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Potential of Sihanoukville Autonomous Port and Site Visit
Banjaran Asset Management (Cambodia) Plc. was honored to participate in the Listed Companies Forum on the topic: Potential of Sihanoukville Autonomous Port and Site Visit, organized by Cambodia Securities Exchange (CSX) on 06 April 2026. The forum, held at Sihanoukville Autonomous Port (PAS), was under the high presidency of H.E. Lou Kim Chhun, Delegate of the Royal Government of Cambodia in charge as Chairman & CEO of the Cambodia Securities Exchange (CSX), and H.E. Hong Sokhour, Delegate of the Royal Government in charge as CEO of the Cambodia Securities Exchange (CSX), highlighting the potential and business operations of the port. Our representatives, Mrs. Edeza Banquilis, Head of Growth & Strategy, and Mr. Sok Chantola, Deputy Sales & Marketing Manager, attended the event. The session and site visit provided valuable perspectives on Cambodia’s capital market growth and port development.
Ring the Bell for Gender Equality 2026
On 31 March 2026, Banjaran Asset Management (Cambodia) Plc. was honored to participate in the “Ring the Bell for Gender Equality 2026” event held at Sofitel Phnom Penh Phokeethra. The event featured the official Ring the Bell Ceremony, keynote sessions on women’s leadership in capital markets, and the launch of the Securities and Exchange Regulator of Cambodia (SERC). Scoping Survey on Gender-Responsive Finance and Sustainable Bonds. Our representative, Mrs. Nget Synat, Deputy Finance Manager, attended the session, gaining valuable insights and engaging in meaningful networking with industry professionals.
Training Program at ACLEDA University of Business
Banjaran Asset Management (Cambodia) Plc. was honored to participate in the recent “Smart Investing” training program held at ACLEDA University of Business on 1st April 2026. The event was organized by ACLEDA Securities Plc. in collaboration with the ACLEDA University of Business and was presided over by H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of the Securities and Exchange Regulator of Cambodia (SERC). During the session, Mr. Eric Loo, CEO and Executive Director, along with the team was present in supporting the financial literacy initiatives for the next generation. A key highlight featured by Mr. Taing Hoy, Legal and Compliance Officer, who delivered a comprehensive presentation on “Investment in Collective Investment Scheme (CIS)”, providing students with essential insights into financial planning and capital market opportunities.
Annual General Meeting and Gala for Distinction Awards of Securities Investors Association of Cambodia (SIAC)
On 6 March 2026, Mr. Eric Loo, Chief Executive Officer, and Mr. Nhem Sopaul, Corporate Manager of Banjaran Asset Management (Cambodia) Plc., had the honor of attending the “Annual General Meeting and Gala for Distinction Awards of Securities Investors Association of Cambodia (SIAC),” held at the NOVOTEL Hotel. The event was presided over by H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of the Securities and Exchange Regulator of Cambodia (SERC) and Honorary President of SIAC. The event was also attended by Management and Senior Officials of SERC, the President of SIAC, presidents or representatives of relevant associations in the securities sector, presidents or founders of companies in the securities industry, representatives of the Cambodia Securities Exchange, and representatives of other related securities companies. During this distinguished event, Banjaran Asset Management (Cambodia) Plc. was honored to receive an Certificate of Distinction from SIAC, presented under the presidency of H.E. Sou Socheat, Delegate of the Royal Government in charge as Director General of SERC and Honorary President of SIAC.
Workshop on "Smart Investment" at National Institute of Social Affairs
On 10th of March 2026, representatives from Banjaran Asset Management (Cambodia) Plc. participated in a workshop on "Smart Investment" Organized by ACLEDA Securities Plc., in collaboration with the Securities and Exchange Regulator of Cambodia (SERC) held at the National Institute of Social Affairs. During the session, Mr. Sok Chantola, Deputy Sales & Marketing Manager, delivered key details presentation on “Investment in Collective Investment Scheme (CIS)”. Sharing insights on investment opportunities and financial planning to future generation.
