2019年,艾捷盛基金管理公司(AEGIES FUND MANAGEMENT PLC.)於柬埔寨註冊,並於2021年8月16日取得當地證監會 (Securities and Exchange Regulator of Cambodia,SERC) 特許金融執照,為一領先的獨立財富與資產管理公司。我們匯聚當地大型銀行、專業信託機構、全球四大會計師、以及專業律師事務所的協力合作,並導入具有豐富經驗的台灣投資團隊,提供全球投資人兼顧安全性與高投報的金融商品。

艾捷盛基金管理公司隸屬於台灣上櫃公司樺晟集團(3202),延續集團服務使命「聚焦新興市場、實現普惠金融」,結合集團資源,打造具有高競爭力的基金產品,成功將集團資源優勢移轉至投資人的投資績效上。

我們專注於風險最小化,這是我們所設定的投資組合報酬最大化的關鍵,也因此,我們積極管理各式的風險。為了達到此一目的,無論是投資團隊、或是集團內外部監管系統,均擁有良好且即時(Real time)的資訊系統與對法規熟悉、嚴格控管風險的後勤部門。

AEGIES FUND MANAGEMENT PLC.獲核准之基金執照為營業項目最廣泛的全執照,可經營之基金業務項目如下:

  1. (1)成立與管理集合投資計畫 (Collective Investment Scheme, CIS) 中的公募基金;
  2. (2)成立與管理集合投資計畫 (Collective Investment Scheme, CIS) 中的不動產投資信託基金;
  3. (3)成立與管理集合投資計畫 (Collective Investment Scheme, CIS) 中的私募基金;
  4. (4)透過資訊科技系統成立與管理集合投資計畫 (Collective Investment Scheme, CIS)中的公募或私募基金;
  5. (5)作為眾籌業務 (Crowdfunding) 的中介。

