Cambodia shines with 20 ASEAN Tourism Awards

Market Update / January 29, 2025


News Highlights

Economy and Industry

Cambodia shines with 20 ASEAN Tourism Awards At the ASEAN Tourism Forum (ATF) 2025 held in Johor Bahru, Malaysia, Cambodia was honored with 20 prestigious awards across four categories, showcasing its excellence in tourism standards. The awards included five ASEAN Green Hotel Awards, five ASEAN Homestay Awards, five ASEAN Public Toilet Awards, and five ASEAN Spa Service Standard Awards. The accolades were presented during the ASEAN Tourism Standards Awards Ceremony, attended by Cambodian Minister of Tourism Huot Hak and other ASEAN tourism leaders. The forum, themed "Unity in Motion - Shaping ASEAN's Tourism Tomorrow," brought together tourism ministers and leaders from ASEAN member states, ASEAN Plus Three countries, India, Russia, and observer nations like Timor-Leste. (Source: Khmer Times)

Government Approves Incentives for 42 Projects in Preah Sihanouk The Cambodian government has granted special incentives to 42 new investment projects in Preah Sihanouk province, with a total investment of $565 million. This decision was made during the 13th meeting of the Working Group for Investment Promotion (WGIP) in Preah Sihanouk, chaired by Hean Sahib, Senior Advisor to the Prime Minister. The approved projects include initiatives to revitalize stalled building construction, new ventures, expansion projects, and other unrelated developments. These projects are expected to create approximately 7,500 jobs across various sectors. Notable projects include a limited customs warehouse, a Koh Rong Samloem vacation home, eco-agrotourism projects, industrial park projects, hotels, and multifunctional buildings. (Source: Khmer Times)

Cambodia collaborates with Alibaba Cloud to enhance e-commerce Cambodia has entered into a strategic partnership with Alibaba Cloud to develop a comprehensive e-commerce platform aimed at boosting the country's digital economy. The collaboration involves the Ministry of Commerce and the Ministry of Post and Telecommunications, which will work together to enhance digital literacy and marketing skills among local entrepreneurs. The initiative includes organizing training programs to help Cambodian businesses effectively utilize digital trade platforms, thereby improving logistics and transport management through a joint digital platform. This partnership is expected to open up significant business opportunities for Cambodian products by connecting them to millions of potential customers globally. (Source: Khmer Times)

Corporate News

CMA and CGCC partner to enhance financial inclusion The Cambodia Microfinance Association (CMA) and the Credit Guarantee Corporation of Cambodia (CGCC) have signed a Memorandum of Understanding (MoU) to promote sustainable financial inclusion across Cambodia. This partnership was announced during the CGCC Annual Seminar on "Innovation of Credit Guarantee to Promote Green Financing," presided over by H.E. Ros Seilava, Secretary of State of the Ministry of Economy and Finance. The strategic partnership aims to foster the growth of banking and financial institutions (BFIs) and support micro, small, and medium enterprises (MSMEs) through capacity development, digital financial services, and enhanced financial literacy. Under the MoU, CMA and CGCC will collaborate on training programs, workshops, seminars, and research studies to strengthen the capacity of MSMEs, BFIs, and stakeholders. (Source: Khmer Times)

Stock Market

CSX index unchanged at 410.3 points, trading volume at 7,270 shares The CSX Index remained unchanged, closing at 410.3 points. On the main board, PAS (+0.17%) led the gains, while GTI (-0.37%) and PPAP (-0.14%) recorded losses. PWSA, PPSP, ABC, PEPC, MJQE, and CGSM showed no changes. On the growth board, both DBDE and JSL also remained unchanged. The session recorded a total trading volume of 7,270 shares, with a turnover of KHR 39 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
410.25 0.00 7,270 11,004

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 6,360 6,260 86,140 550
GTI 5,340 -0.37 5.12 5.12 5,360 5,040 53,621 214
PPAP 13,880 -0.14 0.29 0.29 14,000 13,500 7,606 287
PPSP 2,150 0.00 -0.92 -0.92 2,170 2,130 119,552 155
PAS 11,800 0.17 2.08 2.08 11,800 11,560 10,832 1,012
ABC 7,280 0.00 -3.45 -3.45 7,540 7,120 412,567 3,153
PEPC 2,380 0.00 -0.42 -0.42 2,440 2,320 14,022 178
MJQE 2,080 0.00 0.00 0.00 2,080 2,060 77,518 674
CGSM 2,440 0.00 0.41 0.41 2,440 2,420 114,299 4,781
DBDE 2,060 0.00 0.00 0.00 2,060 2,030 35,896 38
JSL 3,030 0.00 -11.40 -11.40 3,420 3,030 19,978 78
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 59.01 0.75 0.63 16.26
PPAP 3Q24 2,406 21,877 5.77 0.63 1.77 3.65
PPSP 3Q24 267 3,759 8.04 0.57 2.37 4.60
PAS 3Q24 784 7,630 15.04 1.55 2.47 9.02
ABC 3Q24 1,041 13,404 6.99 0.54 0.90 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 1112.88 4.47 3.35 25.74
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* 3,212
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,416
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 1,041
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,603
RMAC25A 0 0.0 - - N/A Guaranteed Bond 5.50% Annually 70
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,811
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond Floating** 1,058
RRGT32B 0 0.0 - - KhAAA Guaranteed Bond Floating*** 2,885
TCT26A 0 0.0 - - N/A Plain Bond 4.50% Annually 573
TCT28A 0 0.0 - - KhAAA FX-Linked Bond Floating**** 1,430
*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) 204.1 312.0 85.3 10.0 0.0
Outstanding (KHR'bn) 34.0 312.0 85.3 10.0 0.0
Issuance ('K units, Latest) 24.0 20.0 0.0 0.0 0.0
Coupon rate (Latest) 2.80% 4.00% 3.80% 4.75% 5.25%
Successful yield (Latest) 3.13% 4.00% - - -
Latest bidding 23-Jan-25 29-May-24 11-Dec-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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