Cambodia Investment Review

CSX: Acleda Bank approaches book value, JS Land hits 300% of IPO

CSX: Acleda Bank approaches book value, JS Land hits 300% of IPO

Harrison White

Cambodia Securities Exchange index is trading up 20 points or almost 10% this week after gains by the market mover Acleda Bank (CSX:ABC) as Growth Board stock JS Land (CSX:JSL) records a 300% increase from IPO price in under two weeks.

The local market has been led by ABC after the company released a statement the bank’s largest shareholder – Acleda Financial Trust (AFT) – has said it plans to purchase an undisclosed number of shares over the next five years in a statement released to Cambodia Securities Exchange.

The statement read following the decision of their Board of Trustees and regulators, the AFT will buy the shares on the CSX from 2022 to 2026 based on their internal budget plan and 5-year strategy.

Mar Amara spokesperson for Acleda Bank’s Investor Relations told Cambodia Investment Review the share price of ABC significantly increases every day, this would be because of higher demand during the high season (dividend period) and the good performance of ABC in 2021.

ABC first listed on the CSX in 2020 at KHR 16,200 a share and is trading today at KHR 14,700 from a low of around KHR 10,200 a share earlier this month.

JS Land increases 300% in post IPO trade

The most recent addition to the market condominium developer JS Land has risen sharply since listing on the exchanges growth board on February 10 at KHR 1,900 and hitting a trading limit of KHR 6,200 today.

The stock has been hitting daily trading limits set under CSX regulations of 10% almost daily with ultra-low trading volumes of around $550 over the last seven trading days.

Kim Sophanita CSX Director told Cambodia Investment Review that if you look at the stocks daily order book, it clearly explains why the rapid rise as there are a lot of remaining buy orders every day since there are very few sell orders. A high demand puts upward pressure to the share price.

JLS Land was oversubscribed during the IPO and now it seems those shareholders are happy with the company and would like to have a long-term investment with the company and that’s why they don’t want to sell their shares in the market, she added.

The large price has pushed the company’s market capitalization to over $35 million. According to official documents major shareholders (5% of more) are Oknha Koy Le San 25.2%, Dato’ (Jack) Yap Ting Chiat 25.2%, Oknha Meng Lee 6.80% and Mr. Kin Solyta 6.80%.

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