Cambodia and the U.S. set to launch trade negotiations in mid-May

/ May 5, 2025


News Highlights

Economy and Industry

Cambodia and the U.S. set to launch trade negotiations in mid-May Trade discussions between Cambodia and the United States are scheduled to take place in Washington, D.C., on May 14-15, 2025. These talks aim to strengthen bilateral economic relations, explore new trade opportunities, and address existing trade barriers. Key topics on the agenda include tariff reductions, market access for Cambodian agricultural products, and potential U.S. investments in Cambodia's manufacturing and technology sectors. The negotiations come at a crucial time as Cambodia seeks to diversify its export markets beyond traditional partners like China and the EU. Both nations are expected to discuss ways to enhance cooperation in areas such as digital trade, intellectual property rights, and sustainable development. (Source: Khmer Times)

Cambodia's digital service strategy aims to transform business environment Cambodia has introduced a new e-service strategy designed to modernize its business landscape by enhancing digital infrastructure and improving online service delivery. The initiative focuses on streamlining administrative processes, reducing bureaucratic hurdles, and fostering a more competitive digital economy. Key components include expanding e-governance platforms, improving internet accessibility, and promoting digital literacy among businesses and citizens. The strategy aligns with Cambodia's broader economic goals of attracting foreign investment and increasing efficiency in both public and private sectors. By digitizing services such as business registrations, tax filings, and licensing, the government aims to reduce corruption, increase transparency, and create a more business-friendly environment. (Source: Khmer Times)

Asian Development Bank launches $40 billion program to combat food insecurity in Asia The Asian Development Bank (ADB) has unveiled an ambitious $40 billion commitment (2022-2030) and comes in response to worsening hunger crises exacerbated by climate change, supply chain disruptions, and economic instability. The initiative adopts a holistic approach targeting the entire food value chain. Of the additional $26 billion funds, a substantial $7.5 billion allocation will catalyze private sector investments in agricultural technology and infrastructure, while remaining funds will support government-led projects in sustainable farming, irrigation modernization, and climate-resilient crop development. This initiative aligns with the UN Sustainable Development Goals and is expected to benefit over 1.4 billion food-insecure people in the region. (Source: Khmer Times)

Corporate News

CDC, Malakoff Corporation, and GAEA explore investment opportunities in Cambodia Representatives from Council for the Development of Cambodia (CDC), Malaysia's Malakoff Corporation, and Thailand's GAEA plc recently met to discuss potential investment ventures in Cambodia. The discussions centered on renewable energy, infrastructure development, and sustainable agriculture, aligning with Cambodia's push for green economic growth. Malakoff, a major power producer, expressed interest in Cambodia's energy sector, particularly solar and hydropower projects. GAEA, a Thai agribusiness firm, explored opportunities in food processing and export-oriented farming. The meeting highlights Cambodia's growing appeal as an investment destination in Southeast Asia, with foreign investors recognizing its strategic location, improving regulatory environment, and untapped market potential. (Source: Khmer Times)

Stock Market

CSX inches up as PEPC leads gains; trading volume hits 131K shares On 05 May 2025, the CSX Index edged up by 0.03%, closing at 410.7 points. On the Main Board, PEPC (+9.02%), GTI (+0.85%), PPAP (+0.71%), MJQE (+0.46%), PAS (+0.34%), and PWSA (+0.32%) led the gainers, while ABC (-0.84%) and PPSP (-0.47%) posted losses. CGSM remained unchanged. On the Growth Board, DBDE and JSL recovered by 0.48% and 1.27%, respectively. Total trading volume for the day reached 131,547 shares, with a turnover of KHR 825 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
410.73 0.03 131,547 11,016

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 6,320 0.32 0.00 -0.63 6,340 6,260 17,873 550
GTI 7,140 0.85 0.56 40.55 7,140 6,280 33,016 286
PPAP 14,200 0.71 0.85 2.60 14,200 13,900 901 294
PPSP 2,100 -0.47 -0.47 -3.23 2,180 2,100 8,513 151
PAS 11,980 0.34 0.17 3.63 11,980 11,640 1,510 1,028
ABC 7,100 -0.84 -0.28 -5.84 7,160 6,980 212,103 3,075
PEPC 2,780 9.02 6.11 16.32 2,800 2,550 531 208
MJQE 2,170 0.46 -0.91 4.33 2,190 2,100 48,877 703
CGSM 2,410 0.00 -0.41 -0.82 2,430 2,390 6,401 4,722
DBDE 2,100 0.48 0.00 1.94 2,100 2,080 6,895 39
JSL 3,190 1.27 0.31 -6.73 3,230 3,090 1,354 82
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** 3Q24 1,279 12,359 4.94 0.51 1.40 10.13
GTI 4Q24 48 7,057 148.75 1.01 0.85 26.07
PPAP** 4Q24 2,550 22,115 5.57 0.64 1.73 3.49
PPSP** 4Q24 220 3,866 9.56 0.54 2.84 5.01
PAS 4Q24 1,478 8,224 8.11 1.46 2.24 8.00
ABC 4Q24 1,140 13,790 6.23 0.51 0.94 NA
PEPC* 1Q25 -1,009 -17 NA -161.51 4.86 NA
MJQE 4Q24 37 307 58.45 7.07 4.29 13.00
CGSM 4Q24 52 606 46.33 3.97 6.74 15.99
JSL 4Q24 14 685 227.82 4.65 4.56 19.47
DBDE 4Q24 23 1,840 91.87 1.14 0.54 8.29
NOTE: ttm= trailing-twelve months; mrq = most recent quarter; *FY ending in June, **excluding non-voting shares

Corporate Bonds

Trading Summary


Bond Symbol Trading Vol (Units) Trading Val (KHR'mn) Latest Yield Credit Rating Bond Feature Coupon Rate (%) Days to Maturity
ABC32A 0 0.0 - - khAA Subordinated Bond 8.50% 2,454
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,496
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,116
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,320
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,767
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 945
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,507
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,715
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 962
RRGT32B 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) and Year 6 to Year 10: SOFR+3,75% or 5% per annum (take which one is higher) 2,789
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,441
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,441
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,441
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 238.1 312.0 175.3 10.0 0.0
Outstanding (KHR'bn) 58.0 240.0 175.3 10.0 0.0
Issuance ('K units, Latest) 34.0 0.0 90.0 0.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.50% 4.75% 5.25%
Successful yield (Latest) 3.25%   - - -
Latest bidding 23-Apr-25 19-Feb-25 19-Mar-25 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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