Chinese investors invited to explore Cambodia's attractive tax incentives

Market Update / September 27, 2024


News Highlights

Economy and Industry

Chinese investors invited to explore Cambodia's attractive tax incentives Cambodia's General Department of Taxation (GDT) has invited Chinese investors to explore the country's attractive tax incentives for eligible projects. At the China-Cambodia (Shenzhen) Trade and Business Forum, GDT Director-General Kong Vibol emphasized Cambodia's favorable investment environment, highlighting benefits such as tax holidays of up to nine years for Qualified Investment Projects (QIPs). The event promoted trade cooperation and economic development, while also showcasing Cambodia's potential through multilateral and bilateral trade agreements. Chinese investors, including companies like BYD and Huawei, expressed interest in exploring opportunities in Cambodia. (Source: Khmer Times)

MAFF and Guangxi Zhuang Region Sign MoU for Modern Rice Industry Cooperation The Ministry of Agriculture, Forestry and Fisheries (MAFF) of Cambodia and China's Guangxi Zhuang Autonomous Region have signed an MoU to promote agricultural and poverty reduction projects. The agreement includes two major initiatives: a Cambodia-China Guangxi modern rice industry cooperation project and a Guangxi assistance project for modern farming technology and poverty reduction. The projects aim to boost food security and agro-trade cooperation between ASEAN and China. Additionally, challenges such as infrastructure and sanitary standards in the agricultural sector were noted as ongoing issues for Cambodia. (Source: Khmer Times)

LA Mayor to explore Cambodia's economic landscape and strengthen US ties Karen Bass, Mayor of Los Angeles, expressed her interest in visiting Cambodia to examine the country's economic environment and social realities, aiming to strengthen ties between Cambodia and the US. During a meeting with Cambodia's Deputy Prime Minister Sun Chanthol in California, the mayor praised Cambodia's efforts to keep up with global developments and its stable political environment. Chanthol highlighted Cambodia's young, skilled workforce and its favorable investment climate recognized by the World Bank. Policy analyst Dr. Seun Sam sees the mayor's visit as an opportunity to promote diplomatic diversity and attract foreign direct investment, noting that addressing challenges faced by international investors, such as informal expenditures, is crucial for Cambodia to fully capitalize on these opportunities. (Source: Khmer Times)

Corporate News

New MoU to revolutionize the Angkor experience through immersive technology The Apsara National Authority (ANA) has partnered with Immersive Angkor to bring a new level of cultural and historical engagement to the Angkor Archaeological Park. The signed MoU will establish an interactive museum utilizing advanced technology to enhance the visitor experience, preserve Angkor's legacy, and promote it internationally. The project will include digital scans of temples and knowledge transfer to ANA teams. This initiative, supported by Cambodia's Royal Government, is set to open by late 2025 and aims to bolster tourism while ensuring the preservation of Cambodia's cultural heritage. (Source: Khmer Times)

Stock Market

CSX index dips slightly with declines in key stocks on September 27, 2024 On September 27, 2024, the CSX index edged down by 0.09%, closing at 411.0 points. The main board saw no gains, with PAS (-0.84%) and PEPC (-0.41%) recording losses. PWSA, GTI, PPAP, PPSP, ABC, MJQE, and CGSM remained unchanged. On the growth board, DBDE held steady, while JSL rose by 0.58%. Total trading volume reached 34,490 shares, with a trading value of KHR 169 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
410.99 -0.09 34,490 11,023

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 6,540 0.00 -4.66 -10.16 6,860 6,540 310,337 569
GTI 4,040 0.00 12.22 42.25 4,080 3,590 172,369 162
PPAP 13,560 0.00 -0.29 -3.14 13,900 13,360 5,512 280
PPSP 2,220 0.00 -0.45 1.83 2,240 2,210 39,549 160
PAS 11,740 -0.84 -1.34 -6.68 11,920 11,740 17,047 1,007
ABC 7,480 0.00 0.00 -25.65 7,500 7,480 653,533 3,240
PEPC 2,450 -0.41 0.00 -10.58 2,500 2,410 16,950 184
MJQE 2,040 0.00 0.00 -4.23 2,050 2,040 75,074 661
CGSM 2,430 0.00 0.41 -7.60 2,430 2,410 72,357 4,761
DBDE 2,070 0.00 0.00 -3.27 2,080 2,050 45,047 38
JSL 3,450 0.58 0.58 -21.59 3,490 3,430 14,469 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 5.04 0.39 1.48 9.75
GTI 2Q24 47 7,165 86.08 0.56 0.49 17.05
PPAP 2Q24 1,800 39,401 7.54 0.34 2.11 4.85
PPSP 2Q24 85 3,560 26.03 0.62 1.41 7.89
PAS 2Q24 1,132 11,977 10.37 0.98 2.60 6.61
ABC 2Q24 1,554 13,448 4.81 0.56 0.94 NA
PEPC* 4Q24 -1,035 165 NA 14.80 4.32 NA
MJQE 2Q24 59 314 34.75 6.49 4.29 29.65
CGSM 2Q24 160 609 15.14 3.99 6.43 15.28
JSL 2Q24 1 669 4120.59 5.16 1.06 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* 3,336
CIAF28A 0 0.0 - - KhAAA N/A 6.30% 1,540
GT27A 0 0.0 - - N/A Plain , Green 7.00% 1,165
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Term SOFR + 1.5% 1,727
RMAC25A 0 0.0 - - N/A Guaranteed 5.50% 194
RRC32A 0 0.0 - - N/A Plain 7.00% 2,935
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating** 1,182
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating*** 3,009
TCT26A 0 0.0 - - N/A Plain 4.50% 697
TCT28A 0 0.0 - - KhAAA FX-Linked Floating**** 1,554
*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 85.3 10.0 0.0
Outstanding (KHR'bn) 52.0 312.0 85.3 10.0 0.0
Issuance ('K units, Latest) 10.0 20.0 20.0 10.0 0.0
Coupon rate (Latest) 3.50% 4.00% 4.50% 5.00% 5.25%
Successful yield (Latest) 3.85% 4.00% 5.13% 5.00% -
Latest bidding 24-Apr-24 29-May-24 18-Sep-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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