Cambodia's insurance sector grows 6% in first four months of 2025

/ June 6, 2025


News Highlights

Economy and Industry

Cambodia's insurance sector grows 6% in first four months of 2025 Cambodia's insurance industry registered a gross premium of $129.5 million in the first four months of 2025, a 6% increase from the same period last year, according to an Insurance Regulator of Cambodia (IRC) report. The growth was attributed to 18 general insurers, 14 life insurers, seven micro-insurance companies, and one reinsurance firm. The total amount of claims incurred was $30.34 million during January-April 2022, a 39% increase from $21.76 million in the same period last year. The insurance sector has over 1 billion dollars in total assets in the Southeast Asian country. Bou Chanphirou, director general of the IRC, highlighted the insurance sector's role in supporting the social security system and contributing to national economic development. (Source: Khmer Times)

C/O label aims to boost competitiveness of Cambodia's export sector A Certificate of Origin (C/O) is a crucial document for Cambodian products, enabling them to gain credibility and a competitive edge in international markets. Ly Khun Thai, President of the Cambodia Confederation of Investors Association and Chairman of the Cambodia Footwear Association, highlighted the importance of C/Os in facilitating trade and advancing Cambodia's export-driven growth. The workshop aimed to demystify the complexities surrounding the Rules of Origin, which determine the national origin of a product. Khun Thai highlighted the importance of such knowledge in the context of Cambodia's active participation in regional and bilateral trade frameworks, including the Regional Comprehensive Economic Partnership (RCEP), the ASEAN Free Trade Area, and several bilateral agreements with key trading partners. A clear understanding of these rules is essential for Cambodian businesses to fully leverage the benefits of various trade agreements. The workshop covered fundamental principles of rules of origin, specific rules under relevant trade agreements, and detailed procedures for applying for a C/O. (Source: Khmer Times)

Indonesia aims for affordable rice imports from Cambodia in expanding trade ties  Indonesian ambassador to Cambodia, Santo Darmosumarto, has highlighted the potential for increased rice trade between the two nations, despite challenges such as competitive pricing and transportation costs. With a population of nearly 300 million, Indonesia has high demand for rice imports, particularly from regional trade partners. Darmosumarto believes that Indonesia sees an opportunity to import more rice from Cambodia, a key rice exporter in Southeast Asia. Trade relations between the two nations are improving, with the Indonesian Chamber of Commerce in Cambodia actively supporting the expansion of investment cooperation. However, Darmosumarto also noted that Cambodian rice faces competition from neighboring countries, and reducing transportation costs could improve its competitiveness in the Indonesian market. Cambodia aims to export one million tonnes of rice annually by 2025 and diversify its rice products to appeal to a wider range of international buyers. (Source: Phnom Penh Post)

Corporate News

Emirates launches first flight to Siem Reap, honored by water salute and officials Emirates has officially arrived in Siem Reap, Cambodia, marking a significant milestone for the airline. The Boeing 777-300ER landed in the city, greeted by Cambodian dignitaries and government officials. The new route, which complements Emirates' daily service to Phnom Penh via Singapore, will strengthen tourism flows and commercial ties between Cambodia and the UAE, particularly as part of the Comprehensive Economic Partnership Agreement. The service operates three times weekly, departing from Dubai and returning to Bangkok. (Source: Cambodia Investment Review)

Stock Market

CSX index slips 0.22% amid broad losses and low trading volume On 06 June 2025, the CSX Index was down by 0.22%, closing at 406.8 points. On the Main Board, PAS (+0.83%) and GTI (+0.51%) were the only gainers, while PEPC (-1.47%), MJQE (-0.49%), CGSM (-0.41%), and ABC (-0.29%) recorded a loss. PWSA, PPAP, and PPSP remained unchanged. On the Growth Board, DBDE saw no change and JSL was down by 0.70%. Total trading volume reached 54,161 shares, with a turnover of KHR 306 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
406.81 -0.22 54,161 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 6,320 0.00 0.00 -0.63 6,320 6,300 15,704 550
GTI 7,940 0.51 -1.00 56.30 8,200 7,060 35,305 318
PPAP 13,400 0.00 0.00 -3.18 14,200 13,380 1,601 277
PPSP 2,120 0.00 0.00 -2.30 2,160 2,110 33,375 152
PAS 12,220 0.83 2.00 5.71 12,220 11,780 2,754 1,048
ABC 6,900 -0.29 -0.29 -8.49 6,960 6,880 125,210 2,989
PEPC 2,680 -1.47 -1.83 12.13 2,810 2,590 3,734 201
MJQE 2,020 -0.49 0.00 -2.88 2,150 2,010 30,486 655
CGSM 2,410 -0.41 -0.82 -0.82 2,450 2,410 21,950 4,722
DBDE 2,160 0.00 -0.46 4.85 2,170 2,090 14,740 40
JSL 2,840 -0.70 3.27 -16.96 3,440 2,600 8,430 73
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 4Q24 978 11,199 6.46 0.56 1.73 13.23
GTI 4Q24 48 7,057 165.42 1.13 0.94 28.31
PPAP 4Q24 2,550 22,115 5.25 0.61 1.64 3.30
PPSP 4Q24 220 3,866 9.65 0.55 2.87 5.06
PAS 4Q24 1,478 8,224 8.27 1.49 2.28 8.11
ABC 4Q24 1,140 13,790 6.05 0.50 0.91 NA
PEPC* 1Q25 -1,009 -17 NA -155.70 4.68 NA
MJQE 4Q24 37 307 54.41 6.58 3.99 12.14
CGSM 4Q24 52 606 46.33 3.97 6.74 15.99
JSL 4Q24 14 685 202.82 4.14 4.06 18.19
DBDE 4Q24 23 1,840 94.50 1.17 0.56 8.50
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% 2,422
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,464
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,084
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,288
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,735
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 913
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,475
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,683
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 930
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) 2,757
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,409
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,409
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,409
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) 58.0 236.0 175.3 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% - 4.25% - -
Latest bidding 23-Apr-25 21-May-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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