Cambodia welcomed 6.7 million international tourists in 2024, a significant increase of 22.9% YoY
| News Highlights |
Economy and Industry
Cambodia welcomed 6.7 million international tourists in 2024, a significant increase of 22.9% YoY Cambodia attracted 6.7 million foreign visitors in 2024, a 22.9% increase from the previous year, according to the Ministry of Tourism spokesperson. The top five tourism markets were Thailand, Vietnam, China, Laos, and the United States. The growth is attributed to Cambodia's peace, political stability, attractive tourist destinations, and good hospitality. The country expects to attract 7 million international tourists in 2025, with China remaining a key market. The Cambodian government has lowered visa fees for tourist type (e-Visa T) and regular type (e-Visa E) to attract more foreign tourists and investors. Tourism is one of the four pillars supporting Cambodia's economy, alongside garment, footwear, travel goods exports, agriculture, and construction and real estate. The country is famous for its Angkor Archaeological Park, a UNESCO-listed world heritage site, and its other world heritage sites. (Source: Khmer Times)
NBC hosts meeting to discuss green financing strategies The National Bank of Cambodia (NBC) recently held a meeting with the Inter-Ministerial Green Finance Working Group to develop policies and strategies supporting green financing and investment in the country. NBC Governor Chea Serey emphasized that Cambodia needs around $8 billion to fund its green economy, requiring cooperation from all sectors. The meeting focused on the Royal Government's strategies and action plans, aiming to create a Sustainable Finance Roadmap and Green Finance Taxonomy. The NBC has been actively promoting green finance, and collaborations with institutions like the IFC are enhancing local financial capabilities. (Source: Khmer Times)
Casino tax revenues soar 85% YoY in 2024 In 2024, Cambodia's casino industry generated over $62.78 million in tax revenue, an 85% increase from the previous year. This growth was driven by stronger oversight, improved compliance, and a boost in tourism following the post-Covid recovery. The country had 159 active casino licenses by year-end, with some licenses being withdrawn, suspended, or expired. Cambodia's gambling laws restrict casino participation to foreigners, while citizens are only allowed to engage in games of chance. The Ministry of Interior has cracked down on illegal online gambling advertisements, while workshops are held to promote awareness and compliance with gambling regulations. (Source: Phnom Penh Posts)
Corporate News
ACLEDA Bank to secure additional capital via bond issuance ACLEDA Bank Plc has received approval from the National Bank of Cambodia (NBC) for the issuance of Subordinated Bonds through the Cambodia Securities Exchange (CSX). This bond issuance will support the bank's capital, general banking activities, and contribute to Cambodia's socio-economic development strategy. ACLEDA, the first commercial bank listed on CSX, aims to proceed with the necessary applications following NBC's approval. The bank's move highlights the ease of raising capital for listed companies on CSX, offering a model for other investors. Currently, CSX trades both stocks and bonds, with 11 listed companies and 12 bond issuers raising $389 million. (Source: Khmer Times)
Stock Market
CSX index down 0.31%, closing at 407.3 points amid mixed stock performance The CSX Index declined by 0.31% compared to the previous closing, ending at 407.3 points. On the main board, PPAP (-1.45%), PAS (-0.85%), ABC (-0.55%), MJQE (-0.48%), and PEPC (-0.42%) recorded declines. No stocks were gained on the main board. PWSA, GTI, PPAP, PPSP, MJQE, and CGSM ended the session unchanged. On the growth board, DBDE and JSL were down by 0.49% and 1.17%, respectively. The trading session concluded with a total volume of 55,061 shares and a turnover of KHR 248 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 407.27 | -0.31 | 55,061 | 10,923 |
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 | 6,300 | 0.00 | -0.94 | -0.94 | 6,380 | 6,160 | 36,885 | 548 |
| GTI | 5,040 | 0.00 | -0.79 | -0.79 | 5,180 | 5,020 | 14,685 | 202 |
| PPAP | 13,600 | -1.45 | -1.73 | -1.73 | 13,860 | 13,300 | 1,812 | 281 |
| PPSP | 2,170 | 0.00 | 0.00 | 0.00 | 2,200 | 2,150 | 7,082 | 156 |
| PAS | 11,700 | -0.85 | 1.21 | 1.21 | 11,800 | 11,200 | 4,081 | 1,004 |
| ABC | 7,260 | -0.55 | -3.71 | -3.71 | 7,540 | 6,900 | 124,530 | 3,145 |
| PEPC | 2,350 | -0.42 | -1.67 | -1.67 | 2,470 | 2,340 | 3,784 | 176 |
| MJQE | 2,070 | -0.48 | -0.48 | -0.48 | 2,080 | 2,040 | 22,903 | 671 |
| CGSM | 2,420 | 0.00 | -0.41 | -0.41 | 2,440 | 2,410 | 46,236 | 4,741 |
| DBDE | 2,030 | -0.49 | -1.46 | -1.46 | 2,060 | 2,010 | 8,230 | 37 |
| JSL | 3,380 | -1.17 | -1.17 | -1.17 | 3,440 | 3,360 | 1,099 | 87 |
| 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 | 4.92 | 0.37 | 1.48 | 10.21 |
| 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 | 8.11 | 0.58 | 2.39 | 4.64 |
| PAS | 3Q24 | 901 | 11,880 | 12.99 | 0.98 | 2.45 | 8.12 |
| ABC | 3Q24 | 1,041 | 13,521 | 6.97 | 0.54 | 0.90 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -136.53 | 4.11 | NA |
| MJQE | 3Q24 | 41 | 290 | 50.06 | 7.13 | 4.15 | 14.41 |
| CGSM | 3Q24 | 137 | 603 | 17.65 | 4.01 | 6.63 | 14.38 |
| JSL | 3Q24 | 3 | 677 | 1241.43 | 4.99 | 3.74 | 27.81 |
| 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 Bond | Floating* | 3,232 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,436 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 1,061 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,623 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 90 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,831 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating** | 1,078 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating*** | 2,905 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | 593 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked Bond | Floating**** | 1,450 |
| *SOFR +3% or 5.5% per annum, whichever is higher; **SOFR+3,5% or 5% per annum (take which one is higher);***SOFR+3,5% or 5% per annum (take which one is higher) and Year 6 to Year 10: SOFR+3,75% or 5% per annum (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-?-24 | 29-?-24 | 13-??-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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