CDC promotes manufacturing supply chain investment to Chinese enterprises

/ June 30, 2025


News Highlights

Economy and Industry

CDC promotes manufacturing supply chain investment to Chinese enterprises Cambodia's Council for the Development of Cambodia (CDC) has encouraged Chinese companies to invest in the manufacturing of raw materials and semi-finished goods in the country to strengthen domestic value chains and enhance industrial resilience. The proposal was made during a meeting between Chea Vuthy, Secretary-General of the Cambodian Investment Board (CIB), and Hua Xiaofeng, Vice President of Wuxi Guolian Group Co., Ltd., a state-owned conglomerate based in Jiangsu Province, China. Vuthy thanked the Wuxi Government for its support in encouraging companies to invest in Cambodia and highlighted the Royal Government's commitment to diversifying markets for agricultural exports, particularly to China. He urged Chinese enterprises to explore opportunities in producing raw materials and semi-finished goods locally to help stabilize supply chains and support Cambodia's goal of value-added production. Hua Xiaofeng expressed appreciation for CDC's support and shared insights into Wuxi Guolian Group's operations, which has invested in infrastructure projects including airports and metro systems. (Source: Khmer Times)

Cambodia and Vietnam expand agricultural collaboration through joint trade and investment efforts The Cashew Nut Association of Cambodia has facilitated a visit by a Vietnamese business delegation to explore opportunities for direct investment in Cambodia. The Vietnamese enterprises operate in sectors such as cashew processing and packaging, paddy rice production, and other agricultural areas. The Cambodian Ministry of Commerce, in partnership with the Cashew Nut Association of Cambodia and the Cambodia Rice Federation, has organized a joint event to improve the quality of Cambodian agricultural products and expand their international reach. The workshop provided technical assistance to Cambodian businesses in areas such as logistics, agricultural product development, and food standards. The aim is to ensure Cambodian goods meet international quality benchmarks, paving the way for increased exports to markets. (Source: Khmer Times)

NBC promotes financial sector resilience across banks and MFIs The National Bank of Cambodia (NBC) held a meeting to review the progress of the Financial Inclusion Committee, which aims to improve financial literacy, consumer protection, and ethical standards in the banking and microfinance sectors. The meeting, chaired by Deputy Governor Yim Leat, aimed to strengthen the financial ecosystem by enhancing financial literacy, promoting consumer protection, and fostering a more transparent financial climate. Key agenda items included refining the code of ethics for credit officers, redefining microfinance operations, establishing incentive principles, amending credit contract standards, and improving customer service centers. (Source: Khmer Times)

Corporate News

Marubeni becomes strategic investor in Khmer Water Supply Holding Khmer Water Supply Holding (KWSH), a leading provider of clean, piped water to underserved rural communities in Cambodia, has closed an equity round, welcoming Marubeni Corporation as a new shareholder. The round also included a follow-on investment from long-time partner Insitor Partners. KWSH provides reliable water access to over 150,000 Cambodians, many of whom previously relied on unsafe surface water collection or distant wells. With a proven model of acquiring and upgrading rural water stations, KWSH is professionalising a fragmented sector and directly contributing to Cambodia's national water access goals. The fundraising with Marubeni marks a milestone in Cambodia's private equity market, proving that there are viable start-up and early-stage companies for investment with venture capital money. KWSH plans to deploy the new funds to expand existing stations, acquire new licenses in underserved rural provinces, and strengthen service standards and operational capacity across its network. The previous investment of $2.3 million by InfraCo Asia enabled the expansion of 600km of new pipeline. (Source: Khmer Times)

Stock Market

CSX index drops 0.34% as GTI leads decliners; trading volume hits 117k shares On 30 June 2025, the CSX Index declined by 0.34%, closing at 407.3 points. On the Main Board, PPSP (+0.48%), PAS (+0.32%), and PWSA (+0.31%) posted gains, while GTI (-6.07%), PEPC (-1.13%), MJQE (-0.99%), and ABC (-0.57%) recorded losses. PPAP and CGSM remained unchanged. On the Growth Board, both DBDE and JSL also remained unchanged. Total trading volume reached 117,189 shares, with a turnover of KHR 450 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
407.26 -0.34 117,189 10,923

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 6,480 0.31 2.53 1.89 6,500 6,320 103,662 564
GTI 6,500 -6.07 -18.95 27.95 8,700 6,500 491,049 260
PPAP 13,580 0.00 1.34 -1.88 13,680 13,340 11,576 281
PPSP 2,110 0.48 -0.47 -2.76 2,130 2,090 138,933 152
PAS 12,360 0.32 3.17 6.92 12,380 11,980 25,124 1,060
ABC 6,920 -0.57 0.00 -8.22 6,960 6,900 585,915 2,997
PEPC 2,630 -1.13 -3.66 10.04 2,720 2,620 7,328 197
MJQE 2,010 -0.99 -0.50 -3.37 2,030 2,010 206,192 651
CGSM 2,430 0.00 0.00 0.00 2,450 2,410 114,987 4,761
DBDE 2,050 0.00 -5.53 -0.49 2,170 2,040 55,738 38
JSL 2,760 0.00 0.36 -19.30 2,860 2,750 20,147 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 4Q24 978 11,199 6.63 0.58 1.77 13.33
GTI 4Q24 48 7,057 135.42 0.92 0.77 24.29
PPAP 4Q24 2,550 22,115 5.32 0.61 1.66 3.35
PPSP 4Q24 220 3,866 9.60 0.55 2.85 5.04
PAS 4Q24 1,478 8,224 8.37 1.50 2.31 8.18
ABC 4Q24 1,140 13,790 6.07 0.50 0.92 NA
PEPC* 1Q25 -1,009 -17 NA -152.80 4.60 NA
MJQE 4Q24 37 307 54.14 6.55 3.97 12.08
CGSM 4Q24 52 606 46.71 4.01 6.79 16.11
JSL 4Q24 14 685 197.11 4.03 3.94 17.90
DBDE 4Q24 23 1,840 89.68 1.11 0.53 8.12
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% 2,398
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,440
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,060
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,264
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,711
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 889
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,451
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,659
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 906
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) 2,733
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,385
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,385
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,385
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 10.0 0.0
Outstanding (KHR'bn) 58.0 236.0 187.3 10.0 0.0
Issuance ('K units, Latest) 34.0 0.0 12.0 0.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.50% 4.75% 5.25%
Successful yield (Latest) 3.25% - 3.50% - -
Latest bidding 23-Apr-25 21-May-25 25-Jun-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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