Cambodia achieves milestone in road network expansion
News Highlights |
Economy and Industry
Cambodia achieves milestone in road network expansion Cambodia expanded its national road network by nearly 300 kilometers last year, reaching over 20,307 kilometers. The Ministry of Public Works and Transport (MPWT) reported work on 854 national highways, including key expressways, and provincial and rural roads. The expressway network now includes two expressways totaling 322 kilometers: the $2 billion Phnom Penh-Sihanoukville Expressway and the $1.7 billion Phnom Penh-Bavet Expressway, the latter still under construction. Both projects are developed under the Public-Private Partnership (PPP) framework, enhancing regional connectivity and economic growth. Future plans include a third expressway linking Phnom Penh with Siem Reap and Poipet, costing an estimated $2.5 billion. (Source: Khmer Times)
Cambodia's exports to EU increase by 20% in 2024 In 2024, Cambodia's exports to the European Union (EU) surged to $4.41 billion, marking a 20% increase compared to the previous year. The total trade volume between Cambodia and the EU reached $5.32 billion, reflecting a 15.5% rise. Key export items included textiles, footwear, bicycles, foodstuffs, and milled rice. The Ministry of Commerce emphasized the importance of capitalizing on free trade agreements (FTAs) to boost market access for Cambodian products1. Spain emerged as the largest buyer of Cambodian goods, followed by Germany, the Netherlands, France, and Belgium. The Ministry also highlighted the need to expand into new markets to further diversify Cambodia's trade portfolio. The increase in exports is attributed to the growing global demand for Cambodian products and the country's integration into regional and international trade systems. (Source: Khmer Times)
Cambodia's insurance sector grows by 3.5% in 2024 Cambodia's insurance industry recorded a 3.5% growth in 2024, with total premiums reaching $356 million. The sector's assets remained close to $1 billion, reflecting steady growth. Cambodia's insurance market contributed nearly $80 million in total claims incurred, reflecting a 19% increase from the previous year. The Insurance Regulator of Cambodia (IRC) reported that the industry includes 18 general insurers, 14 life insurers, seven microinsurance companies, and one reinsurer4. The IRC emphasized the need for public outreach to raise awareness about the benefits of insurance coverage. The sector's growth is seen as a positive indicator of its potential for further expansion, with a focus on increasing public understanding of insurance products. (Source: Khmer Times)
Corporate News
Smart Axiata introduces cybersecurity add-on for enhanced online safety Smart Axiata has launched a new service, the "Smart Cybersecurity Add-On," to enhance online safety for its customers. This service aims to notify users of data leaks and cyberattacks, providing features such as secure browsing, data breach alerts, and content filtering. The add-on is available free of charge for the first 30 days for new subscribers. Smart Axiata's initiative reflects its commitment to protecting customer data and leveraging technology for social good. The company has also maintained the ISO/IEC 27001:2013 Information Security Management Systems certification and implemented Data Leakage Prevention protocols. This new service is part of Smart Axiata's broader efforts to provide innovative solutions and ensure a safe online experience for its users. (Source: Cambodia Investment Review)
Stock Market
CSX index gains 0.26%, closes at 411.1 points with KHR 106M turnover The CSX Index rose by 0.26%, closing at 411.1 points. On the main board, PAS (+0.17%) led the gains, while PEPC (-1.68%), PPSP (-0.47%), GTI (-0.37%), PWSA (-0.32%), and PPAP (-0.29%) recorded losses. ABC, MJQE, and CGSM remained unchanged. On the growth board, DBDE and JSL declined by 0.49% and 0.33%, respectively. The session recorded a total trading volume of 20,382 shares, with a turnover of KHR 106 million. (Source: YSC Research)
CSX Stocks |
CSX Index
Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
411.1 | 0.26 | 20,382 | 11,026 |
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 | -0.32 | -0.94 | -0.94 | 6,360 | 6,260 | 86,605 | 548 |
GTI | 5,340 | -0.37 | 5.12 | 5.12 | 5,360 | 5,040 | 54,353 | 214 |
PPAP | 13,860 | -0.29 | 0.14 | 0.14 | 14,000 | 13,500 | 7,633 | 287 |
PPSP | 2,140 | -0.47 | -1.38 | -1.38 | 2,170 | 2,130 | 119,596 | 154 |
PAS | 11,800 | 0.17 | 2.08 | 2.08 | 11,800 | 11,560 | 11,057 | 1,012 |
ABC | 7,280 | 0.00 | -3.45 | -3.45 | 7,540 | 7,120 | 424,179 | 3,153 |
PEPC | 2,340 | -1.68 | -2.09 | -2.09 | 2,440 | 2,320 | 14,042 | 175 |
MJQE | 2,080 | 0.00 | 0.00 | 0.00 | 2,080 | 2,060 | 79,894 | 674 |
CGSM | 2,440 | 0.00 | 0.41 | 0.41 | 2,440 | 2,420 | 114,808 | 4,781 |
DBDE | 2,050 | -0.49 | -0.49 | -0.49 | 2,060 | 2,030 | 39,192 | 38 |
JSL | 3,020 | -0.33 | -11.70 | -11.70 | 3,420 | 3,020 | 20,542 | 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 | 4.92 | 0.51 | 1.40 | 10.12 |
GTI | 3Q24 | 91 | 7,114 | 59.01 | 0.75 | 0.63 | 16.26 |
PPAP | 3Q24 | 2,406 | 21,877 | 5.76 | 0.63 | 1.77 | 3.65 |
PPSP | 3Q24 | 267 | 3,759 | 8.00 | 0.57 | 2.36 | 4.58 |
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 | -135.95 | 4.09 | 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 | 1109.21 | 4.46 | 3.34 | 25.68 |
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* | 3,211 |
CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,415 |
GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 1,040 |
PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,602 |
RMAC25A | 0 | 0.0 | - - | N/A | Guaranteed Bond | 5.50% Annually | 69 |
RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,810 |
RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating** | 1,057 |
RRGT32B | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | Floating*** | 2,884 |
TCT26A | 0 | 0.0 | - - | N/A | Plain Bond | 4.50% Annually | 572 |
TCT28A | 0 | 0.0 | - - | KhAAA | FX-Linked Bond | Floating**** | 1,429 |
*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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