Cambodia-ASEAN Business Summit 2026 (Part 2)
4th March 2026, the Cambodia-ASEAN Business Summit 2026 was successfully held, under the theme “Transforming ASEAN: Innovation, Integration and Industrial Evolution.” The summit was presided over by The Prime Minister of the Kingdom of Cambodia, Samdech Moha Borvor Thipadei Hun Manet, at Sofitel Phnom Penh Phokeethra. Co-organized by the Cambodia Chamber of Commerce , ASEAN Business Advisory Council Cambodia , and International Chambers and Business Associations in Cambodia , the summit brought together government leaders, policymakers, business executives and thought leaders from across ASEAN, representing diverse industries and sectors, to strengthen regional collaboration and further encourage foreign investors to explore investment opportunities in Cambodia. Banjaran Asset Management (Cambodia) Plc. was honored to participate in the summit, with CEO, Mr. Eric Loo, and Mr. Mok Chinly, Legal and Compliance Manager, as well as, Legal and Compliance Officer, Mr. Taing Hoy, in attendance. Their presence reflects Banjaran AMC’s continued commitment to supporting Cambodia’s financial ecosystem and engaging with regional leaders to explore opportunities that contribute to the Kingdom’s growing investment landscape within ASEAN.
Cambodia-ASEAN Business Summit 2026
Banjaran Asset Management (Cambodia) Plc. was honored to participate in the Cambodia-ASEAN Business summit 2026, with CEO, Mr. Eric Loo, and Mr. Mok Chinly, Legal and Compliance Manager, as well as, Legal and Compliance Officer, Mr. Taing Hoy, in attendance. Their presence reflects Banjaran AMC’s continued commitment to supporting Cambodia’s financial ecosystem and engaging with regional leaders to explore opportunities that contribute to the Kingdom’s growing investment landscape within ASEAN, held at Sofitel Phnom Penh Phokeethra on 4th March 2026. Throughout the summit presided over by The Prime Minister of the Kingdom of Cambodia, Samdech Moha Borvor Thipadei Hun Manet, the team had the opportunity to network with high-level government officials, policymakers, and key industry leaders, exchanging insights on regional integration, innovation-driven growth, and ASEAN’s evolving investment landscape. The summit served as a valuable platform for dialogue and collaboration, further reinforcing Cambodia’s role as a growing country for investment and innovation in the region.
Strengthening Professional Education in Cambodia: A Landmark MOU Signing Ceremony
On 24th February 2026, we are honored to have witnessed a landmark moment for professional education in Cambodia! Our CEO, Mr. Eric Loo and Head of Growth & Strategy, Mrs. Edeza Banquilis, attended the official MOU signing ceremony between the Cambodia Institute of Technology and Agriculture (CITA), Business School of Accountancy (BSA) , and Association of Chartered Certified Accountants (ACCA) . The ceremony was a high-profile success, graced by H.E. Chea Kosal, Secretary of State and High Representative of H.E. Heng Sour, Minister of Labour and Vocational Training. At Banjaran AMC, we are proud to support initiatives that foster talent and drive sustainable economic development across the region.
Let’s Talk Investment! Topic on: Collective Investment Scheme (CIS)
Thank you to everyone who joined us today for this session on 16th January 2026 at ACLEDA Securities Plc., centered on building a clearer understanding of Collective Investment Schemes and their role in long-term investing. We truly appreciate the participants for the opportunity to share practical investment insights and contribute to building greater financial confidence within the Cambodian market. We look forward to continuing this learning journey together in the future!
