Two new tyre plants approved in August following 3,500 jobs created

Market Update / September 10, 2024


News Highlights

Economy and Industry

Two new tyre plants approved in August following 3,500 jobs created In August, the Council for the Development of Cambodia (CDC) approved two tyre manufacturing factories with a combined investment of $686 million, creating 3,459 jobs. These projects are part of a larger approval of 53 investments totaling over $1.2 billion, including 46 new projects and seven expansions. One tyre factory, located in the UBE Snuol SEZ in Kratie province, will invest $430 million and create 1,959 jobs, while the second, in Svay Rieng's Sin Bavet SEZ, will invest $256 million and employ 1,500 people. Other notable approvals include a new SEZ in Koh Kong province, various livestock farms, animal feed factories, testing labs, a beverage production facility, and a five-star hotel. (Source: Phnom Penh Post)

Battambang and Trat discussed permanent economic checkpoints along borders The Battambang, Banteay Meanchey, and Trat Chambers of Commerce discussed opening a permanent economic checkpoint to boost trade between Cambodia and Thailand. The meeting proposed converting the Ban Ma Muang and Chhoak Roka checkpoints into permanent economic checkpoints, aiming to facilitate the exchange of goods and reduce transport costs. Phou Veasna, President of the Battambang Chamber, expressed support for the idea and plans to discuss it with provincial and national authorities. In the first half of 2024, trade between the two countries reached $5.19 billion, with significant exports including refined fuels, vehicles, and agricultural products. (Source: Khmer Times)

Cambodia and China to hold events to boost tourism Cambodia and China will host several events in Siem Reap at the end of 2024 to attract more Chinese tourists and investors. Key events include the Cambodia-China Tourism Program and a program for Chinese journalists. Chinese Ambassador Wang Wenbin and Siem Reap Governor Prak Sophoan discussed the strong ties between the two countries and plans to promote tourism, including direct flights from China. Sophoan welcomed China's support in boosting tourism in Siem Reap. From January to July 2024, Cambodia saw 3.75 million international tourists, including 460,000 Chinese visitors, marking a 45.7% increase. Additionally, the 'Beautiful Cambodia, Beautiful China' photo exhibition, showcasing 66 photos, will be held in Siem Reap from September to December 2024. (Source: Khmer Times)

Corporate News

ABA Bank supports CCF Primary Education Program ABA Bank has pledged $60,000 over three years to support the Cambodian Children's Fund (CCF) Primary Education Program, providing quality education for underprivileged children. The agreement, signed on September 4, 2024, includes an annual contribution of $20,000 to help over 740 students at CCF's six Satellite Schools. ABA also donated computers and equipment to enhance digital literacy. Chief Marketing and CSR Officer Igor Zimarev emphasized ABA's commitment to fostering growth and opportunity through education. This partnership builds on a 2023 MOU between ABA and CCF to support disadvantaged children through scholarships, internships, and other initiatives. (Source: Cambodia Investment Review)

Stock Market

CSX index declines by 0.15% amid broad-based losses on September 10, 2024 On September 10, 2024, the Cambodia Securities Exchange (CSX) index fell by 0.15%, closing at 410.7 points. The main board experienced widespread declines with PPAP leading the drop at -1.47%, followed by PPSP (-0.45%), PEPC (-0.40%), PWSA (-0.30%), ABC (-0.27%), and GTI (-0.26%). Meanwhile, PAS, MJQE, and CGSM saw no movement, ending the day unchanged. On the growth board, DBDE remained steady, but JSL slipped by 0.58%. The total trading volume reached 36,708 shares, translating to a cumulative trading value of KHR 250 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
410.7 -0.15 36,708 11,016

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 6,740 -0.30 -1.75 -7.42 6,980 6,740 115,521 586
GTI 3,800 -0.26 5.56 33.80 3,830 3,590 111,698 152
PPAP 13,400 -1.47 -1.47 -4.29 14,580 13,360 1,397 277
PPSP 2,210 -0.45 -0.90 1.38 2,310 2,210 10,702 159
PAS 11,800 0.00 -0.84 -6.20 12,020 11,800 9,140 1,012
ABC 7,480 -0.27 0.00 -25.65 7,500 7,440 287,516 3,240
PEPC 2,490 -0.40 1.63 -9.12 2,500 2,400 13,934 187
MJQE 2,040 0.00 0.00 -4.23 2,050 2,030 41,764 661
CGSM 2,420 0.00 0.00 -7.98 2,430 2,400 21,302 4,741
DBDE 2,070 0.00 0.00 -3.27 2,090 2,070 19,512 38
JSL 3,440 -0.58 0.29 -21.82 3,500 3,380 12,045 88
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 5.19 0.41 1.53 9.84
GTI 2Q24 47 7,165 80.97 0.53 0.46 16.41
PPAP 2Q24 1,800 39,401 7.45 0.34 2.08 4.80
PPSP 2Q24 85 3,560 25.91 0.62 1.40 7.86
PAS 2Q24 1,132 11,977 10.42 0.99 2.61 6.63
ABC 2Q24 1,554 13,448 4.81 0.56 0.94 NA
PEPC* 4Q24 -1,035 165 NA 15.05 4.39 NA
MJQE 2Q24 59 314 34.75 6.49 4.29 29.65
CGSM 2Q24 160 609 15.08 3.98 6.41 15.22
JSL 2Q24 2 669 2035.55 5.14 1.18 NA
DBDE 2Q24 80 1,932 25.85 1.07 0.55 8.80
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* 3,353
CIAF28A 0 0.0 - - KhAAA N/A 6.30% 1,557
GT27A 0 0.0 - - N/A Plain , Green 7.00% 1,182
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Term SOFR + 1.5% 1,744
RMAC25A 0 0.0 - - N/A Guaranteed 5.50% 211
RRC32A 0 0.0 - - N/A Plain 7.00% 2,952
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating** 1,199
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating*** 3,026
TCT26A 0 0.0 - - N/A Plain 4.50% 714
TCT28A 0 0.0 - - KhAAA FX-Linked Floating**** 1,571
*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 0.0
Outstanding (KHR'bn) 52.0 312.0 65.3 10.0 0.0
Issuance ('K units, Latest) 10.0 20.0 43.3 10.0 0.0
Coupon rate (Latest) 3.50% 4.00% 4.50% 5.00% 5.25%
Successful yield (Latest) 3.85% 4.00% 4.63% 5.00%  
Latest bidding 24-Apr-24 29-May-24 26-Jun-24 45,497 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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