China remains Cambodia's biggest FDI source
| News Highlights |
Economy and Industry
China remains Cambodia's biggest FDI source China has become Cambodia's largest foreign investor, contributing nearly 50% of the total foreign direct investment (FDI) in 2024, amounting to $34.25 billion. Domestic investors and Vietnam ranked second and third, with 33.81% and 8.11% of investments, respectively. Key sectors for investment include manufacturing, real estate, tourism, and infrastructure. The Cambodia-China Free Trade Agreement (CCFTA) and the Regional Comprehensive Economic Partnership (RCEP) have driven increased bilateral trade and investment. (Source: Khmer Times)
Cambodia unveils plan to attract Saudi Arabian investment Tourism experts have praised a recent meeting between Cambodia's Tourism Minister Huot Hak and Saudi Arabian Ambassador Mohammed Ismaeil A. Dahlwy, believing it will enhance Cambodia's appeal as a tourism destination for Saudi Arabia and the Arab world. The meeting, held on January 9, highlighted the strengthening of bilateral relations, including the upcoming opening of a Saudi embassy in Cambodia. Minister Hak also announced a reduction in electronic visa fees, which is expected to encourage more tourism. Both parties agreed to intensify cooperation, promote Muslim-friendly tourism, and organize familiarization trips. Cambodia saw a 22.9% increase in international tourists in 2024. (Source: Phnom Penh Post)
Daily trading securities in CSX decline by 35% YoY in 2024 In 2024, daily trading value on the Cambodia Securities Exchange (CSX) dropped by 35% YoY, averaging about 535 million riels (around $133,963). Despite this decline, local investor participation increased, with 93% of the 101,843 daily traded shares handled by local investors. The number of new trading accounts grew by over 26%, reaching 58,394 active accounts by year-end. CSX also welcomed two bond-listed companies, bringing the total to 23 listed firms. Although the market faced challenges, CSX sees potential for growth, with plans to double daily trading value and increase the number of listed companies and accounts in 2025. (Source: Khmer Times)
Corporate News
Prince Bank and Forte Insurance officially launch partnership to strengthen collaboration On January 11, Prince Bank and Forte Insurance launched a bancassurance partnership at Prince Holding Group's headquarters, aiming to enhance financial accessibility and security in Cambodia. The collaboration will allow Prince Bank to offer a range of general insurance products, combining its strong banking foundation with Forte Insurance's expertise. This partnership will provide a one-stop solution for customers, integrating banking and insurance services for comprehensive financial management. The new offerings include health, property, and life insurance, designed to provide peace of mind and long-term security. (Source: Cambodia Investment Review)
Stock Market
CSX index drops 0.18% to 405.4 points amid mixed trading activity The CSX Index fell by 0.18%, closing at 405.4 points. On the main board, gains were led by PWSA (+0.96%), CGSM (+0.41%), and PPAP (+0.29%), while PAS (-0.51%) and PPSP (-0.47%) recorded losses. GTI, ABC, PEPC, and MJQE remained unchanged. On the growth board, DBDE rose by 0.49%, whereas JSL declined by 2.10%. The session recorded a total trading volume of 89,789 shares, generating a turnover of KHR 341 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 405.42 | -0.18 | 89,789 | 10,874 |
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 | 6,320 | 0.96 | -0.63 | -0.63 | 6,380 | 6,160 | 50,841 | 550 |
| GTI | 5,040 | 0.00 | -0.79 | -0.79 | 5,120 | 5,020 | 22,971 | 202 |
| PPAP | 13,680 | 0.29 | -1.16 | -1.16 | 13,860 | 13,380 | 2,994 | 283 |
| PPSP | 2,130 | -0.47 | -1.84 | -1.84 | 2,180 | 2,130 | 64,779 | 153 |
| PAS | 11,620 | -0.51 | 0.52 | 0.52 | 11,800 | 11,220 | 5,779 | 997 |
| ABC | 7,120 | 0.00 | -5.57 | -5.57 | 7,540 | 6,900 | 202,892 | 3,084 |
| PEPC | 2,320 | 0.00 | -2.93 | -2.93 | 2,470 | 2,320 | 7,274 | 174 |
| MJQE | 2,070 | 0.00 | -0.48 | -0.48 | 2,080 | 2,040 | 33,102 | 671 |
| CGSM | 2,430 | 0.41 | 0.00 | 0.00 | 2,440 | 2,410 | 55,571 | 4,761 |
| DBDE | 2,040 | 0.49 | -0.97 | -0.97 | 2,060 | 2,020 | 13,169 | 38 |
| JSL | 3,260 | -2.10 | -4.68 | -4.68 | 3,440 | 3,260 | 4,438 | 84 |
| 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 | 4.94 | 0.37 | 1.49 | 10.22 |
| GTI | 3Q24 | 91 | 7,114 | 55.69 | 0.71 | 0.59 | 15.64 |
| PPAP | 3Q24 | 2,406 | 40,010 | 5.69 | 0.34 | 1.75 | 3.60 |
| PPSP | 3Q24 | 267 | 3,759 | 7.97 | 0.57 | 2.35 | 4.56 |
| PAS | 3Q24 | 901 | 11,880 | 12.90 | 0.98 | 2.43 | 8.08 |
| ABC | 3Q24 | 1,041 | 13,521 | 6.84 | 0.53 | 0.88 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -134.78 | 4.05 | NA |
| MJQE | 3Q24 | 41 | 290 | 50.06 | 7.13 | 4.15 | 14.41 |
| CGSM | 3Q24 | 137 | 603 | 17.73 | 4.03 | 6.66 | 14.43 |
| JSL | 3Q24 | 3 | 677 | 1197.36 | 4.81 | 3.60 | 27.10 |
| 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 Bond | Floating* | 3,227 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,431 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 1,056 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,618 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 85 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,826 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating** | 1,073 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating*** | 2,900 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | 588 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked Bond | Floating**** | 1,445 |
| *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) | 32.0 | 312.0 | 85.3 | 10.0 | 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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