Cambodia, UK sign agreement to strengthen governance via regulatory reform

/ September 12, 2025


News Highlights

Economy and Industry

Cambodia, UK sign agreement to strengthen governance via regulatory reform Cambodia and the UK have signed a Memorandum of Understanding (MoU) to support the reform of Regulatory Impact Assessment (RIA), aiming to enhance governance and the rule of law through capacity building. This initiative will improve officials' skills in assessing the economic, social, and environmental impacts of draft laws and legal documents within four ministries and institutions. The agreement seeks to ensure legal consistency, reduce costs, foster a reliable business environment, boost competitiveness, and improve citizen well-being, reflecting deepening UK-Cambodia cooperation. (Source: Kiripost)

Thai shipments to Cambodia decline sharply, down 29.1% in August In August 2025, Cambodia's imports from Thailand decreased by 29.1% to $213 million, down from $301 million in August 2024, as reported by Cambodia's General Department of Taxation and Customs. This decline is attributed to a border dispute between the two nations, though imports saw a slight increase from July 2025 ($166 million). Cambodian exports to Thailand in August 2025 were $46 million, a 36.2% decrease from the previous year. For the first eight months of 2025, total trade between Cambodia and Thailand amounted to $2.6 billion, a 6.4% decrease compared to the same period in 2024, with Cambodia exporting over $534 million and Thailand importing $2.1 billion. (Source: Khmer Times)

Visa, CTB ink deal to drive growth in Cambodian tourism The Cambodia Tourism Board (CTB) and Visa have signed a Memorandum of Understanding (MoU) to enhance Cambodia's profile as an international travel destination. This partnership aims to showcase Cambodia's cultural heritage, natural landscapes, and lifestyle to Visa's global customer base. The CTB will utilize Visa's market intelligence to understand traveler behavior and preferences, enabling more targeted promotional initiatives and strategies to encourage longer stays and higher spending by international visitors. This collaboration is expected to modernize Cambodia's tourism promotion, boost the sector's growth, and support local businesses by connecting them to Visa's global network, making travel more seamless and accessible. (Source: Khmer Times)

Corporate News

Air Cambodia signs deal to buy 20 Chinese-made aircraft  Air Cambodia, the national carrier, has signed a memorandum of understanding (MoU) with China's COMAC for the planned acquisition of 20 C909 regional aircraft, comprising 10 confirmed orders and 10 letter-of-intent orders. This agreement signifies broader aviation sector cooperation between Cambodia and China. The Cambodian State Secretariat of Civil Aviation (SSCA) acknowledges the airline's move as a positive indicator of confidence in the sector's growth, noting that new aircraft deliveries typically require a minimum of three years. The C909 is China's independently developed regional airliner, and Air Cambodia is jointly owned by Cambodian, Chinese, and Vietnamese entities. (Source: The Phnom Penh Post)

Stock Market

CSX climbs 0.19% amid mixed main board performance On 12 September 2025, the CSX Index rose 0.19% to close at 404.8 points. On the Main Board, PEPC (+0.76%), ABC (+0.59%), MJQE (+0.51%), and GTI (+0.29%) posted gains, while PPSP (-0.48%) and PWSA (-0.32%) recorded losses. PPAP, PAS, and CGSM all closed unchanged. On the Growth Board, DBDE declined 0.49%, while JSL remained unchanged. Total trading volume reached 58,457 shares, with a turnover of KHR 358 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
404.76 0.19 58,457 10,856

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 6,200 -0.32 -0.64 -2.52 6,260 6,200 33,076 539
GTI 7,020 0.29 -1.96 38.19 7,180 6,980 18,468 281
PPAP 13,600 0.00 -0.29 -1.73 13,700 13,500 2,854 281
PPSP 2,060 -0.48 0.49 -5.07 2,070 2,050 147,063 148
PAS 12,100 0.00 0.83 4.67 12,140 11,920 4,170 1,038
ABC 6,800 0.59 0.29 -9.81 6,860 6,740 187,457 2,946
PEPC 2,640 0.76 1.54 10.46 2,670 2,510 2,632 198
MJQE 1,990 0.51 0.00 -4.33 2,000 1,980 56,447 645
CGSM 2,440 0.00 -0.81 0.41 2,460 2,420 60,256 4,781
DBDE 2,020 -0.49 -0.98 -1.94 2,050 2,000 3,757 37
JSL 2,770 0.00 -0.36 -19.01 2,900 2,760 2,176 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 7.49 0.53 1.69 14.88
GTI 2Q25 29 7,023 240.91 1.00 0.86 39.61
PPAP 1Q25 2,951 22,115 4.61 0.61 1.58 3.97
PPSP 2Q25 735 4,376 2.80 0.47 0.94 2.08
PAS 1Q25 1,212 8,224 9.98 1.47 2.18 7.67
ABC 2Q25 1,460 14,410 4.66 0.47 0.81 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.16 NA
MJQE 2Q25 45 340 44.05 5.85 3.89 12.76
CGSM 2Q25 25 618 99.32 3.95 6.97 19.35
JSL 2Q25 -82 492 NA 5.63 20.50 34.29
DBDE 2Q25 147 1,933 13.78 1.04 0.31 7.17
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% 2,324
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,366
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,986
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,190
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,637
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 815
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,377
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,585
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 832
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) 2,659
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,311
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,311
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,311
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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