Cambodia launches digital trust registration system for streamlined trust management

Market Update / October 31, 2024


News Highlights

Economy and Industry

Cambodia launches digital trust registration system for streamlined trust management The Royal Government of Cambodia introduced a new digital platform, the Trust Registration System, to simplify the procedures for trust management, including creation, renewal, and termination, under the oversight of the Ministry of Economy and Finance's Trust Regulator. Announced at the Trust Forum 2024 in Phnom Penh, this system aims to enhance accessibility and transparency for trustees, enabling efficient online handling of trust-related processes. Forum discussions highlighted trust opportunities, family trusts for generational planning, and financial technology, while officials shared progress in Cambodia's trust sector, which now includes over 1,000 registered trusts and has attracted significant investment. (Source: Khmer Times)

IBCC strengthens digital economic partnerships between India and Cambodia The Indian Business Chamber in Cambodia (IBCC) hosted an event titled "Navigating the Digital Future" in Phnom Penh, where business leaders, government officials, and technology experts from India and Cambodia gathered to explore opportunities for collaboration in the digital economy. The event presided over by key figures including Indian Ambassador Dr. Devyani Uttam Khobragade and IBCC President Babulal Parihar, underscored efforts to bolster trade, business, and cultural ties between the two nations. Panel discussions highlighted fintech's growing role in financial inclusion and economic transformation. The IBCC aims to establish an enduring platform to facilitate business, trade, and investment partnerships within the rapidly evolving digital landscape of both countries. (Source: Khmer Times)

Cambodia Tourism Board (CTB) accelerates efforts for diversified, sustainable tourism growth in Cambodia Since its formation in July, the Cambodia Tourism Board (CTB) has prioritized international outreach and collaboration to boost Cambodia's tourism sector. Under CEO Ith Vichit, CTB has conducted workshops with industry stakeholders, developed task forces, and promoted Cambodia in events such as the Francophonie Summit and World Travel Mart. The focus extends beyond traditional attractions like Angkor Wat, promoting broader regions to create year-round appeal, notably the "Green Season" for travelers from regions with extreme climates. CTB's initiatives emphasize the "4As" (Attractions, Amenities, Accessibility, and Accommodations) and pursue partnerships with the private sector, airports, and airlines to enhance connectivity. Digital marketing and strategic visibility on global media are key to CTB's efforts, alongside a commitment to sustainable practices and eco-tourism to maintain Cambodia's unique environment and cultural heritage. (Source: Khmer Times)

Corporate News

Japanese tech giants drive 5G network expansion in Cambodia Japanese tech giants NTT Docomo and Nippon Electric Company (NEE) have partnered to boost Cambodia's telecommunications infrastructure, with plans to establish a 4G network at a major commercial complex by March 2025, and pave the way for 5G adoption. Known as Orex Sai, the venture aims to support Cambodia's growing digital economy and aligns with the country's 'Digital Economy and Society Policy Framework 2021-2035.' The project will enhance high-speed internet access, particularly in underserved areas, promoting economic inclusivity, new job opportunities, and growth in digital services, healthcare, agriculture, and other sectors. This infrastructure advancement is set to make Cambodia an appealing market for foreign investment and digital innovation. (Source: Khmer Times)

Stock Market

CSX index slightly declines on October 31, 2024 On October 31, 2024, the CSX Index saw a slight decline of 0.02%, closing at 404.8 points. On the main board, PPAP led gains with a 1.37% increase, followed by GTI (+0.47%) and CGSM (+0.41%). Conversely, PEPC fell by 1.66%, MJQE by 0.98%, PAS by 0.88%, and ABC by 0.28%. PWSA and PPSP closed unchanged. On the growth board, DBDE declined by 0.49%, while JSL gained 0.58%. The day's trading volume totaled 29,020 shares, with a turnover of KHR 143 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
404.82 -0.02 29,020 10,858

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 6,180 0.00 -4.92 -15.11 6,540 6,180 138,280 537
GTI 4,280 0.47 5.42 50.70 4,300 4,020 90,120 171
PPAP 13,360 1.37 1.21 -4.57 13,560 13,180 5,258 276
PPSP 2,220 0.00 0.45 1.83 2,230 2,200 59,662 160
PAS 11,280 -0.88 -5.05 -10.33 11,880 11,280 43,461 968
ABC 7,180 -0.28 -4.01 -28.63 7,480 7,180 568,063 3,110
PEPC 2,370 -1.66 -3.27 -13.50 2,460 2,370 7,443 178
MJQE 2,030 -0.98 -0.49 -4.69 2,050 2,020 166,004 658
CGSM 2,450 0.41 0.82 -6.84 2,450 2,420 52,456 4,800
DBDE 2,040 -0.49 -1.45 -4.67 2,080 2,040 25,068 38
JSL 3,470 0.58 0.58 -21.14 3,470 3,430 7,512 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 4.76 0.37 1.40 9.59
GTI 2Q24 47 7,165 91.20 0.60 0.52 17.70
PPAP 2Q24 1,800 39,401 7.42 0.34 2.08 4.79
PPSP 2Q24 85 3,560 26.03 0.62 1.41 7.89
PAS 2Q24 1,132 11,977 9.96 0.94 2.50 6.42
ABC 2Q24 1,554 13,448 4.62 0.53 0.91 NA
PEPC* 4Q24 -1,035 165 NA 14.32 4.18 NA
MJQE 2Q24 59 314 34.58 6.45 4.27 29.51
CGSM 2Q24 160 609 15.27 4.02 6.49 15.39
JSL 2Q24 1 669 4144.48 5.19 1.07 NA
DBDE 2Q24 80 1,932 25.48 1.06 0.55 8.71
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* 3,302
CIAF28A 0 0.0 - - KhAAA N/A 6.30% 1,506
GT27A 0 0.0 - - N/A Plain , Green 7.00% 1,131
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Term SOFR + 1.5% 1,693
RMAC25A 0 0.0 - - N/A Guaranteed 5.50% 160
RRC32A 0 0.0 - - N/A Plain 7.00% 2,901
RRGO27A 0 0.0 - - KhAAA Guaranteed Floating** 1,148
RRGT32B 0 0.0 - - KhAAA Guaranteed Floating*** 2,975
TCT26A 0 0.0 - - N/A Plain 4.50% 663
TCT28A 0 0.0 - - KhAAA FX-Linked Floating**** 1,520
*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) 0.0 0.0 0.0 0.0 0.0
Issuance ('K units, Latest) 10.0 20.0 20.0 0.0 0.0
Coupon rate (Latest) 3.50% 4.00% 4.50% 4.75% 5.25%
Successful yield (Latest) 3.85% 4.00% 5.13% - -
Latest bidding 24-Apr-24 29-May-24 18-Sep-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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