「綠色」Green

「普惠」Inclusive

「賦能」Empowering

「綠色」Green

「普惠」Inclusive

「賦能」Empowering

投資理財
柬埔寨總體經濟概況

柬埔寨總體經濟概況 柬埔寨位於東南亞中南半島,為聯合國會員國及東南亞國協(ASEAN)成員國。西部和西北部與泰國接壤,東北邊有寮國,東部有越南,南部則面向暹羅灣。首都金邊,總面積約18萬平方公里,約台灣的5倍大。 柬埔寨的人口結構是有利於經濟發展的正金字塔型。截至2020年,柬國人口總數為1,672萬人,平均年齡爲27歲,且34歲以下的年輕人占總人口的70%。自然資源豐富,森林覆蓋率為61.4%,富含礦產資源。高度開放的自由市場經濟促進私有化和貿易自由化。1993年憲法規定,柬埔寨是君主立憲制王國,立法、行政、司法三權分立,總理洪森掌權將近35年,政治穩定。柬埔寨人民黨目前取得國會全數125席,在政權穩定的基礎下,伴隨經濟目標明確,柬埔寨的投資環境已受到國際青睞,包括日本、韓國、中國、以及東南亞鄰近國家均早已投資布局。 柬埔寨政府與多國已簽署貿易協定,包括東協自由貿易協定(AFTA)(於1999年加入東協並適用該協定)、與中國簽訂自由貿易協定(2020年10月簽署)、簽訂區域全面經濟夥伴協定(RCEP)(2020年11月簽署)、及與韓國的雙邊自由貿易協定(2021年2月簽署)。 一、經濟成長率 2011至2019年,柬埔寨平均經濟成長率達7%以上,尤其2018年經濟成長率更高達7.47%。2020年受到COVID-19疫情影響,經濟成長率負成長3.1%。在柬國政府疫情控管及施打疫苗覆蓋率有所提升下,各界對柬埔寨2022年經濟展望多屬正面,包括柬國副總理兼財經部部長悟剖蒙(Aun Pornmoniroth)表示,2022年柬國經濟成長率將達4.8%。此外,世界銀行日前針對東亞和太平洋地區的最新經濟動態評論報告中指出,柬埔寨經濟將在2022年成長率達5.2%以上。IMF更預測,柬埔寨經濟成長率2022年可望提升至6%以上。 表1 柬埔寨歷年經濟成長概況    資料來源: National Bank of Cambodia。   二、失業率 根據世界銀行(World Bank)資料顯示,2008以來,柬埔寨失業率均維持在1%以下,2020年失業率為0.31%,就國際水準而言尚屬偏低。低失業率代表經濟體系內各業呈現較活絡的情況。 圖1 柬埔寨失業率 資料來源: 世界銀行(World Bank)。 說明:圖中上方折線部分代表失業率,下方直條圖代表失業率的變動百分點。   三、物價 柬埔寨的通膨水準為溫和良性成長,有助於經濟正向發展。根據柬國央行NBC統計,2011年至2020年間,消費者物價指數(CPI)平均年增率為2.97%,就高速發展中的國家而言尚屬溫和。IMF預測,隨著經濟從2020年的低迷中復甦,2021年柬埔寨的CPI將上升3.1%,低於新興市場和發展中經濟體2021年平均上揚4.9%的預測值。 圖2 柬埔寨CPI年增率 資料來源: National Bank of Cambodia。   