Cambodia accelerates shift to renewables

/ September 9, 2025


News Highlights

Economy and Industry

Cambodia accelerates shift to renewables Cambodia has approved two new wind energy projects in Mondulkiri province with a cumulative 300 MW capacity and an investment of $430 million, signaling a significant step in its clean energy transition. One 150 MW facility is expected to launch in 2026. These projects align with Cambodia's national goals of increasing clean energy share to 70 percent by 2030 and achieving carbon neutrality by 2050. Wind power complements the country's existing renewable energy mix, which is heavily reliant on hydropower and solar, by providing electricity during the dry season. The integration of wind power is intended to strengthen and diversify Cambodia's energy supply, making it more affordable and sustainable, and attracting foreign investment in green energy. (Source: Khmer Times)

Over 2,000 projects greenlit in H1 as construction sector recovers Cambodia's construction sector is experiencing a gradual recovery in the first half of 2025, marked by a 22% year-on-year increase in approved construction projects to 2,011, and a 69% rise in approved floor area to 10.37 million square meters. Residential developments, particularly affordable housing priced under $80,000, are driving this upturn, while high-end projects and commercial sectors remain subdued. Investment in special economic zones is also contributing to industrial construction, such as factories and warehouses. Overall investment in Cambodia surged by 71% in value to $7.2 billion in the first eight months of 2025. Imports of construction materials also rose by 9.8%. Despite the positive signs, the recovery is described as slow-paced, with the construction sub-sector forecast to grow at a moderate pace, supported by ongoing residential and industrial construction. (Source: The Phnom Penh Post)

Deal struck to streamline banking dispute settlement The National Authority for Alternative Dispute Resolution (NAADR), the Association of Banks in Cambodia (ABC), and the Cambodia Microfinance Association (CMA) have signed a Memorandum of Understanding (MoU) to enhance financial dispute resolution in Cambodia. This agreement aims to improve efficiency, transparency, and investor confidence by strengthening mediation and dispute resolution processes within the banking and finance sector. The MoU focuses on capacity building for dispute resolution officers, promoting out-of-court settlements through various collaborative events, and enhancing Cambodia's dispute resolution mechanisms to be more diverse, effective, and accessible. This initiative aligns with the Royal Government's priorities and is expected to bolster consumer protection and foster a more resilient financial ecosystem. (Source: Khmer Times)

Corporate News

New Mastercard chief to boost digital payment adoption in Cambodia Financial expert Sharad Jain has been appointed as Mastercard's Country Manager for Cambodia, Vietnam, and Laos. His appointment is at a critical juncture for Cambodia, which is focused on developing its digital economy and enhancing financial inclusion through initiatives like the Cambodia Digital Economy and Society Policy Framework 2021-2035. With over 22 years of experience in financial services, Jain will oversee Mastercard's strategic direction and operations in these markets, focusing on advancing secure digital payment solutions and fostering collaborations with government bodies, banks, and merchants. He previously served as Vice President, Regional Account Management, Southeast Asia at Mastercard in Singapore and succeeds Winnie Wong. Safdar Khan, Division President, Southeast Asia, Mastercard, highlighted Jain's strategic mindset and extensive experience as key qualifications for the role. (Source: Kiripost)

Stock Market

CSX index edges down 0.11% amid mixed main board performance On 09 September 2025, the CSX Index fell 0.11% to close at 402.8 points. On the Main Board, PEPC (+0.39%) posted gains, while GTI (-0.85%), PAS (-0.83%), and PPAP (-0.74%) recorded losses. PWSA, PPSP, ABBC, MJQE, and CGSM closed unchanged. On the Growth Board, DBDE closed unchanged, while JSL declined 0.72%. Total trading volume reached 101,293 shares, with a turnover of KHR 379 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
402.79 -0.11 101,293 10,803

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 6,220 0.00 -0.32 -2.20 6,260 6,180 19,541 541
GTI 7,000 -0.85 -2.23 37.80 7,180 6,960 12,683 280
PPAP 13,500 -0.74 -1.03 -2.46 13,700 13,500 1,233 279
PPSP 2,070 0.00 0.98 -4.61 2,080 2,050 134,279 149
PAS 12,000 -0.83 0.00 3.81 12,140 11,920 3,509 1,029
ABC 6,760 0.00 -0.29 -10.34 6,860 6,740 124,107 2,928
PEPC 2,550 0.39 -1.92 6.69 2,700 2,510 1,449 191
MJQE 1,990 0.00 0.00 -4.33 2,000 1,980 47,578 645
CGSM 2,430 0.00 -1.22 0.00 2,460 2,420 49,817 4,761
DBDE 2,040 0.00 0.00 -0.97 2,050 1,990 3,259 38
JSL 2,760 -0.72 -0.72 -19.30 2,800 2,760 1,426 71
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 2Q25 827 11,622 7.52 0.54 1.70 14.89
GTI 2Q25 29 7,023 240.22 1.00 0.85 39.52
PPAP 1Q25 2,951 22,115 4.57 0.61 1.57 3.94
PPSP 2Q25 735 4,376 2.82 0.47 0.95 2.09
PAS 1Q25 1,212 8,224 9.90 1.46 2.16 7.62
ABC 2Q25 1,460 14,410 4.63 0.47 0.81 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.05 NA
MJQE 2Q25 45 340 44.05 5.85 3.89 12.76
CGSM 2Q25 25 618 98.91 3.93 6.94 19.28
JSL 2Q25 -82 492 NA 5.61 20.42 34.22
DBDE 2Q25 147 1,933 13.92 1.06 0.31 7.22
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% 2,327
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,369
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,989
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,193
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,640
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 818
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,380
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,588
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 835
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) 2,662
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,314
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,314
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,314
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 238.1 312.0 187.3 18.0 0.0
Outstanding (KHR'bn) 58.0 208.0 187.3 18.0 0.0
Issuance ('K units, Latest) 34.0 0.0 12.0 8.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.50% 4.34% 4.60%
Successful yield (Latest) 3.25% - 3.50% 5.00% -
Latest bidding 23-Apr-25 21-May-25 25-Jun-25 45,861 45,889
*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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