Cambodia and China companies ink 9 deals to enhance investment in strategic sectors
| News Highlights |
Economy and Industry
Cambodia and China companies ink 9 deals to enhance investment in strategic sectors Cambodian and Chinese firms have signed nine agreements to enhance cooperation and attract investment in key sectors. The agreements were signed during the 'Cambodia-China Industrial Park Promotion Forum' in Phnom Penh. The aim is to attract Chinese investment in renewable energy, garment manufacturing, and agricultural processing, supporting Cambodia's sustainable growth and industrial development. The cooperation also aims to promote Cambodian potential products export to China and enhance bilateral cooperation in tourism and cultural exchange, fostering people-to-people ties and market access opportunities. (Source: Khmer Times)
SERC advances SupTech trials for derivatives oversight system The Securities and Exchange Regulator of Cambodia (SERC) has introduced its Supervisory IT System to enhance efficiency and safety in regulatory reporting in the derivatives trading sector. The system, designed to support the submission of periodic reports from licensed entities, is currently in its final testing phase. The SERC is committed to modernizing regulatory practices through digital transformation and is integrating financial technology (FinTech) into its regulatory framework. The initiative is part of SERC's broader push to integrate financial technology into its regulatory framework, positioning Cambodia's capital market for more robust and transparent oversight. The meeting was led by Vin Pheakdey, Deputy Director General of SERC and Chairman of the FinTech Working Group. (Source: Khmer Times)
Number of garment factories rises to 1,682 by June 2025 Cambodia's manufacturing sector has experienced significant growth in the first half of 2025, with a notable increase in both garment and non-garment factories. The country welcomed 116 new garment factories in the first six months of this year, bringing the total to 1,682 factories. Beyond the traditional garment industry, Cambodia's efforts to diversify its manufacturing landscape are bearing fruit. As of June 2025, the Kingdom has a total of 43,974 non-garment factories, up from 43,232 factories as of 2024. The textile, apparel, footwear, and travel goods sector plays a crucial role in the national economy, contributing about 10% to Cambodia's GDP and generating jobs for Cambodian laborers. Cambodia exported garments, footwear, and travel products (GFT) worth $7.38 billion in the first half of 2025, up 22% from the $6.02 billion reported in the same period a year earlier. The sector is now facing uncertainty with ongoing US tariffs. (Source: Khmer Times)
Corporate News
ABA celebrates 12 years as Euromoney's leading bank in Cambodia Cambodia's largest commercial bank, ABA Bank, has been named Best Bank in Cambodia for the twelfth consecutive year by Euromoney magazine. The award acknowledges the bank's excellence in both physical and digital banking, highlighting its role as a benchmark in the Cambodian and regional financial landscape. ABA Bank's digital platforms have seen significant growth, with the ABA Mobile app experiencing a 32% increase in users. The bank has also developed enhancements to its mobile app, such as Navi - Virtual Banking Assistant, FacePass Secure, and In-App Chat, to combat fraud and promote cashless payments. The ABA Merchant app saw a 30% increase in active users, while the ABA Business online banking platform has seen a 24% increase in business users. ABA Bank's CSR initiatives include school renovations, support for the Cambodia Children's Fund, and donations to the Cambodian Red Cross, TYDA Association, and Japan Heart. (Source: Cambodia Investment Review)
Stock Market
CSX gains modestly as GTI leads main board rally On 31 July 2025, the CSX Index edged up by 0.39% to close at 405.95 points. On the Main Board, GTI (+2.17%), ABC (+0.58%), CGSM (+0.41%), and PAS (+0.17%) posted gains, while PWSA (-0.32%) recorded a loss. PPAP, PPSP, PEPC, and MJQE remained unchanged. On the Growth Board, DBDE was unchanged, while JSL dropped by 0.36%. Total trading volume reached 39,553 shares, with a turnover of KHR 237 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 405.95 | 0.39 | 39,553 | 10,888 |
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 | 6,180 | -0.32 | -4.63 | -2.83 | 6,560 | 6,160 | 190,490 | 537 |
| GTI | 6,600 | 2.17 | 1.54 | 29.92 | 6,600 | 5,860 | 147,743 | 264 |
| PPAP | 13,520 | 0.00 | -0.44 | -2.31 | 13,840 | 13,320 | 10,408 | 280 |
| PPSP | 2,120 | 0.00 | 0.47 | -2.30 | 2,130 | 2,100 | 144,862 | 152 |
| PAS | 12,100 | 0.17 | -2.10 | 4.67 | 12,160 | 11,920 | 57,307 | 1,038 |
| ABC | 6,900 | 0.58 | -0.29 | -8.49 | 6,920 | 6,860 | 481,380 | 2,989 |
| PEPC | 2,700 | 0.00 | 2.66 | 12.97 | 2,710 | 2,560 | 3,632 | 202 |
| MJQE | 1,990 | 0.00 | -1.00 | -4.33 | 2,000 | 1,980 | 429,624 | 645 |
| CGSM | 2,440 | 0.41 | 0.41 | 0.41 | 2,440 | 2,420 | 87,156 | 4,781 |
| DBDE | 2,010 | 0.00 | -1.95 | -2.43 | 2,040 | 2,010 | 27,055 | 37 |
| JSL | 2,780 | -0.36 | 0.72 | -18.71 | 2,880 | 2,690 | 8,600 | 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 | 1Q25 | 665 | 11,199 | 9.30 | 0.55 | 1.66 | 15.44 |
| GTI | 1Q25 | 55 | 7,057 | 119.46 | 0.94 | 0.80 | 35.60 |
| PPAP | 1Q25 | 2,951 | 22,115 | 4.58 | 0.61 | 1.57 | 3.95 |
| PPSP | 1Q25 | 679 | 3,866 | 3.12 | 0.55 | 1.52 | 2.65 |
| PAS | 1Q25 | 1,212 | 8,224 | 9.98 | 1.47 | 2.18 | 7.67 |
| ABC | 1Q25 | 1,287 | 13,790 | 5.36 | 0.50 | 0.75 | NA |
| PEPC* | 1Q25 | -88 | -17 | NA | NA | 13.40 | NA |
| MJQE | 4Q24 | 42 | 307 | 47.91 | 6.49 | 3.93 | 12.02 |
| CGSM | 1Q25 | 26 | 606 | 92.73 | 4.02 | 6.92 | 16.66 |
| JSL | 1Q25 | -8 | 685 | NA | 4.06 | 7.47 | 28.53 |
| DBDE | 1Q25 | -63 | 1,840 | NA | 1.09 | 0.40 | 14.43 |
| 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% | 2,367 |
| ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,409 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 3,029 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,233 |
| CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,680 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 858 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,420 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,628 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 875 |
| 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) | 2,702 |
| SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 1.80% | 5,354 |
| SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | 5,354 |
| SNTD40C | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 3.00% | 5,354 |
| 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 | 18.0 | 0.0 |
| Outstanding (KHR'bn) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Issuance ('K units, Latest) | 34.0 | 0.0 | 12.0 | 8.0 | 0.0 |
| Coupon rate (Latest) | 2.70% | 3.20% | 3.50% | 4.34% | 5.25% |
| Successful yield (Latest) | 3.25% | - | 3.50% | 5.00% | - |
| Latest bidding | 23-Apr-25 | 21-May-25 | 25-Jun-25 | 45,861 | 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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