Cambodia and Laos strengthen insurance collaboration

Market Update / February 5, 2025


News Highlights

Economy and Industry

Cambodia and Laos strengthen insurance collaboration Cambodia and Laos have committed to enhancing their cooperation in the insurance sector, following the signing of a memorandum of understanding (MoU) between the Insurance Regulator of Cambodia (IRC) and Department of Enterprises and Insurance Supervision (SOEI) of the Laos's Ministry of Finance. Both countries aim to share their experiences, best practices, and regulatory frameworks to promote the growth and development of their insurance industries. The collaboration is expected to boost investor confidence and contribute to the economic prosperity of both nations. This agreement underscored the importance of regional cooperation in addressing common challenges and harnessing opportunities within the insurance market, paving the way for a more robust and integrated financial system in the region. (Source: Khmer Times)

Cambodia poised to maintain export growth amid tariff reductions Despite reductions in tariffs under various free trade agreements, Cambodia is set to sustain its export growth. The Ministry of Commerce remains confident in the country's ability to maintain its export momentum, attributing it to the Cambodia-China Free Trade Agreement, the Cambodia-Korea Free Trade Agreement, and the Regional Comprehensive Economic Partnership (RCEP). These agreements provide Cambodian exporters with preferential market access, enabling them to compete more effectively on a global scale. To ensure long-term growth and resilience, the government is focusing on diversifying export products and markets. Efforts are also being made to improve infrastructure, enhance production capacity, and streamline trade facilitation measures to support export activities. (Source: Khmer Times)

CDC evaluates $135 million in investment projects The Council for the Development of Cambodia (CDC) is currently reviewing 12 investment projects worth a total of $135 million. These projects encompass various sectors, including manufacturing, agro-industry, tourism, and real estate. The CDC's review process aims to ensure that the proposed investments align with the country's development priorities and contribute to sustainable economic growth. Once approved, these projects are expected to generate numerous job opportunities and stimulate economic activity in their respective regions. The CDC continues to attract foreign direct investment by offering incentives, streamlining administrative procedures, and enhancing the overall business environment. (Source: Khmer Times)

Corporate News

Cambodians gain free annual access to credit reports In a bid to promote financial literacy and empower individuals, the Credit Bureau Cambodia (CBC) has launched an initiative that allows Cambodians to access their annual credit reports for free. This move aims to increase awareness of personal credit management and encourage responsible borrowing and lending practices. By providing free access to credit reports, the CBC hopes to enhance transparency and trust within the financial system. Individuals can obtain their credit reports securely by visiting the CBC's website and following the necessary steps. This initiative is part of the CBC's broader efforts to improve financial inclusion and support informed financial decision-making among Cambodian citizens. (Source: Kiri Post)

Stock Market

CSX index gains 0.27% as trading volume reaches 19.6k shares The CSX Index rose 0.27%, closing at 409.1 points. On the main board, CGSM (+0.83%), PPAP (+0.58%), and PWSA (+0.32%) led the gains, while GTI (-0.37%), PAS (-0.34%), and ABC (-0.28%) recorded losses. PPSP, PEPC, and MJQE remained unchanged. On the growth board, DBDE declined 0.49%, while JSL gained 0.99%. The session recorded a total trading volume of 19,619 shares, with a turnover of KHR 118 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
409.08 0.27 19,619 10,972

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 6,260 0.32 -0.63 -1.57 6,340 6,240 12,445 544
GTI 5,340 -0.37 0.00 5.12 5,360 5,040 9,343 214
PPAP 13,900 0.58 -0.29 0.43 14,000 13,500 444 288
PPSP 2,150 0.00 -0.46 -0.92 2,170 2,130 8,267 155
PAS 11,840 -0.34 -0.50 2.42 11,900 11,620 1,528 1,016
ABC 7,200 -0.28 -1.37 -4.51 7,340 7,120 49,035 3,119
PEPC 2,440 0.00 3.39 2.09 2,440 2,320 499 183
MJQE 2,080 0.00 0.00 0.00 2,080 2,060 14,115 674
CGSM 2,440 0.83 0.00 0.41 2,450 2,420 5,457 4,781
DBDE 2,050 -0.49 0.00 -0.49 2,060 2,030 782 38
JSL 3,070 0.99 0.00 -10.23 3,380 3,020 611 79
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 4.89 0.51 1.39 10.10
GTI 3Q24 91 7,114 59.01 0.75 0.63 16.26
PPAP 3Q24 2,406 21,877 5.78 0.64 1.78 3.65
PPSP 3Q24 267 3,759 8.04 0.57 2.37 4.60
PAS 3Q24 784 7,630 15.09 1.55 2.48 9.04
ABC 3Q24 1,041 13,404 6.92 0.54 0.89 NA
PEPC* 1Q25 -1,009 -17 NA -141.76 4.26 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 1127.57 4.53 3.39 25.98
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* 3,205
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,409
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 1,034
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,596
RMAC25A 0 0.0 - - N/A Guaranteed Bond 5.50% Annually 63
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,804
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond Floating** 1,051
RRGT32B 0 0.0 - - KhAAA Guaranteed Bond Floating*** 2,878
TCT26A 0 0.0 - - N/A Plain Bond 4.50% Annually 566
TCT28A 0 0.0 - - KhAAA FX-Linked Bond Floating**** 1,423
*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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