四、利率 根據柬國央行數據顯示,商業及專業銀行一年期定期存款利率平均為4.28%、平均放款利率為10.15%,其中存在了約6%的利差空間。若以活期存款及短期信用卡借款利率的差距來看,利差空間更擴大至17個百分點。   圖3 柬埔寨銀行存放款利差 資料來源: National Bank of Cambodia。   五、匯率 柬埔寨無外匯管制,美元為主要交易貨幣,因而較能避開匯率波動風險。而柬幣瑞爾(Riel)和美元間匯率也相對穩定,自2009年至2020年,匯率大致在4,000上下波動,平均約為4,049瑞爾兌1美元,平均年波動度為-0.27%,顯示柬幣相對美元微幅升值。 圖4 柬埔寨匯率走勢 說明:匯率係以1美元兌換之瑞爾(Riel, KHR)表示。 資料來源: National Bank of Cambodia。   六、進出口貿易 柬埔寨主要出口產品為成衣製品,佔總出口額50%以上,其次為紡織、鞋類、白米及自行車等;主要進口品為服裝原料、汽車、食用油和建築材料。出口主要銷往美國、日本、德國、中國和英國等五國;進口則主要來自中國、泰國、越南、日本和韓國。根據柬國央行(NBC)2021年9月發布的國際收支報告顯示,2020年商品出口額約184億美元,進口額約210億美元,貿易赤字佔GDP比率由2019年的16.3%縮小至10.4%。   七、外資直接投資概況 2020年柬國央行金融穩定報告指出,外資直接投資(FDI)柬國金額約35億美元,較2019年下降1%,主要投資於金融、建築和房地產及製造業等。其中外資投資金融業因銀行增資、新銀行設立以及微型銀行轉變商業銀行等,皆是國外投資金融產業金額較2019年成長12.8%的原因。而投資於非金融產業如建築和房地產及製造業金額則相對2019年下降9.4%。2020年中國為國外直接投資柬國的第一大國家,占比為51%,其次為新加坡、韓國及日本等國。2021年第2季,國外直接投資金額為8.2億美元,較2020年同期7.9億美元微幅成長3.8%。   圖5 外人直接投資柬埔寨產業及國家佔比 資料來源: National Bank of Cambodia Finacial Stability Review 2020。   八、結論 整體而言,2018、2019年因中美貿易戰,許多產業紛紛移出中國,轉移至東南亞國家如越南、柬埔寨等。與全球情勢相比,柬埔寨總體經濟環境相對穩定,因而帶動了柬埔寨在2018年到2019年間GDP成長率皆達7%以上。而2020年因受到COVID-19疫情影響,經濟成長有所下滑。 在疫情已漸趨緩下,柬埔寨總理洪森於2021年11月1日宣布全面恢復開放,也顯示政府對疫情控制的信心與決心。目前柬埔寨將近86%的人口已完成疫苗接種,為亞洲疫苗接種率最高的國家之一。2022年,柬埔寨將成為東協輪值主席國,該國政府表示,將積極加強與新加坡投資合作關係、及推動區域全面經濟夥伴關係協定實施進度。 綜合上述說明,柬埔寨擁有低失業率及溫和通膨,以及在高利差、勞動成本低、經濟快速成長等因素交互作用下,成功吸引外國投資人投資柬埔寨。在政治穩定以及經濟升溫之際,柬埔寨的未來展望可以樂觀期待。

