Cambodia attracts $3.4 billion in foreign direct investment in early 2025

/ May 8, 2025


News Highlights

Economy and Industry

Cambodia attracts $3.4 billion in foreign direct investment in early 2025 Cambodia approved 231 investment projects worth $3.4 billion in the first four months of 2025, which reflected a 34% increase compared to the same period in 2024. China remained the leading investor, reinforcing its economic influence in the region. In the month of April, the Council for the Development of Cambodia (CDC) authorized 59 projects, representing a combined investment of around $860 million and the capacity to produce about 39,000 employment opportunities. Factors such as Cambodia's investment law, skilled workforce, trade preference programs, and a newly introduced one-click investment approval system - which speeds up and simplifies the process - are key drivers in drawing new investments. (Source: Khmer Times)

Cambodia's small business lending reach $35 billion in Q1 2025 Cambodia's small business loan portfolio grew marginally to $35.24 billion in early 2025, reflecting a 0.3% quarterly increase despite a 0.8% reduction in active accounts (to 1.82 million), as reported by Credit Bureau Cambodia (CBC). The data reveals a contraction in borrower numbers but heightened financing demands among remaining applicants, with total credit application values rising even as submission volumes fell 5.7%. Sectoral trends were uneven: agricultural loans surged 15.5% - led by the Plateau region's 71.2% spike - while working capital requests grew 3.3%, peaking at 6.3% in Tonle Sap. Conversely, construction loans plummeted 19% nationally, nosediving 50.7% in the Plateau area, and asset finance applications slid 1.7%. (Source: Khmer Times)

Cambodia's garment, footwear, and travel goods exports grow by 20% in Q1 2025 Cambodia's export sector demonstrated strong performance in the first quarter of 2025, with garments, footwear, and travel goods shipments increasing by 20% YoY to reach $3.5 billion. This growth highlights the resilience of Cambodia's economy amid global economic and political uncertainties, as noted by Sun Mesa, a spokesperson for the Ministry of Labor and Vocational Training. The garment and footwear industry remains Cambodia's largest foreign exchange earner, supported by approximately 1,538 factories and branches that employ around 913,000 workers, predominantly women. The sector's expansion reflects both rising international demand and Cambodia's competitive labor market. The government's focus on vocational training and labor rights has also contributed to sustaining this critical industry. (Source: Khmer Times)

Corporate News

Swiss Fintech Firm WebAccountPlus partners with MISTI to launch AI-powered SME finance platform Switzerland-based WebAccountPlus and the Ministry of Industry, Science, Technology and Innovation (MISTI) announced a strategic partnership to deploy an AI-driven financial and document management platform for small and medium enterprises (SMEs) for Cambodia. The Swiss firm announced plans to onboard an initial cohort of 500-1,500 small and medium enterprises from various sectors during the platform's pilot phase in the coming months. In their official statement, the company revealed this first-stage implementation would involve businesses of different scales and industries. Following successful testing, the project will expand to a national level with an ambitious three-year target: integrating nearly all of Cambodia's estimated 750,000 SMEs onto the digital platform. (Source: Khmer Times)

Stock Market

CSX index rises 0.27% as PEPC leads gainers On 08 May 2025, the CSX Index rose by 0.27%, closing at 406.8 points. On the Main Board, PEPC (+6.25%), PWSA (+0.64%), ABC (+0.58%), and PAS (+0.17%) led the gainers, while GTI (-0.56%), MJQE (-0.46%), and PPAP (-0.14%) posted losses. PPSP and CGSM remained unchanged. On the Growth Board, DBDE and JSL was up by 0.48% and 9.21%, respectively. Total trading volume reached 82,106 shares, with a turnover of KHR 317 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
406.82 0.27 82,106 10,911

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 6,300 0.64 -0.32 -0.94 6,340 6,260 33,896 548
GTI 7,080 -0.56 -0.28 39.37 7,140 6,280 57,449 283
PPAP 14,140 -0.14 0.43 2.17 14,200 13,900 1,140 292
PPSP 2,120 0.00 0.47 -2.30 2,170 2,100 20,745 152
PAS 11,940 0.17 -0.17 3.29 11,980 11,640 1,750 1,024
ABC 6,900 0.58 -3.09 -8.49 7,160 6,860 409,777 2,989
PEPC 2,720 6.25 3.82 13.81 2,800 2,550 664 204
MJQE 2,150 -0.46 -1.83 3.37 2,190 2,100 163,637 697
CGSM 2,410 0.00 -0.41 -0.82 2,430 2,390 28,529 4,722
DBDE 2,100 0.48 0.00 1.94 2,100 2,080 10,542 39
JSL 3,440 9.21 8.18 0.58 3,440 3,090 1,773 88
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 4.92 0.51 1.40 10.12
GTI 4Q24 48 7,057 147.50 1.00 0.84 25.91
PPAP** 4Q24 2,550 22,115 5.54 0.64 1.73 3.48
PPSP** 4Q24 220 3,866 9.65 0.55 2.87 5.06
PAS 4Q24 1,478 8,224 8.08 1.45 2.23 7.98
ABC 4Q24 1,140 13,790 6.05 0.50 0.91 NA
PEPC* 1Q25 -1,009 -17 NA -158.02 4.75 NA
MJQE 4Q24 37 307 57.92 7.01 4.25 12.88
CGSM 4Q24 52 606 46.33 3.97 6.74 15.99
JSL 4Q24 14 685 245.67 5.02 4.92 20.38
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% 2,451
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,493
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,113
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,317
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,764
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 942
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,504
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,712
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 959
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) 2,786
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,438
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,438
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,438
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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