Non-garment export sector records strong growth

/ August 6, 2025


News Highlights

Economy and Industry

Non-garment export sector records strong growth Cambodia is experiencing a significant increase in the export of non-garment manufacturing products, indicating the country's successful economic diversification strategy. The exports of non-garment manufacturing products, including bicycles, electric goods and parts, solar, electric cable and wires, vehicle parts, bicycle parts, and car tyres, rose by 7% YoY to a combined $1,473 million in the first semester of this year. The principal markets for non-garment products include the EU, the US, Japan, Korea, and Thailand. The growth of the non-garment sector is not only strengthening Cambodia's export base but also creating a wider range of skilled labor opportunities for its workforce. (Source: Khmer Times)

AMRO calls on Cambodia to accelerate financial safeguards as economic growth slows Cambodia must accelerate the rollout of key financial safety mechanisms, including deposit insurance, emergency liquidity support, and crisis management frameworks, to protect its economy against rising vulnerabilities, according to the ASEAN+3 Macroeconomic Research Office (AMRO). The report warns that the Kingdom faces increased economic uncertainty due to external trade shocks and domestic financial sector stress. AMRO recommends enhancing macroprudential policy tools and finalizing long-pending safeguards essential for preserving financial stability, such as a deposit insurance scheme, a banking resolution framework, and emergency liquidity assistance mechanisms. The report also warns that growth under pressure from trade headwinds could slow down to 5.2% in 2025 and 4.7% in 2026, mainly due to the impact of US tariffs and subdued external demand. The current account is expected to shift to a deficit of 3.5% of GDP in 2025 and 5.4% in 2026. (Source: Cambodia Investment Review)

Kampong Cham creates more than 5,000 jobs for returning workers from Thailand The provincial administration and the Ministry of Labour and Vocational Training have created over 5,000 new jobs for workers returning from Thailand in Kampong Cham province. The Secretary of State at the Ministry of Labour and Vocational Training, Katta Orn, announced the success at a meeting attended by senior officials. Heng Sour, the Minister for Labour and Vocational Training, stated that Cambodian workers can earn a monthly salary of $250 to $300, with a total income exceeding $300 when additional benefits are included. Workers in Cambodia will also receive welfare protection through the National Social Security Fund. (Source: Khmer Times)

Corporate News

Wing Bank and Royal Group establish foundation to support refugees during border crisis Wing Bank and the Royal Group of Companies have established the Foundation for Refugee Assistance to support Cambodian families displaced by ongoing conflict along the Thai Khmer border. The first wave of aid was delivered to Wat Kiri Toul Andet, a refugee camp in Preah Vihear Province, which currently shelters over 700 children and their families. The foundation was established by Neak Oknha Kith Meng and Lok Chumteav Neak Oknha Mao Chamnan, with full backing from the Royal Group of Companies. Eight donation booths have been installed across Wing Bank's offices in Phnom Penh to collect monetary and in-kind contributions. Donations can be made directly to the Foundation for Refugee Assistance through Wing Bank's international partners, including Gmoney, E9Pay, Hanpass in South Korea, City Express and JME in Japan, and Western Union and MoneyGram in other countries. (Source: Cambodia Investment Review)

Stock Market

CSX index holds steady with minimal loss as trading volume surges On 06 August 2025, the CSX Index edged down by 0.01% to close at 404.7 points. On the Main Board, PWSA (+0.32%) posted gains, while PEPC (-0.75%), PPSP (-0.48%), and PPAP (-0.29%) recorded losses. GTI, PAS, ABC, MJQE, and CGSM remained unchanged. On the Growth Board, DBDE and JSL were down by 0.50% and 0.36%, respectively. Total trading volume reached 93,681 shares, with a turnover of KHR 318 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
404.65 -0.01 93,681 10,853

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 6,540 6,160 22,613 537
GTI 6,760 0.00 2.42 33.07 6,780 6,000 18,406 270
PPAP 13,520 -0.29 0.00 -2.31 13,840 13,320 1,421 280
PPSP 2,090 -0.48 -1.42 -3.69 2,130 2,090 206,810 150
PAS 12,020 0.00 -0.66 3.98 12,160 11,960 2,938 1,031
ABC 6,840 0.00 -0.87 -9.28 6,920 6,840 56,571 2,963
PEPC 2,660 -0.75 -1.48 11.30 2,710 2,560 103 199
MJQE 1,980 0.00 -0.50 -4.81 2,000 1,980 42,872 642
CGSM 2,440 0.00 0.00 0.41 2,440 2,430 6,994 4,781
DBDE 2,000 -0.50 -0.50 -2.91 2,030 2,000 13,507 37
JSL 2,770 -0.36 -0.36 -19.01 2,810 2,690 1,372 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 7,057 122.35 0.96 0.82 36.25
PPAP 1Q25 2,951 22,115 4.58 0.61 1.57 3.95
PPSP 1Q25 679 3,866 3.08 0.54 1.50 2.61
PAS 1Q25 1,212 8,224 9.92 1.46 2.16 7.63
ABC 1Q25 1,287 13,790 5.31 0.50 0.74 NA
PEPC* 1Q25 -88 -17 NA NA 13.20 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 4.04 7.45 28.47
DBDE 1Q25 -63 1,840 NA 1.09 0.39 14.38
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% 2,361
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,403
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,023
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,227
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,674
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 852
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,414
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,622
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 869
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) 2,696
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,348
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,348
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,348
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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