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柬埔寨新聞集錦
柬埔寨新聞周報 2022/11/07~11/11

柬埔寨新聞周報 2022/11月 07- 11日 07 November 2022 National Policy Framework for Economic Productivity 2022-2035 unveiled 柬政府公佈 2022-2035 年國家經濟生產力政策框架 The Royal Government of Cambodia has announced the implementation of the National Policy Framework for Cambodia’s Economic Productivity 2022-2035 in order to increase investment and trade attractiveness and improve Cambodia’s national economic productivity, according to a senior official of the Ministry of Economy and Finance. Aun Pornmoniroth, Minister of Economy and Finance and Chairman said “The National Policy Framework for Cambodia’s Economic Productivity is a socio-economic policy framework and aims to achieve economic security and well-being of the people by increasing their income, support the needs of the nation, address the challenges and risks of disruption in the global supply chain and energy insecurity by increasing access and capacity”.  新聞來源: Khmer Time  08 November 2022  PM Hun Sen encourages more Vietnamese investors to invest in Cambodia 洪森總理鼓勵更多越南投資者在柬埔寨投資  Cambodian Prime Minister Hun Sen has encouraged more foreign investors, particularly the Vietnamese, to invest in Cambodia, especially in areas with high potential such as modern agriculture, food processing, and light manufacturing industry. Mr. Hun Sen also announced to assure all investors of a conducive environment, especially peace, security, and political stability, as well as macroeconomic stability, effective legal and institutional framework, transparency, accountability, and predictability. 新聞來源:Khmer Time    09 November 2022  Finance ministry prepared to launch ‘CamDL’ 財政部準備推出「柬埔寨分散式帳本」(“CamDL”) The finance ministry is set to officially launch a distributed ledger platform on November 13 in the latest move aimed at enabling the budding Cambodian financial technology (fintech) sector to harness the potential of emerging technologies to drive innovation in the broader financial industry. The Ministry of Economy and Finance said in a statement that Cambodia Distributed Ledger (CamDL) is a “hybrid permissioned blockchain” designed to provide the public with a platform for testing, understanding, experimenting, and developing Decentralised Applications (Dapp), or those in the Web3 space, to solve daily challenges in the industry and the broader community.  新聞來源:The Phnom Penh Post  10 November 2022 Protocol paves way for sales of local pepper to Chinese market 柬中簽署協議,為胡椒銷售中國市場鋪平道路 A newly-signed document marking a major step towards the export of Cambodian peppercorn to China has sparked optimism among agricultural players for meaningful improvements in the production and international sales of the dried fruit, as well as related investment. Kampot Pepper Promotion Association (KPPA) is Cambodia’s apex industry body for Kampot pepper – the most highly-prized variety of the Kingdom – which is grown in the coastal province of the same name and is the sole cultivar protected under national geographical indication (GI). 新聞來源:The Phnom Penh Post   10 November 2022 Cambodia welcomes all businesses and investments from all ASEAN members, says Premier 總理表示歡迎所有東協成員國企業來柬投資 Prime Minister Hun Sen said that as a part of the ASEAN agreement, Cambodia welcomes all businesses and investments from all ASEAN member countries and all parties. ASEAN Business and Investment Summit 2022 (ABIS 2022) is a major event in Southeast Asia and an important forum for the business community to meet directly with country leaders and company presidents to address challenges in the region. Mr. Hun Sen proposed the establishment of the “ASEAN Green Deal” in order to contribute to the response to the effects of climate change, natural disasters, and environmental damage, as well as help, guide ASEAN towards a green, sustainable, and highly competitive future in economic terms. 新聞來源:Khmer Time   11 November 2022  Kookmin Bank Cambodia’s Smart Loans cross $10 million 柬埔寨國民銀行的智能貸款金額已超過 1000 萬美元   KB Kookmin Bank announced on Nov. 9 that KB Smart Loans topped $10 million in Cambodia. KB Smart Loan is a non-face-to-face credit loan product offered by its subsidiary Kookmin Bank Cambodia. KB Smart Loan is a non-guaranteed credit loan product that allows customers to receive a loan of up to US$30,000 through non-face-to-face personal authentication without visiting an offline branch. Kookmin Bank plans to target the digital financial market with non-face-to-face products to preoccupy the mobile financial market in Cambodia. 新聞來源:Khmer Time   11 November 2022  Cambodia and Thai PMs push for $15 billion trade in two years 柬泰兩國總理力促兩年內推動雙邊貿易額達 150 億美元 Prime Minister Hun Sen and his Thai counterpart General Prayut Chan-o-cha have discussed concrete measures to promote bilateral trade exchange, with the goal of reaching $15 billion in two years. The two prime ministers expressed their satisfaction at the increase in bilateral trade exchange despite the challenges brought about by Covid-19, and other bilateral cooperation, according to a press statement by the Ministry of Foreign Affairs and International Cooperation. The two prime ministers stressed the importance of strengthening cooperation in education, human resource development, defense and security, tourism, railway connection, clean energy, and the fight against transnational crimes such as illegal border crossing and human trafficking.  新聞來源:The Phnom Penh Post    

