Cambodia achieves milestone in road network expansion

Market Update / January 30, 2025


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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