The REC mechanism supports transparency, accountability, and alignment with global environmental standards. Businesses can purchase RECs to demonstrate sustainability, boosting investment and technology in Cambodia's renewable energy sector. (Source: Khmer Times)
US fintech firm interested in Cambodia's renewable energy sector Ripple Inc., a U.S. fintech company, expressed interest in collaborating with Cambodia's renewable energy sector, focusing on solar panel production for export to the U.S. This was discussed during a meeting between Chris Larsen, Ripple's Co-Founder, and Cambodian Prime Minister Hun Manet. The Prime Minister welcomed this initiative, aligning with Cambodia's goal to increase renewable energy use to 70% by 2030. Larsen and his spouse, Lyna Lam, also shared their efforts to preserve Cambodian culture in the U.S. and support education for Cambodian children. Hun Manet encouraged further cooperation with relevant ministries and praised their cultural and educational contributions. (Source: Khmer Times)
Cambodia's industrial sector set for 9% growth in 2025 Cambodia's industrial sector is projected to grow by 8.6% in 2025, driven by the garment and non-garment sub-sectors, while construction growth is expected to slow compared to pre-Covid-19 levels. The garment industry will sustain growth due to global demand and the Cambodia Footwear and Bag Development Strategy. Non-garment manufacturing will also benefit from continued external demand. The food and beverage sector is expected to thrive, while construction will be fueled by real demand, especially in housing. Investment in Cambodia is increasing, with a rise in non-garment manufacturing. (Source: Khmer Times)
Corporate News
Grab and Nham24 partner to expand Cambodia's growing delivery market Grab Cambodia has acquired Nham24's operations in Cambodia, combining Nham24's local expertise with Grab's technology to boost innovation. The merger aims to enhance food delivery, grocery services, and ride-hailing, benefiting both users and entrepreneurs. Grab will offer new tools for merchants and better earning opportunities for drivers and delivery-partners. Both apps will continue operating independently, with a smooth transition plan for Nham24's merchants and riders to join Grab. Grab will support them with customized onboarding, incentives, and upskilling programs. This partnership strengthens Cambodia's digital economy and expands growth opportunities. (Source: Cambodia Investment Review)
Stock Market
CSX index drops 0.83%, turnover reaches KHR 461 million The CSX Index declined by 0.83% compared to the previous closing, ending at 409.3 points. On the main board, gains were led by PAS (+1.56%) and PEPC (+1.26%), while ABC (-2.65%), PPSP (-0.46%), CGSM (-0.41%), PWSA (-0.31%), and PPAP (-0.29%) recorded declines. GTI and MJQE ended the session unchanged. On the growth board, JSL remained steady, whereas DBDE fell by 1.46%. The trading session concluded with a total volume of 70,366 shares and a turnover of KHR 461 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 409.32 | -0.83 | 70,366 | 10,979 |
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 | 6,340 | -0.31 | -0.31 | -0.31 | 6,380 | 6,160 | 8,632 | 551 |
| GTI | 5,080 | 0.00 | 0.00 | 0.00 | 5,220 | 5,020 | 4,101 | 203 |
| PPAP | 13,800 | -0.29 | -0.29 | -0.29 | 13,840 | 13,300 | 591 | 285 |
| PPSP | 2,160 | -0.46 | -0.46 | -0.46 | 2,210 | 2,150 | 1,457 | 155 |
| PAS | 11,740 | 1.56 | 1.56 | 1.56 | 11,740 | 11,200 | 1,105 | 1,007 |
| ABC | 7,340 | -2.65 | -2.65 | -2.65 | 7,540 | 6,880 | 46,422 | 3,179 |
| PEPC | 2,420 | 1.26 | 1.26 | 1.26 | 2,470 | 2,340 | 1,034 | 181 |
| MJQE | 2,080 | 0.00 | 0.00 | 0.00 | 2,080 | 2,030 | 1,303 | 674 |
| CGSM | 2,420 | -0.41 | -0.41 | -0.41 | 2,440 | 2,410 | 5,823 | 4,741 |
| DBDE | 2,030 | -1.46 | -1.46 | -1.46 | 2,060 | 2,010 | 5,096 | 37 |
| JSL | 3,420 | 0.00 | 0.00 | 0.00 | 3,440 | 3,400 | 133 | 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 | 4.96 | 0.38 | 1.49 | 10.23 |
| GTI | 3Q24 | 91 | 7,114 | 56.13 | 0.71 | 0.59 | 15.73 |
| PPAP | 3Q24 | 2,406 | 40,010 | 5.74 | 0.34 | 1.76 | 3.63 |
| PPSP | 3Q24 | 267 | 3,759 | 8.08 | 0.57 | 2.38 | 4.62 |
| PAS | 3Q24 | 901 | 11,880 | 13.04 | 0.99 | 2.46 | 8.14 |
| ABC | 3Q24 | 1,041 | 13,521 | 7.05 | 0.54 | 0.91 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -140.59 | 4.23 | NA |
| MJQE | 3Q24 | 41 | 290 | 50.30 | 7.16 | 4.17 | 14.48 |
| CGSM | 3Q24 | 137 | 603 | 17.65 | 4.01 | 6.63 | 14.38 |
| 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* | 3,239 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% | 1,443 |
| GT27A | 0 | 0.0 | - - | N/A | Plain , Green | 7.00% | 1,068 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green | Term SOFR + 1.5% | 1,630 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed | 5.50% | 97 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain | 7.00% | 2,838 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating** | 1,085 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed | Floating*** | 2,912 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain | 4.50% | 600 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked | Floating**** | 1,457 |
| *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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