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柬埔寨新聞集錦
柬埔寨新聞周報2022/10/31~11/04

柬埔寨新聞周報2022/10月31日- 11月04日 31 October 2022 CSX Trade and MTS apps make investing fast, easy and secure CSX Trade 和 MTS App讓投資變得快速、簡單和安全 In order to trade the securities listed on the Cambodia Securities Exchange (CSX), investors should contact any securities company licensed by the Securities and Exchange Regulator of Cambodia (SERC) via telephone or email, or by visiting them directly. In 2022, CSX modernized the MTS, launching a newly enhanced trading platform on a mobile app – “CSX Trade”. It’s available on both IOS and Android platforms and is an updated version of MTS. With this mobile app, all of an investor’s orders will be passed through the securities company’s system, ensuring security before even entering it. Investors can place buy and sell orders, modify orders and cancel submitted orders, as well as check their shares and cash balance. In addition, CSX Trade also comes with a number of functions that allow investors to follow the status of current market orders, check previous orders and personal account balances, as well as access the latest information and data to support their investing. 新聞來源: The Phnom Penh Post  31 October 2022  Commerce ministry, Chinese firm sign swiftlet nest exports MoU 商務部與中國企業簽署燕窩出口諒解備忘錄 The Ministry of Commerce (MOC) signed a Memorandum of Understanding (MoU) with Chinese firm Cambodia (Xiamen) Commercial Centre to boost exports of swiftlet nests to China. The MoU looks at promoting gateway openings for trading swiftlet nest products between Cambodia and China and enhancing business networks through organizing trade events such as business forums, business matching, and participation in trade exhibitions.  新聞來源:Khmer Time    01 November 2022  Royal Railway issues $10M bond on CSX 皇家鐵路於 CSX 發行 1000 萬美元債券 Train operator Royal Railway Plc, a subsidiary of local conglomerate Royal Group of Companies Ltd, on October 31 became the eighth firm to list a corporate bond on the Cambodia Securities Exchange (CSX) to raise 41 billion riels, or about $10 million, to expand their operations. A total of 410,000 units were issued at a par value of 100,000 riels, carrying a per-annum coupon rate of seven percent paid annually and a 10-year tenor with a maturity date of October 10, 2032, according to the CSX website, which noted that the bond was underwritten by SBI Royal Securities Plc. Speaking at the listing ceremony, Royal Group chairman Kith Meng confirmed that a second, $20 million bond is planned for later this year, as “part of my commitment and ongoing investment into the railway”, “to give the country and its people a reliable safe and economic service” and “assist in the economic growth” of the country. 新聞來源:The Phnom Penh Post  02 November 2022 Cambodia promotes awareness of sustainable financing from the Cambodia Securities Exchange 柬埔寨透過柬埔寨證券交易所倡導對永續金融的認識 In the morning of November 2, 2022, the Cambodia Securities Exchange (CSX) organized a workshop on “Sustainable Financing” in line with the Strategic Plan for Green Development 2013-2030 and the support of relevant institutions in the development of sustainable financing. Period of raising capital from the Cambodia Securities Exchange. The workshop aims to raise awareness of sustainable financing, including green bonds with benefits to stakeholders. The Cambodia Securities Exchange (CSX) recently launched an online trading account opening system that will allow investors to Open accounts everywhere and can facilitate more investors and increase trading as well.  新聞來源:Cambodia Financial Times   02 November 2022 Canadia Bank signs Credit Facility Agreement with Export-Import Bank of Thailand 加華銀行與泰國進出口銀行簽署信貸協議 Canadia Bank, one of the long-established and largest commercial banks in Cambodia, signed a Credit Facility Agreement with the Export-Import (EXIM) Bank of Thailand on 31st October 2022 in Bangkok. Canadia Bank is the first bank in Cambodia that EXIM Thailand collaborated on the credit facility initiative. Under the credit facility agreement, Canadia Bank secures a new funding source from EXIM Thailand to provide business loans to investors and entrepreneurs of Thai franchises and/or related businesses in Cambodia that purchase goods, products, and/or services from Thailand.  新聞來源:Khmer Time   03 November 2022  Acleda Financial Trust buys more Acleda Bank shares Acleda Financial Trust 購買更多 Acleda銀行股票   The number of shares Acleda Financial Trust (AFT) bought from Acleda Bank Plc, listed at the Cambodia Securities Exchange (CSX), rose by nearly 50 percent or 1.639 million shares as of October this year, from 3.329 million shares in July, according to a bank statement. AFT holder of about 26 percent of the total number of shares in Acleda Bank Plc in 2021 and bought 4.968 million shares of ABC on CSX. As of the end of October, this year after AFT’s board of trustees and regulators decided to buy the bank’s bourse-listed shares from 2022 to 2026 based on its internal budget plan and five-year strategy released early this year.  新聞來源:Khmer Time   04 November 2022  $200 million sovereign bond planned for 2023 柬埔寨計劃於2023年發行 2 億美元的政府公債 The government plans to issue a $200 million sovereign bond in early 2023, on top of the remaining tranches of the $300 million bond it issued in September through the National Bank of Cambodia (NBC). These figures match the limits prescribed by the annual laws on Financial Management for their respective year, Ministry of Economy and Finance spokesman Meas Soksensan confirmed. He said “The issuance of the 2023 sovereign securities may start at the beginning of the year. Detailed plans are to be published on the Ministry of Economy and Finance’s website in the near future,” and, noting that exact dates will depend on “the actual market situation”. SERC director-general Sou Socheat said assured that the issuance process would not be significantly different from year to year, save for the value of the issuance. The government usually diversifies its debt, meaning that we can borrow from abroad as well as internally by issuing sovereign securities. This is not uncommon, and from now on we will issue one a year.     新聞來源:The Phnom Penh Post    

