Cambodia sees major investment in industry and manufacturing in 2024
| News Highlights |
Economy and Industry
Cambodia sees major investment in industry and manufacturing in 2024 In 2024, Cambodia experienced a significant boost in investment projects, particularly in the industrial sector. The Council for the Development of Cambodia (CDC) approved 414 investment projects, with nearly 400 in the industrial sector alone. This marks a 40% increase in investment capital compared to 2023, totaling $6.9 billion. Major projects include expansions in gold mining, tyre manufacturing, and beverage production. The surge in investment is attributed to Cambodia's improved investment climate, political stability, and incentives for investors. Additionally, the CDC's efforts to streamline the approval process and provide better support to investors have played a crucial role in attracting more investment to the country. (Source: Phnom Penh Post)
NSSF spent $162 million to provide nearly 8 million healthcare services in 2024 The National Social Security Fund (NSSF) provided approximately 7.77 million healthcare services in 2024, costing around $162.55 million. The NSSF, under the Ministry of Labour and Vocational Training, serves over 2.7 million members, including public sector employees, private company workers, self-employed individuals, and dependents. The NSSF plans to conduct inspections to ensure compliance with the Social Security Law and address any discrepancies in contributions and employee registrations. The organization is also focusing on increasing awareness about social security benefits and encouraging more people to enroll in the program to ensure comprehensive coverage for all eligible citizens. (Source: Phnom Penh Post)
Agriculture Ministry allocates $5m for Rumduol rice farmers The Ministry of Agriculture, Forestry, and Fisheries has earmarked $5 million to support farmers growing the Cambodian-developed Phka Rumduol Sen Kra-ob rice. This initiative aims to help farmers transition from the Vietnamese OM rice variety, which has seen a decline in market prices. The funding will support a large-scale farming community in Kampong Thom province, covering 5,000 hectares. The ministry's goal is to stabilize rice prices and promote the cultivation of Khmer aromatic rice varieties. In addition to financial support, the ministry will provide technical assistance and training to farmers to ensure the successful cultivation and marketing of the Rumduol rice variety. This initiative is expected to boost the income of local farmers, enhance food security, and contribute to the overall economic development of the agricultural sector in Cambodia. (Source: Phnom Penh Post)
Corporate News
Taiwanese bank SinoPac completed Amret acquisition for $550M Bank SinoPac from Taiwan has completed the acquisition of an 80% stake in Cambodian microfinance institution Amret for $550 million. This acquisition is part of SinoPac's strategy to expand its presence in Southeast Asia. Amret, with a network of 150 branches and over 630,000 clients, will benefit from SinoPac's expertise in sustainable and inclusive finance. The deal marks a significant milestone in Cambodia's financial sector, reflecting the country's growth potential and dynamic economy. SinoPac plans to introduce new financial products and services to Amret's clients, aiming to enhance financial inclusion and support the economic development of Cambodia. The acquisition is also expected to foster greater collaboration between Taiwanese and Cambodian financial institutions, paving the way for more investment opportunities and economic growth in the region. (Source: Khmer Times)
Stock Market
CSX index closes at 407.5, mixed results across boards The CSX Index edged down by 0.09% to close at 407.5 points. On the main board, ABC (+0.56%) and MJQE (+0.78%) led the gains, while PEPC (-4.10%), PPAP (-1.17%), and CGSM (-0.41%) posted declines. PWSA, GTI, PPSP, and PAS remained unchanged. On the growth board, DBDE also ended flat, while JSL dipped by 0.62%. The trading session recorded a total volume of 37,747 shares, generating a turnover of KHR 149 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 407.48 | -0.09 | 37,747 | 10,929 |
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 | 0.00 | -0.63 | -0.63 | 6,380 | 6,160 | 59,395 | 550 |
| GTI | 5,040 | 0.00 | -0.79 | -0.79 | 5,100 | 5,020 | 25,199 | 202 |
| PPAP | 13,500 | -1.17 | -2.46 | -2.46 | 13,860 | 13,380 | 3,671 | 279 |
| PPSP | 2,140 | 0.00 | -1.38 | -1.38 | 2,180 | 2,130 | 84,321 | 154 |
| PAS | 11,640 | 0.00 | 0.69 | 0.69 | 11,800 | 11,220 | 7,239 | 998 |
| ABC | 7,240 | 0.56 | -3.98 | -3.98 | 7,540 | 6,900 | 245,056 | 3,136 |
| PEPC | 2,340 | -4.10 | -2.09 | -2.09 | 2,470 | 2,320 | 11,257 | 175 |
| MJQE | 2,080 | 0.48 | 0.00 | 0.00 | 2,080 | 2,050 | 43,186 | 674 |
| CGSM | 2,430 | -0.41 | 0.00 | 0.00 | 2,440 | 2,410 | 64,363 | 4,761 |
| DBDE | 2,050 | 0.00 | -0.49 | -0.49 | 2,060 | 2,020 | 13,768 | 38 |
| JSL | 3,220 | -0.62 | -5.85 | -5.85 | 3,440 | 3,220 | 6,286 | 83 |
| 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 | 12,359 | 4.94 | 0.51 | 1.40 | 10.13 |
| GTI | 3Q24 | 91 | 7,114 | 55.69 | 0.71 | 0.59 | 15.62 |
| PPAP | 3Q24 | 2,406 | 21,877 | 5.61 | 0.62 | 1.73 | 3.56 |
| PPSP | 3Q24 | 267 | 3,759 | 8.00 | 0.57 | 2.36 | 4.58 |
| PAS | 3Q24 | 784 | 7,630 | 14.84 | 1.53 | 2.44 | 8.93 |
| ABC | 3Q24 | 1,041 | 13,404 | 6.96 | 0.54 | 0.90 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -135.95 | 4.09 | NA |
| MJQE | 3Q24 | 41 | 290 | 50.30 | 7.16 | 4.17 | 14.48 |
| CGSM | 3Q24 | 137 | 603 | 17.73 | 4.03 | 6.66 | 14.43 |
| JSL | 3Q24 | 3 | 677 | 1182.66 | 4.76 | 3.56 | 26.86 |
| DBDE | 3Q24 | -340 | 1,510 | NA | 1.36 | 0.58 | NA |
| NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *FY ending in June, **excluding non-voting shares | |||||||
| 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* | 3,225 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,429 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 1,054 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,616 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 83 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,824 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating** | 1,071 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating*** | 2,898 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | 586 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked Bond | Floating**** | 1,443 |
| *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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