市场展望
2024年9月市场展望：科技股面临逆风，人工智能 (AI) 估值受关注
自上期简报以来，科技股持续表现不佳，投资者开始质疑自人工智能概念兴起以来，这些公司所维持的高估值水平。毫无疑问，随着更多公司推出独立的人工智能产品，人工智能将在长期内带来生产力提升。此外，人工智能硬件的持续改进也可能加速未来的发展。 在评估当前投资环境时，我们预计人工智能相关机会的前路将不如过去一年顺利，因为投资者对这些人工智能投资及应用能否实现稳健回报的审视日益严格。 我们认为，人工智能的广泛采用将首先出现在提供模式识别与个人辅助的应用领域。这类应用虽非全新，但在过去一年已有显著进展。例如， Salesforce 最近推出了 Agent Force ，一款可针对不同行业应用灵活定制的客户服务机器人。与旧版聊天机器人相比， Agent Force 的早期用户在客户问题解决效率上提升了 40% 。在医疗领域，医生也日益利用人工智能辅助诊断和药物开发。从长期来看，我们在这些应用前景上具备良好的投资布局。 我们计划进一步布局的领域是人工智能相关硬件。目前，我们关注多家数据中心设备及电力管理公司。然而，这些板块整体估值偏高，且已被广泛投资。在启动重大仓位前，我们认为应采取更为审慎的策略。 人工智能格局无疑在迅速变化，我们将根据未来发展灵活调整投资仓位。
2024年8月市场展望：日元套息交易平仓引发全球市场波动
8 月初，股市出现突然波动，波动率达到自新冠病毒 (COVID-19) 疫情暴跌以来未见的水平。这主要源于日元套息交易的大规模平仓。此次平仓始于日本央行（ BOJ ）意外加息，导致日元迅速升值。此前借入低成本日元的交易者不得不抛售投资以偿还借款。随后，美国就业数据弱于预期，导致美元兑日元进一步贬值，情况进一步加剧。股市急跌后，日本央行向公众释出信号，表示在金融市场不稳定的情况下不会进一步加息。因此，我们认为目前套息交易不太可能引发新的市场波动。 我们对市场的整固持谨慎乐观态度。谨慎的原因在于，尽管基本面和经济数据呈放缓趋势，但美国整体股市估值仍处于高位。鉴于股市广泛复苏通常会带来短期看涨情绪，我们将继续关注近期市场走势。
2024年7月市场展望：中国信号参差不齐，美股谨慎乐观
中国经济仍受制造业支撑，而消费支出显著放缓。近期数据显示，零售销售增长低于预期，最新二季度国内生产总值 (GDP) 同比增速降至仅 4.7% 。然而，房地产市场出现积极迹象；购房宽松措施推动一线城市二手房销售显著回升，增幅达两位数。尽管早期数据可喜，但我们保持谨慎。以往观察表明， 2023 年放宽限制后房屋销售的增长通常是短暂的。因此，我们将密切关注即将召开的第三次全体会议，其政策导向将影响中国经济未来走向。 在美国，我们对中期经济前景保持谨慎态度。经济增速放缓及失业上升趋势尚未引发投资者警觉，主要原因是人工智能相关投资流入充裕。从长期来看，财政主导地位将是关键因素，国会预算办公室预测，美国债务占国内生产总值比例可能从目前约 120% 上升至未来 30 年的 200% 。这一预测对美国经济可持续性提出了合理担忧。然而，我们认为现状可能比预期持续更久。历史显示，试图把握市场高点往往导致巨大的机会成本。因此，我们将继续投资美国企业，同时警惕潜在的去美元化及长期债务风险。 在美联储近期表示准备降息的证词，以及市场对特朗普在即将到来的总统选举中可能获胜的预期影响下，我们观察到资金明显流向小市值股票。这些股票自新冠病毒 (COVID-19) 疫情冲击以来表现不及标普 500 指数。市场情绪似乎偏向 “ 无硬着陆 ” 情景，小企业可能因借贷成本下降和财政支出增加而受益，相较于大型企业表现更佳。然而，我们对该板块仍保持谨慎，尤其关注债务暴露较高的小型公司，因为全球需求放缓仍存风险。 总体来看，尽管中国通过制造业和房地产销售初步复苏显示出韧性，但整体经济前景仍参差不齐，需要密切关注未来政策变化。同时，美国市场在人工智能投资和潜在财政政策变动的推动下，呈现波动，投资者正在根据经济指标调整策略。在应对这些复杂局面时，我们将继续聚焦于发掘稳健投资机会，同时在不确定环境中平衡风险。
