Cambodia to complete 1,300-kilometre border road network in 10 years

Market Update / September 6, 2024


News Highlights

Economy and Industry

Cambodia to complete 1,300-kilometre border road network in 10 years Prime Minister Hun Manet announced that Cambodia has completed around 50% of its 2,660-kilometer border road network, with the remaining 1,300 kilometers expected to be finished within the next 10 years at a cost of $200 million. Speaking at a ceremony for law students, he acknowledged the contributions to the Foundation for Border Infrastructure Development, emphasizing its role in fostering citizen involvement and unity. Nearly 400,000 citizens have participated in the fund so far. Additionally, Manet instructed the Ministry of Information to organize free tours for citizens to visit border markers in the Cambodia-Laos-Vietnam Development Triangle Area, aiming to enhance national unity and awareness of the region's geography and development. (Source: Phnom Penh Post)

Cambodia launches $27 million EU funded project to boost agricultural sector A new partnership between Cambodia, the EU, and Germany aims to boost the sustainability, competitiveness, and inclusiveness of Cambodia's cashew nut and pepper industries under the $27 million Cambodia Partnership for Sustainable Agriculture and Food Systems (EU CAPSAFE) initiative. Launched on September 5, the five-year project will focus on enhancing local value addition, strengthening national food safety systems, and promoting climate-resilient agriculture, with a specific focus on Kampong Thom, Kratie, Tbong Khmum, and Kampot provinces. The initiative, aligned with the Team Europe Initiative, seeks to improve productivity through green technologies, agro-ecology, and responsible investment, ultimately contributing to Cambodia's green growth and carbon neutrality goals while enhancing export competitiveness. (Source: Phnom Penh Post)

Siem Reap to boost tourism with exciting events in September Siem Reap is set to attract national and international visitors this month with three major events: the Gumball 3000 Rally on September 16-17, the Equinox Phenomenon at Angkor Wat from September 21-23, and World Tourism Day on September 27. Ngov Sengkak, Deputy Governor of Siem Reap, announced these events following a meeting with the private sector, aiming to boost tourism and encourage operators to offer special discounts. Additionally, Siem Reap has unveiled a tourism development plan for 2025-2028 to enhance key destinations like Phnom Kulen National Park and Tonle Sap Lake. (Source: Khmer Times)

Corporate News

Canadia Bank wins back-to-back "Cambodia Technology Excellence Award in Digital Banking" at the Asian Technology Excellence Awards 2024 Canadia Bank, a leading commercial bank in Cambodia, has won the "Cambodia Technology Excellence Award in Digital Banking" at the Asian Technology Excellence Awards 2024 for the second time, recognizing its innovative digital transformation efforts. The bank's strategy focuses on enhancing customer experience through advanced technology, including expanded digital payment services, new app features like cross-border payments and virtual cards, a revamped Corporate Internet Banking platform, and the creation of an Innovation Hub to promote financial literacy. Notably, Canadia Bank introduced the "Centre of Excellence Portal," a secure mobile tool designed to streamline customer onboarding. This award highlights Canadia Bank's commitment to meeting market trends and evolving customer needs by investing in cutting-edge technology and continuously enhancing its digital services. (Source: Cambodia Investment Review)

Stock Market

CSX index up 0.17% as gains lead by PPAP, CGSM, and PEPC On September 6, 2024, the CSX index rose by 0.17%, closing at 412.3 points. Leading the gains on the main board were PPAP (+0.44%), CGSM (+0.41%), and PEPC (+0.40%), while PPSP (-0.89%) and PWSA (-0.29%) saw declines. GTI, PAS, ABC, and MJQE remained unchanged. On the growth board, both DBDE and JSL held steady. The total trading volume for the day reached 38,046 shares, with a cumulative trading value of KHR 239 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
412.33 0.17 38,046 11,059

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 6,780 -0.29 -1.17 -6.87 7,000 6,780 98,877 590
GTI 3,830 0.00 6.39 34.86 3,830 3,550 110,461 153
PPAP 13,600 0.44 0.00 -2.86 14,700 13,360 1,065 281
PPSP 2,220 -0.89 -0.45 1.83 2,310 2,210 7,316 160
PAS 11,860 0.00 -0.34 -5.72 12,020 11,800 8,626 1,017
ABC 7,500 0.00 0.27 -25.45 7,500 7,440 235,986 3,249
PEPC 2,500 0.40 2.04 -8.76 2,500 2,400 13,461 187
MJQE 2,040 0.00 0.00 -4.23 2,050 2,030 37,021 661
CGSM 2,430 0.41 0.41 -7.60 2,430 2,400 15,708 4,761
DBDE 2,070 0.00 0.00 -3.27 2,090 2,070 16,310 38
JSL 3,470 0.00 1.17 -21.14 3,500 3,380 10,722 89
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 1Q24 1,298 16,580 5.22 0.41 1.54 9.86
GTI 1Q24 106 7,068 36.01 0.54 0.46 14.11
PPAP 1Q24 1,952 38,178 6.97 0.36 2.01 4.89
PPSP 1Q24 445 3,501 4.99 0.63 1.16 5.46
PAS 1Q24 1,803 11,721 6.58 1.01 2.95 5.63
ABC 1Q24 1,518 13,222 4.94 0.57 0.96 NA
PEPC* 4Q23 -477 842 NA 2.97 4.39 66.12
MJQE 4Q23 59 297 34.65 6.88 4.42 13.68
CGSM 4Q23 166 563 14.63 4.31 6.37 15.35
JSL 4Q23 274 593 12.65 5.85 1.29 NA
DBDE 1Q24 250 1,930 8.29 1.07 0.49 5.60
NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *FY ending in June

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 Floating* 3,357
CIAF28A 0 0.0 - - KhAAA N/A 6.30% 1,561
GT27A 0 0.0 - - N/A Plain , Green 7.00% 1,186
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Term SOFR + 1.5% 1,748
RMAC25A 0 0.0 - - N/A Guaranteed 5.50% 215
RRC32A 0 0.0 - - N/A Plain 7.00% 2,956
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating** 1,203
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating*** 3,030
TCT26A 0 0.0 - - N/A Plain 4.50% 718
TCT28A 0 0.0 - - KhAAA FX-Linked Floating**** 1,575
*SOFR +3% or 5.5% , whichever is higher; **SOFR+3,5% or 5% (take which one is higher);***SOFR+3,5% or 5% (take which one is higher) and Year 6 to Year 10: SOFR+3,75% or 5% (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 65.3 10.0 -
Outstanding (KHR'bn) 52.0 312.0 65.3 10.0 -
Issuance ('K units, Latest) 10.0 20.0 43.3 10.0 -
Coupon rate (Latest) 3.50% 4.00% 4.50% 5.00% -
Successful yield (Latest) 3.85% 4.00% 4.63% 5.00% -
Latest bidding 24-Apr-24 29-May-24 26-Jun-24 45,497 -
*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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