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柬埔寨新聞集錦
柬埔寨新聞周報2022/10/24~10/28

柬埔寨新聞周報2022/10月24- 28日 24 October 2022 Cambodia to launch energy efficiency policy soon 柬埔寨即將推出能源效率政策 Cambodia will soon launch its National Energy Efficiency Policy that aims to create a more resilient and low-carbon energy sector, said Say Samal, Minister of Environment. While giving his opening remarks at the Second Cambodia Climate Change Summit 2022 (CCCS22) in Siem Reap, the minister said the government wants to see more excellent initiatives in energy efficiency efforts, hoping that the new policy expected by the end of this year will contribute to this. 新聞來源: Khmer Time  24 October 2022  Cambodia Stock Market Exhibition “My First Stock 2022” 柬埔寨股市展“我的第一支股票2022” In the morning of October 21, 2022, the Securities and Exchange Regulator of Cambodia (SERC) collaborated with the Cambodia Securities Exchange (CSX) to organize the Cambodia Stock Market Exhibition "My First STOCK 2022". This program is organized for three days, from October 21 to 23, 2022, at AEON Mall Phnom Penh. Participating in this program, the public will be able to understand about the investment method in securities in Cambodia which is a good source to create passive income which is the beneficial for every investor. the public who are interested in trading securities could ask questions directly to the SERC, CSX, Cash Settlement Agent related to securities, Securities Firm, and Issuers that are licensed, Approved or accredited by the SERC. Moreover, the teams from the SERC, CSX, Securities Firms and Listed Companies provided the information or answer inquiries related to the securities market, especially the public can open Investor ID and trading account for free. 新聞來源:SERC FB page   25 October 2022  Real-estate ETFs on CSX by 2023, says regulator chief 監管機構負責人表示,2023 年前房地產 ETF將於CSX交易  Securities and Exchange Regulator of Cambodia (SERC) plans to authorize the creation of real-estate exchange-traded funds (ETF) by 2023, and allow them to be traded on the Cambodia Securities Exchange (CSX), raising additional capital for the real estate sector to catalyze economic development. SERC director-general Sou Socheat said that the agency is preparing the regulations for licensed fund management companies to raise money on the stock exchange to invest in real estate projects, calling on interested firms to “gradually prepare themselves”. Once these exchange-traded products are authorized, property funds can be converted into ETFs and listed on the CSX, granted that they meet the eligibility criteria and that the necessary procedures are followed, he said. 新聞來源:Phnom Penh Post   25 October 2022 UAE trade deal talks may finish in 2023 阿聯酋貿易協定談判可望於2023 年完成 Formal talks on the Cambodia-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) will likely be completed by 2023, and result in a deal far more beneficial for both countries than the bilateral free trade agreements (FTA) that the Kingdom has entered, according to a senior commerce ministry official. At the ceremony, Sorasak commented that the UAE is Cambodia’s top trading partner in the Middle East, accounting for about three-fifths of total trade with the region by value and that the CEPA would support the development of trade relations between the two countries, the statement said. 新聞來源:Phnom Penh Post   26 October 2022 Cambodia, Singapore to enhance energy cooperation 柬埔寨與新加坡將加強能源合作 Cambodia and Singapore signed the memorandum of understanding on energy cooperation, paving the way to energy transition infrastructure development and investment opportunities in energy connectivity in the ASEAN region. The cooperation is expected to enhance energy security and sustainability in the region. This cooperation is beneficial and a step towards the vision of ASEAN energy connectivity, in which the two countries are like-minded partners, taking into account common interests and common goals towards cleaner and more energy-efficient sources and towards zero emissions at or between the middle of the century, said Heng Kunleang, director-general of the ministry’s energy department. 新聞來源:Khmer Time   26 October 2022 Underrated financial assets: The small and medium-sized enterprise  被低估的金融資產:中小企業   Based on the Royal Government of Cambodia’s July 2005 “SME Development Framework”, small and medium-sized enterprises (SMEs) are defined as businesses with fewer than 100 employees and an asset value of less than $500,000. These enterprises are largely responsible for driving innovation and competition in the Cambodian economy. Investment in SMEs provides investors with a distinct set of benefits often not found when investing in larger firms. Investing in large companies most certainly provides investors with the most stable potential for profits. Investors can consider investing in Cambodia’s publicly listed SMEs on the CSX. These listed SMEs have been verified and approved by the SERC to have met strict requirements and standards, in areas such as corporate governance, profitability, financial stability, transparency and accountability. 新聞來源:Phnom Penh Post    27 October 2022 Per-diem CSX trading may reach $100M by 2030: CEO CSX總經理表示,2030 年前CSX每日成交額可能達 1 億美元   The average daily trading value on the Cambodia Securities Exchange (CSX) could well reach $1 million by 2023 and $100 million “over the next seven years”, buoyed by the growing public interest in local securities, according to the bourse’s CEO Hong Sok Hour. He said that “more than 2,000” CSX trading accounts were opened from October 21-23 – corresponding to the three-day “My First Stock 2022” stock market exhibition – which he affirmed is equivalent to the number normally created over “seven months”. Meanwhile, PP Link Securities Co Ltd (PPLS) said it enrolled many new CSX investors at the three-day event, yielding in 730 new trading accounts.     新聞來源:Phnom Penh Post   28 October 2022 GDT’s tax collection target for 2023 up by $750M 賦稅總局(GDT) 2023 年稅收目標增加 7.5 億美元 The General Department of Taxation (GDT) has been given a stiff tax collection target of $3.5 billion for next year, $750 million more than the current year’s budget target, said Kong Vibol, Minister attached to the Prime Minister and Delegate of the Royal Government in charge as Director General of the GDT, yesterday. The figures for the first nine months showed that the GDT collected 104 percent of the target set for 2022 and the current pace indicated that by year-end it would have a surplus collection of 15 to 20 percent, the Director General said.  新聞來源:  Khmer Time

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