Cambodia, UK sign agreement to strengthen governance via regulatory reform
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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