Derivatives market set for growth with new SERC and IFC partnership
| News Highlights |
Economy and Industry
Derivatives market set for growth with new SERC and IFC partnership The Cambodian derivatives market is poised for significant growth following a new cooperation agreement between the Securities and Exchange Regulator of Cambodia (SERC) and the International Finance Corporation (IFC). The agreement aims to build a robust market ecosystem and ensure sustainable growth. SERC Director-General Sou Socheat highlighted the potential of the derivatives market to contribute to Cambodia's financial growth by providing innovative financial instruments for risk management and investment activities. The IFC will support capacity building and strengthen Cambodia's legal and financial frameworks to comply with international standards. The collaboration is expected to enhance financial literacy, promote economic empowerment, and contribute to the country's broader economic goals. (Source: Khmer Times)
Phnom Penh attracts 11 million visitors in 2024 Phnom Penh welcomed 11 million visitors in 2024 reflecting a 63% increase compared to the past year, reflecting a robust recovery in the tourism sector. The Ministry of Tourism reported that the influx of tourists significantly boosted the local economy. The increase in tourist arrivals was attributed to improved travel conditions, promotional efforts, and new infrastructure developments, including roads and airports. Despite the positive trend, the tourism sector still faces challenges, such as the global economic situation and competition from other destinations. The government and private sector are encouraged to collaborate more actively to maximize opportunities and further strengthen Cambodia's tourism industry. (Source: Khmer Times)
Cambodia's largest ports report revenue growth In 2024, Cambodia's two largest ports, Sihanoukville Autonomous Port (PAS) and Phnom Penh Autonomous Port (PPAP), experienced significant revenue growth. PAS, the kingdom's largest seaport, reported a gross revenue of $110.4 million, marking a 24% increase from the previous year. The port handled 9.6 million tons of containerized cargo. Meanwhile, PPAP, the country's second-largest container hub, recorded a total revenue of $43 million, up 16.6% from the previous year, with 4.51 million tons of containerized goods. The Ministry of Public Works and Transport attributed this growth to increased trade exchanges between Cambodia and the global market. Prime Minister Hun Manet emphasized the crucial role of PAS in supporting the country's socio-economic development and its transformation into a regional logistics hub. (Source: Khmer Times)
Corporate News
Heritage Group invests in Khmer Green Charcoal for sustainable innovation The Heritage Group has acquired a majority stake in Khmer Green Charcoal (KGC), a Cambodian enterprise that transforms coconut shells and agricultural waste into sustainable charcoal products. Established in 2012, KGC aims to reduce deforestation, lower CO2 emissions, and create job opportunities for underprivileged communities. The investment aligns with Heritage Group's commitment to sustainability and innovation. The partnership will enable KGC to scale its operations, enhance production capacity, and expand its market presence both locally and internationally. Heritage Group's Chairman, Chan Sokheang, emphasized the importance of combining innovation and sustainability to drive responsible business practices in Cambodia. (Source: B2B Cambodia)
Stock Market
CSX index rises 0.33% with gains across key stocks The CSX Index rose by 0.33%, closing at 410.7 points. On the main board, PPAP (+0.72%), PAS (+0.51%), PPSP (+0.47%), CGSM (+0.41%), and ABC (+0.47%) led the gains, with no stocks posting losses. PWSA, GTI, PEPC, and MJQE remained unchanged. On the growth board, DBDE and MJQE advanced by 0.49% and 1.31%, respectively. The session recorded a total trading volume of 33,190 shares, with a turnover of KHR 153 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 410.68 | 0.33 | 33,190 | 11,015 |
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 | 6,220 | 76,392 | 548 |
| GTI | 5,320 | 0.00 | 4.72 | 4.72 | 5,360 | 5,020 | 50,085 | 213 |
| PPAP | 14,000 | 0.72 | 1.16 | 1.16 | 14,000 | 13,400 | 6,967 | 290 |
| PPSP | 2,140 | 0.47 | -1.38 | -1.38 | 2,180 | 2,130 | 116,215 | 154 |
| PAS | 11,740 | 0.51 | 1.56 | 1.56 | 11,800 | 11,360 | 9,816 | 1,007 |
| ABC | 7,320 | 0.27 | -2.92 | -2.92 | 7,540 | 6,980 | 374,747 | 3,171 |
| PEPC | 2,380 | 0.00 | -0.42 | -0.42 | 2,460 | 2,320 | 13,617 | 178 |
| MJQE | 2,080 | 0.00 | 0.00 | 0.00 | 2,080 | 2,050 | 70,309 | 674 |
| CGSM | 2,440 | 0.41 | 0.41 | 0.41 | 2,440 | 2,420 | 95,873 | 4,781 |
| DBDE | 2,060 | 0.49 | 0.00 | 0.00 | 2,060 | 2,030 | 31,881 | 38 |
| JSL | 3,100 | 1.31 | -9.36 | -9.36 | 3,430 | 3,060 | 18,667 | 80 |
| 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 | 4.92 | 0.51 | 1.40 | 10.12 |
| GTI | 3Q24 | 91 | 7,114 | 58.78 | 0.75 | 0.62 | 16.22 |
| PPAP | 3Q24 | 2,406 | 21,877 | 5.82 | 0.64 | 1.79 | 3.68 |
| PPSP | 3Q24 | 267 | 3,759 | 8.00 | 0.57 | 2.36 | 4.58 |
| PAS | 3Q24 | 784 | 7,630 | 14.97 | 1.54 | 2.46 | 8.98 |
| ABC | 3Q24 | 1,041 | 13,404 | 7.03 | 0.55 | 0.91 | NA |
| PEPC* | 1Q25 | -1,009 | -17 | NA | -138.27 | 4.16 | NA |
| MJQE | 3Q24 | 41 | 290 | 50.30 | 7.16 | 4.17 | 14.48 |
| CGSM | 3Q24 | 137 | 603 | 17.80 | 4.04 | 6.69 | 14.48 |
| JSL | 3Q24 | 3 | 677 | 1138.59 | 4.58 | 3.43 | 26.15 |
| 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* | 3,218 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,422 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 1,047 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,609 |
| RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 76 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,817 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating** | 1,064 |
| RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating*** | 2,891 |
| TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | 579 |
| TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked Bond | Floating**** | 1,436 |
| *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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