Non-garment export sector records strong growth
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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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