Cambodia's foreign trade grows 16% in early 2025

/ March 11, 2025


News Highlights

Economy and Industry

Cambodia's foreign trade grows 16% in early 2025  Cambodia's international trade witnessed a commendable 16% growth to $9.44 billion during the first two months of 2025, showcasing the country's increasing economic dynamism. This substantial increase is attributed to the higher volume of exports and imports, driven primarily by key industries such as agriculture, textiles, and manufacturing. The agricultural sector has marginally contributed to export growth from its slow growth. The garment and textile sector, a long-standing pillar of Cambodia's export economy, also remained a crucial contributor to this expansion. On the import front, the country saw a rise in machinery, electronics, and raw materials, essential for bolstering its domestic production. (Source: Khmer Times)

Cambodia accounted zero debt with China in 2024 Cambodia's public debt reached $12.3 billion in 2024, with 99% being external. South Korea emerged as the top bilateral creditor, lending $264.3 million, an 11% increase from 2023. Japan followed, providing $237.9 million, a 5% decline, while France ranked third at $205.1 million, a 14.5% drop. Notably, China, the top creditor in 2023 with $302.4 million, provided no loans in 2024. Multilateral partners saw shifts, with the World Bank lending $631.9 million, a 26% rise, and the Asian Development Bank (ADB) increasing its support by 204% to $388.6 million. Conversely, the Asian Infrastructure Investment Bank (AIIB) and IFAD reduced their contributions to zero and $5 million, respectively. These trends highlight evolving partnerships and shifting financial dependencies. (Source: Khmer Times)

Singapore welcomes Cambodian workers through new labor framework  In a significant move, Singapore has included Cambodia in its list of countries eligible for labor recruitment under the Non-Traditional Sources (NTS) program. This inclusion provides Cambodian workers with opportunities to access employment in various sectors within Singapore, including construction, manufacturing, and domestic services. The decision is expected to bring mutual benefits, addressing Singapore's labor shortages while offering Cambodian citizens improved livelihoods through overseas work. For Cambodia, this initiative presents a valuable avenue for labor force development, enabling workers to gain new skills and experiences in an international environment. The remittances sent back by overseas workers could also contribute significantly to Cambodia's economy, supporting families and communities across the country. (Source: Khmer Times)

Corporate News

Sathapana Bank hosts event to connect clients with investment opportunities  Sathapana Bank recently organized an exclusive event aimed at connecting its clients with premier investment and legal resources, demonstrating its commitment to empowering customers in their financial journeys. The event featured a series of expert-led discussions on wealth management, diverse investment opportunities, and comprehensive legal frameworks, providing attendees with a well-rounded understanding of the tools available to secure and grow their assets. The event also offered an opportunity for participants to network with industry leaders, financial advisors, and legal professionals, fostering relationships that could lead to significant investment ventures. (Source: Cambodian Investment Review)

Stock Market

CSX index edges up 0.04% as PPSP and ABC gain The CSX index rose by 0.04%, closing at 413.5 points. On the main board, PPSP (+0.93%) and ABC (+0.27%) posted gains, while MJQE (-0.47%), PWSA (-0.32%), and PPAP (-0.14%) recorded losses. GTI, PAS, PEPC, and CGSM remained unchanged. On the growth board, both DBDE and JSL also remained unchanged. The session recorded a total trading volume of 45,905 shares, with a turnover of KHR 318 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
413.46 0.04 45,905 11,090

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 0.64 -0.63 6,360 6,240 46,487 550
GTI 6,020 0.00 -0.33 18.50 6,140 6,000 37,633 241
PPAP 14,060 -0.14 -4.48 1.59 14,880 14,020 9,879 291
PPSP 2,180 0.93 1.40 0.46 2,180 2,150 13,288 157
PAS 11,800 0.00 -0.34 2.08 11,900 11,640 3,802 1,012
ABC 7,340 0.27 0.00 -2.65 7,400 7,180 202,485 3,179
PEPC 2,610 0.00 7.41 9.21 2,640 2,400 4,148 196
MJQE 2,110 -0.47 0.00 1.44 2,120 2,080 32,737 684
CGSM 2,440 0.00 0.00 0.41 2,440 2,420 32,182 4,781
DBDE 2,100 -0.47 0.48 1.94 2,110 2,060 10,602 39
JSL 3,060 0.33 0.33 -10.53 3,080 3,040 2,470 79
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 7,057 125.42 0.85 0.72 22.95
PPAP 4Q24 2,550 22,115 5.51 0.64 1.72 3.46
PPSP 4Q24 220 3,866 9.92 0.56 2.95 5.19
PAS 4Q24 1,478 8,224 7.99 1.43 2.20 7.91
ABC 4Q24 1,140 13,790 6.44 0.53 0.97 NA
PEPC* 1Q25 -1,009 -17 NA -151.63 4.56 NA
MJQE 4Q24 37 307 56.84 6.88 4.17 12.65
CGSM 4Q24 52 606 46.91 4.02 6.82 16.17
JSL 4Q24 14 685 218.54 4.46 4.37 18.99
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% 2,509
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,171
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,375
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 1,000
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,562
RMAC25A 0 0.0 - - N/A Guaranteed Bond 5.50% Annually 29
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,770
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 1,017
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) 2,844
TCT26A 0 0.0 - - N/A Plain Bond 4.50% Annually 532
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 204.1 312.0 85.3 10.0 0.0
Outstanding (KHR'bn) 34.0 240.0 85.3 10.0 0.0
Issuance ('K units, Latest) 24.0 0.0 0.0 0.0 0.0
Coupon rate (Latest) 2.80% 3.20% 3.80% 4.75% 5.25%
Successful yield (Latest) 3.13%   - - -
Latest bidding 23-Jan-25 19-Feb-25 11-Dec-24 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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