2024年6月市场展望：半导体强势领涨、美联储谨慎、人工智能 (AI) 长期潜力持续释放
全球股市持续刷新高点，主要由半导体板块的强劲表现所推动。这种高度集中的上涨趋势显示投资者正将重注押在少数行业上，某种程度上反映出市场对整体经济前景仍存谨慎。尽管半导体板块的增长令人瞩目，但这种单一板块驱动的行情也更易受到市场情绪变化的冲击，因此投资者仍需保持警惕。 在宏观层面，美国联邦储备局 (“ 美联储 ”) 保持谨慎态度，暂未释放明确的降息信号。受强劲就业数据和持续高企的通胀推动，美联储表示需要观察更多数据再做决策。尽管企业与消费者表现相对稳健，让许多分析师延后了对经济衰退的预测，但劳动力市场已出现放缓迹象，美国失业率自 2023 年低点的 3.4% 逐步上升至 4% 。这可能是更广泛经济疲软的前兆，与我们认为美联储今年仍可能进行一次降息的观点相一致。 相较之下，中国股市在年初政策提振带动的上涨后出现回调，主要因投资者获利了结。市场目前处于观望状态，等待房地产行业相关政策的进一步明朗。我们维持既有观点：中国的房地产挑战不太可能演变为系统性风险。中国政府已清晰表明其稳楼市的决心，并预计将视情况推出更具针对性的支持措施。 在科技领域，我们对人工智能推动长期生产力提升保持乐观。例如，近期一项研究显示，使用微软 GitHub CoPilot —— 一款人工智能驱动的编码助手 —— 的软件开发人员，任务完成速度比未使用者快 高达 56% 。这一显著效率提升凸显了人工智能 (AI) 对职场的深远变革潜力。 市场对人工智能的预期仍然极高，超级计算中心 (hyperscalers) 的投资预计到 2030 年前将以每年至少 20% 的速度增长。尽管客服、邮件摘要、图像生成等人工智能应用能带来即时节省成本的效果，但我们认为下一轮重大经济跃进将来自向通用人工智能（ “AGI” ）的演进。 目前的生成式人工智能模型虽然进展迅速，但仍受限于无法有效处理训练数据之外的任务。而 AGI 的发展将有望突破这一限制，使人工智能 (AI) 能够以更高准确性和多样性执行更广泛的任务。此外，人工智能在消费端应用仍有限，因为手机硬件的运算能力不足以高效处理大量人工智能 (AI) 任务。但随着人工智能基础设施投资不断加码，技术正快速演进，我们将持续关注企业如何突破创新边界并推动人工智能商业化的投资机会。 综上所述，尽管半导体股主导了 2024 年股市涨势，但由于上涨集中度高，我们认为应保持一定谨慎。美联储在劳动力市场走弱背景下推迟降息，也让市场前景更具复杂性。与此同时，中国房地产行业的政策促进仍在进行，而人工智能的长期潜力令人期待，但其全面变革作用仍需时间。面对这些动态变化的市场格局，我们将继续在不同板块与区域中，谨慎而有选择性地寻找投资机会。
2024年5月市场展望：在全球波动中把握策略性机遇
