Inflation pressures to ease in Cambodia after mid-year
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. |
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