China leads Cambodia's investment inflows with $3.6B
News Highlights |
Economy and Industry
China leads Cambodia's investment inflows with $3.6B Chinese investors poured about $3.6 billion into Cambodia in the first seven months of 2025, making up over half of the country's approved investment value. This surge reflects Beijing's role in driving Cambodia's industrial and infrastructure growth, while rising domestic participation signals stronger local capital mobilisation. The government and the Cambodia Chamber of Commerce have actively attracted foreign investors, with investment laws treating all nationalities equally. China remains the largest source of foreign capital, supported by strong political ties and the Belt and Road Initiative. However, heavy reliance on Chinese funds poses risks, including economic vulnerabilities and strategic dependence. Diversifying investment sources and boosting domestic capital are key to risk mitigation. Bilateral trade reached $11 billion in the same period, up 26% year-on-year. (Source: Khmer Times)
Cambodia-Australia trade grows with first nut and fruit shipment Cambodian business Royal Trust Trading Co., Ltd. (RTT) has sent its first shipment of nuts and dried fruit to Australia, thanks to the Australian government's support through the Cambodia Australia Partnership for Resilient Economic Development (CAPRED) programme. The shipment, which includes 12 tonnes of nuts and dried fruit, includes cashew nuts, dried mangoes, dried jackfruit, banana, and taro chips. A second shipment is planned with an expanded product range and volume. The shipment was celebrated by representatives from the embassy, ministry, RTT, and Khmer Enterprise, highlighting the growing Cambodia-Australia cooperation to boost trade and enhance the competitiveness of Cambodian exports. The Cambodian government is committed to deepening its economic partnership with Cambodia and facilitating Cambodia's integration into regional and global value chains. The commerce ministry secretary of state, Samheng Bora, praised the Australian government for making the export of Cambodian dried fruit possible. The bilateral trade between Cambodia and Australia reached $1.1 billion in 2024, with over 70% of it being Cambodian exports to Australia. (Source: Phnom Penh Post)
Border tensions and weak tourism threaten Cambodia's economic outlook Mekong Strategic Capital (MSC) predicts an average growth of three percent in 2025 and 2026, revised from an earlier four percent forecast. The US tariffs have dissipated after the Trump administration declared a 19% tax on Cambodian goods, but risks could now stem from the US economy, depending on its performance in the near future. Tourism in the northern parts of Cambodia has recorded a plunge in visitor numbers, with Angkor Enterprise ticket sales falling 19% YoY to $1.7 million in June this year. The direct contribution to GDP has already dipped 9% to 10% in 2024, from an estimate of 10% and 12% in 2019. Lower Thai imports could make goods more expensive and drag on GDP, but create opportunities for local businesses to replace Thai goods and strengthen supply chains. Remittances are likely to shrink with over 780,000 Cambodian workers returning home since the border dispute worsened. (Source: Kiripost)
Corporate News
PPAP reports strong growth in Jan-July container throughput Cambodia's Phnom Penh Autonomous Port (PPAP) reported a 24.53 percent increase in container throughputs in the first seven months of 2025, indicating improved economic conditions. The port handled 65,475 containers in July, up 18.47 percent from 55,265 in the previous year. The growth is attributed to the Royal Government's focus on infrastructure enhancement and streamlining customs procedures. PPAP, a state-owned enterprise, handles a variety of cargo and is part of Cambodia's logistics master plan. Initiatives like the Funan Techo Canal project are expected to boost the port's role and contribute to Cambodia's economic growth. In 2024, the port earned over $41 million in revenue. (Source: Khmer Times)
Stock Market
CSX index drops 0.30% on PEPC decline On 15 August 2025, the CSX Index fell by 0.30%, closing at 404.3 points. On the Main Board, PPAP (+0.59%) and PAS (+0.17%) posted gains, while PEPC (-6.32%), GTI (-1.14%), and CGSM (-0.41%) recorded losses. PWSA, PPSP, ABC, and MJQE remained unchanged. On the Growth Board, DBDE rose by 1.00%, while JSL stayed unchanged. Total trading volume reached 83,571 shares, with a turnover of KHR 234 million. (Source: YSC Research)
CSX Stocks |
CSX Index
Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
404.33 | -0.30 | 83,571 | 10,845 |
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 | 6,220 | 0.00 | 0.65 | -2.20 | 6,220 | 6,160 | 59,072 | 541 |
GTI | 6,960 | -1.14 | 5.45 | 37.01 | 7,080 | 6,000 | 50,582 | 278 |
PPAP | 13,600 | 0.59 | 0.59 | -1.73 | 13,840 | 13,360 | 3,103 | 281 |
PPSP | 2,070 | 0.00 | -2.36 | -4.61 | 2,130 | 2,070 | 381,231 | 149 |
PAS | 12,060 | 0.17 | -0.33 | 4.33 | 12,160 | 11,960 | 5,060 | 1,034 |
ABC | 6,840 | 0.00 | -0.87 | -9.28 | 6,920 | 6,840 | 191,291 | 2,963 |
PEPC | 2,520 | -6.32 | -6.67 | 5.44 | 2,710 | 2,520 | 1,009 | 189 |
MJQE | 2,000 | 0.00 | 0.50 | -3.85 | 2,000 | 1,980 | 85,557 | 648 |
CGSM | 2,430 | -0.41 | -0.41 | 0.00 | 2,450 | 2,430 | 53,243 | 4,761 |
DBDE | 2,020 | 1.00 | 0.50 | -1.94 | 2,020 | 1,990 | 18,256 | 37 |
JSL | 2,760 | 0.00 | -0.72 | -19.30 | 2,810 | 2,690 | 1,979 | 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 | 9.36 | 0.56 | 1.67 | 15.46 |
GTI | 1Q25 | 55 | 7,057 | 125.97 | 0.99 | 0.84 | 42.56 |
PPAP | 1Q25 | 2,951 | 22,115 | 4.61 | 0.61 | 1.58 | 3.97 |
PPSP | 1Q25 | 468 | 3,866 | 4.42 | 0.54 | 1.49 | 4.31 |
PAS | 1Q25 | 1,212 | 8,224 | 9.95 | 1.47 | 8.74 | 7.65 |
ABC | 1Q25 | 544 | 13,790 | 12.57 | 0.50 | 4.33 | NA |
PEPC* | 1Q25 | -88 | -17 | NA | -146.40 | 12.51 | NA |
MJQE | 4Q24 | 37 | 307 | 53.88 | 6.52 | 3.95 | 12.02 |
CGSM | 1Q25 | 26 | 606 | 92.36 | 4.01 | 6.89 | 16.59 |
JSL | 1Q25 | -8 | 685 | NA | 4.03 | 7.42 | 28.48 |
DBDE | 1Q25 | -12 | 1,840 | NA | 1.10 | 0.40 | 74.32 |
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% | 2,352 |
ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,394 |
CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 3,014 |
CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,218 |
CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,665 |
GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 843 |
PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,405 |
RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,613 |
RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 860 |
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) | 2,687 |
SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 1.80% | 5,339 |
SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | 5,339 |
SNTD40C | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 3.00% | 5,339 |
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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