全球股市在四月份的回调后强劲反弹，主要受到美国经济数据降温及企业大规模回购潮的提振。我们预期，这种反复无常的市场行为将在利率下调的时间点更加明朗之前持续存在，投资者对任何宽松迹象都将保持敏感。随着美国大选临近，政策不确定性增加，我们也预计市场波动将进一步加剧。 在中国方面，政府已采取直接措施恢复房地产行业信心。西安、杭州、成都等主要城市全面取消购房限制，其他城市也相继推出更宽松的举措。更重要的是，中央推出了 3,000 亿元人民币的再贷款额度，让地方政府收购过剩房产库存并将其改造成保障性住房。此项政策受到市场积极反馈，推动中国股市大幅上涨。 然而，我们认为，要让这一政策在更广泛的房地产领域产生实质影响，其规模很可能需要进一步扩大。若政策持续加码，房价有望企稳，消费者信心亦可能回升。与此同时，中国政府推动的大规模设备更新和耐用品 “ 以旧换新 ” 计划旨在未来几年提振私人消费增长。近期出台的取消房贷利率下限和降低首付比例等措施，也进一步表明了中国稳经济的决心。 随着第一季度财报季结束，我们观察到美国大型企业表现分化。可选消费公司普遍反映消费者支出放缓、消费行为更趋谨慎；而具有国际业务的公司则指出中国消费复苏进度不及预期。相对地，美国科技企业仍保持强劲增长，尤其是受益于人工智能发展的公司。 在中国也出现类似趋势：科技公司继续扩张，而多数行业的消费支出仍然疲弱。不过，我们注意到，中国消费群体处于上升通道，而美国消费则显现放缓迹象。 在主要经济体可能迎来拐点的背景下，我们计划基于现有持仓，在美中两大市场采取高度选择性的投资策略。尽管日本近期经济数据偏弱，但我们对其持续推进的公司治理改革保持乐观，并认为这将为长期股东回报带来积极影响。 展望未来，我们将专注于在不确定性中稳健前行，并在不断变化的市场环境中捕捉具备吸引力的结构性投资机会。
2024年4月市场展望：在通胀、利率及地缘政治风险中把握波动
近期，受美国通胀与零售销售数据持续高于预期影响，债券及股票市场波动加剧。对此，美联储再次选择按兵不动，暂不降息，等待更多全面的数据以作进一步决策。美联储的谨慎态度促使投资者大幅调整利率预期，直接影响了股市表现。鉴于近期大宗商品价格显著上涨，我们认为市场对通胀反弹的担忧是合理的，这些因素可能推动未来几个月的物价上涨。目前来看，我们判断近期股市波动更多是对债券收益率上升的短期反应，我们将继续密切关注这一趋势。 在中国方面，政府对 “ 白名单 ” 房地产项目的支持取得显著进展，截至 3 月底，相关融资规模已达 4,690 亿元人民币，远高于此前披露的约 2,000 亿元。鉴于中国住宅房地产市场规模庞大，我们预计未来还将有更多资金投入。此外，市场普遍预期中国人民银行将通过公开市场操作逐步增加国债交易量，这被视为一种货币政策宽松的信号。连同中国第一季度 GDP 表现和 PMI 改善，这些都是积极的经济信号。然而，我们也注意到部分关键指标出现放缓，例如零售销售和工业生产仍然疲弱，显示国内经济复苏力度仍显不足，我们将在未来几个月继续追踪这些变化。 在地缘政治方面，伊朗与以色列的紧张局势正持续升温，以色列正考虑对伊朗近期的无人机袭击进行回应。这一局势有可能推升原油价格，短期内增加通胀压力。同时，美中关系仍是长期结构性风险。近期，美国国会提出一项法案，拟禁止共同基金投资包含中国股票的指数。这与过去一年全球投资组合对中国资产的配置下降趋势一致。受此影响，目前美国股市相较中国股市的估值溢价已显著高于历史平均水平。我们认为，一旦中国经济稳定并重回可持续增长轨道，这一估值差距或有望收窄。 短期而言，美国的通胀压力和中国经济的不确定性仍可能为股市带来挑战。然而，我们分析当前数据后认为，这更可能是由于发达市场高估值引发的阶段性调整。随着市场波动带来新的错价机会，我们将继续关注并把握潜在的投资良机。