Inflation pressures to ease in Cambodia after mid-year

/ August 12, 2025


News Highlights

Economy and Industry

Inflation pressures to ease in Cambodia after mid-year Cambodia's headline inflation averaged 3.5% in the first half of 2025 and is projected to slow to 1.3% in the second half, according to the National Bank of Cambodia's (NBC) latest First Semester Report and Work Direction for the Second Semester. Food inflation was a major driver in the early months, with prices increasing by 4.8% in the first half. Core inflation, which excludes volatile food and energy prices, increased to 2.9% in the first half, driven by higher costs for housing maintenance, restaurants, and clothing. The central bank's outlook for the second half is based on assumptions of steady domestic supply, weak domestic demand, continued global oil price declines, and the absence of major geopolitical or economic shocks. Cambodia must continue building resilience against potential shocks and diversify its agricultural portfolio to increase productivity and protect against food and fuel volatility. (Source: Khmer Times)

Research highlights Cambodia's growing prominence in cashew trade Cambodia is emerging as a key player in the global cashew nut industry due to its favorable climate, expanding cultivation areas, and growing international interest. The country has over 500,000 hectares of cashew plantations, with annual production reaching hundreds of thousands of tonnes. Cashew trees thrive in Cambodia's tropical climate, providing ideal temperature, sunlight, and rainfall for high-quality yields. However, challenges faced by farmers include limited domestic processing capacity, price volatility in global markets, and access to quality planting materials. Addressing these requires investment in infrastructure, farmer education, and technology-driven farming solutions. The International Labour Organisation (ILO) has highlighted a skills gap in the Cambodian cashew nut industry, with limited knowledge of post-harvest handling, machine operation, and processing facility management. The Kingdom exported cashew nuts worth over $700 million in the first six months of 2025, an increase of 56% compared to the same period last year. (Source: Khmer Times)

Phnom Penh rents rank 7th highest in Asia Phnom Penh is the seventh most expensive city in Asia for one-bedroom apartments in 2025, according to the Global Property Guide. The city's housing market is still in its early stages, with a shortage of new developments. The average quoted rental price for a one-bedroom unit in prime districts is $682 per month, compared to $550 a month for units outside these areas. The gap can be larger, up to 42%, depending on the property's location. The higher rental rates can be attributed to Phnom Penh's early-stage market development compared to mature markets like Vietnam and Thailand. Foreign residents, especially expatriates and business professionals, play a key role in driving the condominium rental market. The government is addressing rising housing costs by easing taxes and promoting affordable housing policies. (Source: Kiripost)

Corporate News

ACLEDA crowned Cambodia's best bank in Top 1000 World Banks 2025 ACLEDA Bank Plc. has been named the only Cambodian bank in the "Top 1000 World Banks 2025" ranking by The Banker magazine for the second consecutive year. This recognition reflects the bank's transparency, capabilities, and system security, as well as its strong development and competitiveness in the region. ACLEDA Bank has four major subsidiaries, including ACLEDA University of Business Co., Ltd., ACLEDA Securities Plc., ACLEDA Bank Lao Ltd., and ACLEDA MFI Myanmar Co., Ltd. The bank also maintains a representative office in Myanmar. As of Q2 2025, ACLEDA Bank reported strong financial performance with total assets of $11.55 billion, total deposits of $8.98 billion, and a customer base of over 5.96 million. (Source: Kiripost)

Stock Market

CSX gains 0.17% on GTI and PPAP rally On 12 August 2025, the CSX Index rose by 0.17%, closing at 405.6 points. On the Main Board, GTI (+2.61%), PPAP (+0.59%), ABC (+0.29%), and PAS (+0.17%) posted gains, while PPSP (-0.48%) recorded a loss. PWSA, PEPC, MJQE, and CGSM remained unchanged. On the Growth Board, DBDE fell by 0.50%, while JSL was unchanged. Total trading volume reached 119,480 shares, with a turnover of KHR 483 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
405.59 0.17 119,480 10,879

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 6,200 0.00 0.32 -2.52 6,200 6,160 52,171 539
GTI 7,080 2.61 7.27 39.37 7,080 6,000 38,804 283
PPAP 13,600 0.59 0.59 -1.73 13,840 13,320 2,198 281
PPSP 2,090 -0.48 -1.42 -3.69 2,130 2,090 299,557 150
PAS 12,040 0.17 -0.50 4.15 12,160 11,960 4,418 1,033
ABC 6,860 0.29 -0.58 -9.02 6,920 6,840 135,819 2,971
PEPC 2,600 0.00 -3.70 8.79 2,710 2,600 897 195
MJQE 1,990 0.00 0.00 -4.33 2,000 1,980 69,544 645
CGSM 2,440 0.00 0.00 0.41 2,440 2,430 14,995 4,781
DBDE 2,000 -0.50 -0.50 -2.91 2,030 2,000 15,789 37
JSL 2,780 0.00 0.00 -18.71 2,810 2,690 1,488 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 9.33 0.55 1.67 15.45
GTI 1Q25 55 7,057 128.14 1.00 0.86 43.12
PPAP 1Q25 2,951 22,115 4.61 0.61 1.58 3.97
PPSP 1Q25 468 3,866 4.46 0.54 1.50 4.35
PAS 1Q25 1,212 8,224 9.94 1.46 8.73 7.64
ABC 1Q25 544 13,790 12.61 0.50 4.34 NA
PEPC* 1Q25 -88 -17 NA -151.05 12.90 NA
MJQE 4Q24 37 307 53.61 6.49 3.93 11.96
CGSM 1Q25 26 606 92.74 4.02 6.92 16.66
JSL 1Q25 -8 685 NA 4.06 7.48 28.60
DBDE 1Q25 -12 1,840 NA 1.09 0.39 73.81
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% 2,355
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,397
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 3,017
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,221
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,668
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 846
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,408
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,616
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 863
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) 2,690
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,342
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,342
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,342
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.


Stock Charts

Main Board

 
 
 
 
 
 
 

Growth Board

 
 

© Copyright 2022 Yuanta Securities (Cambodia) Plc. All Right Reserved