Cambodia's export performance: 14% YoY growth in the first four months of 2025

/ May 12, 2025


News Highlights

Economy and Industry

Cambodia's export performance: 14% YoY growth in the first four months of 2025 Cambodia's exports rose by 14% YoY during the January-April 2025 period, reaching $9.13 billion. Key export sectors included garments, footwear, travel goods, bicycles, solar panels, and agricultural products such as rice, rubber, and mangoes. The United States, Vietnam, Japan, and China were the top export destinations, underscoring Cambodia's integration into global supply chains. The growth was bolstered by trade agreements like the Regional Comprehensive Economic Partnership (RCEP) and the Cambodia-China Free Trade Agreement (CCFTA), which have enhanced market access and attracted foreign investment. The government aims to diversify exports further, particularly in high-value agricultural and manufacturing sectors, to sustain long-term trade growth. (Source: Khmer Times)

Cambodia's microfinance loan in Q1 2025 volume exceeds $5 billion Cambodia's microfinance industry demonstrated robust growth in the first quarter of 2025, with total loan disbursements surpassing $5 billion according to the Cambodia Microfinance Association (CMA). The microfinance sector saw a steady rise in borrowers, with the total count climbing to 1,503,172 - a 1.7% increase compared to the previous quarter. On the savings front, deposits surged to $2.78 billion, marking a significant 9.6% quarterly increase. However, despite this rise in total savings, the number of depositors declined to 1,955,013, reflecting an 8.8% drop from the prior quarter. Additionally, the sector experienced a slight deterioration in loan performance, with the Portfolio at Risk (PAR 30+) ratio increasing to 9.5%, up by 1.3 percentage points from the previous quarter. (Source: Khmer Times)

Surge in Chinese tourism to Cambodia: Q1 2025 sees 50.6% YoY increase Cambodia welcomed 286,156 Chinese tourists in the first quarter of 2025, marking a 50.6% increase compared to the same period in 2024. Chinese visitors accounted for 15.6% of total international arrivals, ranking Cambodia third after Thailand and Vietnam as a preferred destination. The growth is attributed to improved flight connectivity, visa facilitations, and Cambodia's rich cultural heritage, including UNESCO-listed sites like Angkor Wat. This resurgence highlights the success of bilateral tourism initiatives, including the "Cambodia-China Year of Tourism 2025," which promotes cultural exchanges and travel incentives. Tourism officials emphasize the sector's role in job creation and economic recovery, particularly in hospitality and retail. However, challenges such as infrastructure bottlenecks and competition from neighboring destinations remain. (Source: Khmer Times)

Corporate News

MG Cambodia's remarkable sales growth: 50% increase in 2025 amid market competition MG Cambodia achieved a 50% sales growth in 2025, outperforming competitors in the country's rapidly evolving automotive market. This success is attributed to strategic pricing, innovative features, and advanced technology in MG's vehicle lineup. The brand has capitalized on rising consumer demand for affordable yet high-quality cars, particularly among Cambodia's growing middle class. Despite economic uncertainties, MG's focus on digital marketing and customer-centric services has strengthened its market position. The company's expansion aligns with broader trends in Cambodia's automotive sector, where increasing urbanization and disposable incomes drive vehicle ownership. (Source: Kiri Post)

Stock Market

Gains led by PEPC as CSX closes at 406.7 On 12 May 2025, the CSX index rose by 0.27%, closing at 406.7 points. On the Main Board, PEPC (+8.49%), GTI (+0.56%), PPSP (+0.47%), and CGSM (+0.41%) led the gainers, while ABC (-0.29%) posted a loss. PWSA, PPAP, PAS, and MJQE remained unchanged. On the Growth Board, DBDE was unchanged, while JSL declined by 8.63%. Total trading volume reached 43,420 shares, with a turnover of KHR 213 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
406.73 0.27 43,420 10,909

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 0.00 -0.32 -0.94 6,340 6,260 41,935 548
GTI 7,140 0.56 0.56 40.55 7,140 6,280 63,829 286
PPAP 14,200 0.00 0.85 2.60 14,200 13,900 2,754 294
PPSP 2,120 0.47 0.47 -2.30 2,170 2,100 49,490 152
PAS 11,980 0.00 0.17 3.63 11,980 11,840 2,662 1,028
ABC 6,900 -0.29 -3.09 -8.49 7,160 6,860 446,496 2,989
PEPC 2,810 8.49 7.25 17.57 2,810 2,550 965 211
MJQE 2,040 0.00 -6.85 -1.92 2,190 2,040 233,516 661
CGSM 2,420 0.41 0.00 -0.41 2,430 2,400 34,055 4,741
DBDE 2,090 0.00 -0.48 1.46 2,100 2,090 14,826 39
JSL 2,860 -8.63 -10.06 -16.37 3,440 2,860 8,075 74
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 7,057 148.75 1.01 0.85 26.07
PPAP 4Q24 2,550 22,115 5.57 0.64 1.73 3.49
PPSP 4Q24 220 3,866 9.65 0.55 2.87 5.06
PAS 4Q24 1,478 8,224 8.11 1.46 2.24 8.00
ABC 4Q24 1,140 13,790 6.05 0.50 0.91 NA
PEPC* 1Q25 -1,009 -17 NA -163.25 4.91 NA
MJQE 4Q24 37 307 54.95 6.65 4.03 12.25
CGSM 4Q24 52 606 46.52 3.99 6.76 16.05
JSL 4Q24 14 685 204.25 4.17 4.09 18.26
DBDE 4Q24 23 1,840 91.43 1.14 0.54 8.26
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% 2,447
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,489
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,109
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,313
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,760
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 938
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,500
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,708
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 955
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) 2,782
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,434
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,434
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,434
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) 0.0 0.0 0.0 0.0 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% - 4.25% - -
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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