China leads Cambodia's investment inflows with $3.6B

/ August 15, 2025


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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