Cambodia aims to become ASEAN's automotive manufacturing hub

/ August 4, 2025


News Highlights

Economy and Industry

Cambodia aims to become ASEAN's automotive manufacturing hub Cambodia has been granted exclusive rights by General Motors (GM) to assemble Chevrolet vehicles, marking a significant milestone in the country's automotive industry. The announcement was made during the official launch of the Chevrolet Colorado pickup truck. The Secretary General of the Cambodian Investment Board, Chea Vuthy, praised GM's strategic decision to choose Cambodia as the sole ASEAN destination for vehicle assembly under its brand. The new plant, TH Automotive Manufacturing Co., Ltd., will focus on producing high-quality, safe, and sustainable vehicles for both domestic and regional markets. The investment of $19 million is expected to create between 500 and 1,000 jobs and support Cambodia's goal of becoming a competitive player in the global automotive supply chain. As of May 2024, Cambodia had six operational automotive assembly plants manufacturing a range of vehicles for the domestic market. (Source: Khmer Times)

Cambodia unveils plans for delivery of 8 Boeing 737-800 MAX jets by 2031 Cambodia plans to purchase 10 Boeing 737-800 MAX aircraft from the United States in 10 units, each costing between 90-120 million US dollars. The aircraft has between 162 and 210 seats and a general flight range of over 6,500 kilometers. It is more fuel-efficient than Cambodia's previous aircraft, with fuel efficiency of up to 14% and lower noise levels. The aircraft also uses less fuel, is less noisy, is more economical, and has lower environmental pollution than other types of aircraft. Maintenance and repair costs are also low. The cost of the B737-8 MAX aircraft is between $90 million and $120 million, depending on the type ordered. The aircraft needs to be ordered over a period of 4 to 5 years due to large orders from many countries. Deputy Prime Minister Sun Chanthol announced on August 1, 2025, that Cambodia would purchase 10 Boeing aircraft from the United States and could negotiate to purchase more. Negotiations are underway, and an agreement to confirm the purchase is expected in August. However, the Boeing aircraft is not easy to come by, as Boeing factories are full and the new aircraft will only be available in 2031. (Source: Khmer Times)

Cambodia reviews special incentives for five major projects in the Northeast The Northeastern Investment Promotion Working Group (NEIPWG) has reviewed the first special incentive policy for five investment projects in Cambodia, totaling $2.85 billion. The projects, which cover priority sectors such as agriculture, agro-industry, tourism, education, and healthcare, are expected to create around 38,400 jobs once fully operational. The projects aim to increase production capacity, promote joint investment ventures, boost agricultural processing and animal husbandry, and establish factories for fertilizers, animal feed, and agricultural machinery. The NEIPWG conducted a thorough review based on on-site inspections and aimed to facilitate, promote, and sustain investment while safeguarding Cambodia's socio-economic interests. The 'Special Program to Promote Investment in the Four Provinces in the Northeast 2025-2028' was officially launched under Prime Minister Hun Manet's chairmanship on April 9, 2025. (Source: Khmer Times)

Corporate News

New Toyota training center planned for Cambodia's automotive sector Toyota Tsusho Manufacturing (Cambodia) Co., Ltd. has announced plans to establish a technical training centre in Cambodia to support skills development in the automotive industry. The announcement was made during a meeting between Chea Vuthy, Secretary General of the Cambodian Investment Board (CIB) for the Council for the Development of Cambodia (CDC), and a delegation from Toyota Tsusho, led by company President Kensuke Tsuchiya. The initiative aligns with Cambodia's policy to strengthen human capital, particularly under the government's 1.5 million vocational and technical training programme. Vuthy expressed strong support for the company's contribution to industrial development and welcomed the training centre plan, noting its alignment with national priorities. The Cambodia Investment Committee is ready to facilitate the necessary procedures for the registration of the new investment project. (Source: Khmer Times)

Stock Market

CSX index dips slightly as mixed performance seen across boards On 04 August 2025, the CSX Index edged down by 0.08% to close at 405.1 points. On the Main Board, PAS (+0.41%) and CGSM (+0.50%) posted gains, while PEPC (-1.87%), ABC (-0.87%), PPAP (-0.58%), and PWSA (-0.32%) recorded losses. GTI, PPSP, and MJQE remained unchanged. On the Growth Board, DBDE was unchanged, while JSL declined by 0.72%. Total trading volume reached 54,493 shares, with a turnover of KHR 263 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
405.1 -0.08 54,493 10,865

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 0.00 -2.83 6,560 6,160 12,557 537
GTI 6,780 0.00 2.73 33.46 6,780 6,000 12,336 271
PPAP 13,600 -0.58 0.59 -1.73 13,840 13,320 418 281
PPSP 2,100 0.00 -0.94 -3.23 2,130 2,100 132,913 151
PAS 12,160 0.50 0.50 5.19 12,160 11,960 1,632 1,043
ABC 6,840 -0.87 -0.87 -9.28 6,920 6,840 27,156 2,963
PEPC 2,620 -1.87 -2.96 9.62 2,710 2,560 58 196
MJQE 1,980 0.00 -0.50 -4.81 2,000 1,980 33,481 642
CGSM 2,440 0.41 0.00 0.41 2,440 2,420 4,675 4,781
DBDE 2,010 0.00 0.00 -2.43 2,040 2,010 5,566 37
JSL 2,760 -0.72 -0.72 -19.30 2,810 2,690 1,161 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 7,057 122.71 0.96 0.82 36.33
PPAP 1Q25 2,951 22,115 4.61 0.61 1.58 3.97
PPSP 1Q25 679 3,866 3.09 0.54 1.51 2.62
PAS 1Q25 1,212 8,224 10.03 1.48 2.19 7.69
ABC 1Q25 1,287 13,790 5.31 0.50 0.74 NA
PEPC* 1Q25 -88 -17 NA NA 13.00 NA
MJQE 4Q24 42 307 47.67 6.45 3.91 11.96
CGSM 1Q25 26 606 92.73 4.02 6.92 16.66
JSL 1Q25 -8 685 NA 4.03 7.42 28.42
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% 2,363
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,405
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,025
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,229
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,676
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 854
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,416
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,624
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 871
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) 2,698
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,350
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,350
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,350
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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