21 May 2024 - Market Update - B2B Cambodia

This is a B2B Cambodia Market Update for 21 May 2024, reviewing the Cambodia Securities Exchange (CSX) and global markets.

Watch the video in English above.

• The Cambodia Securities Exchange (CSX) Index dropped a second straight day, falling 3.35 points to 412.04 points. 
• Volume was light with only 198,625 shares changing hands on a traded value of USD 275,000.  
• ACLEDA Bank Plc was the most active, down 220 Riel, or 3 per cent, to 7,540 Riel per share.  
• ACLEDA Bank represented 55 per cent of the traded shares and 74 per cent of the traded value.  ACLEDA Bank was essentially the market today.
• Phnom Penh Water Supply Authority was also on the downside, dropping 120 Riel to 7,180 Riel per Share.  
• On the upside Phnom Penh Autonomous Port gained 100 Riel to 13,460 Riel share. 
• Market participation was weak today with 5 out of the 11 stocks trading under 2,000 shares.  
   
• In corporate news CamGsm released its First Quarter Report for 2024.  Revenue in the quarter was down 6.5 per cent to 175,637 million Riel or USD 43 million compared to quarter one 2023 revenues of 187,683 million Riel or USD 46 million Riel.
• Profit after Tax surged 66 per cent in quarter one 2024 to 63,376 million Riel or USD 15.6 million from 37,585 million Riel or USD 9.3 million in quarter one 2023.  
• Comprehensive Income rose 123 per cent and total equity rose 51 per cent. 
• The company noted a USD 7.5 million tax positive variance which comprised receiving a tax benefit of USD 4.3 million as an increase in profits in quarter one 2024 as opposed to payment of USD 3.2 million in taxes in quarter 2023.   
• On 04th March 2024, CAMGSM received letter No.9726 from General Department of Taxation approving income tax incentives for 3 years from 2023 to 2025. This incentive follows the calculation method of income tax incentive in a decreasing proportion and also temporary suspension of the monthly prepayment income tax for the same period as an additional income tax incentive.
• In summary, the company’s revenues were down 6 per cent, profits down 9 per cent, in the absence of tax incentives.  With the tax incentives a surge in profitability by 69 per cent.  
   
• Brent Crude oil continues its decline, down 29 cents as of Cambodia close of business to USD 81.26 per barrel.  Prices have weakened this week on expectations of continued high U.S. interest rates which would depress demand for everything including Oil. 
• Gold is down USD 12 to USD 2,426.60 an ounce taking a rest from its strong bull run in the last 30 days.  
• The Dow Jones Industrial Average lost 196 points to 39,806.77 taking a break from its record run.  Dow Futures are flat as the market digests hitting the 40,000  point record high and is looking for direction.

Watch the 21 May 2024 market update in Khmer below: