Riel steady, edges up vs. Dollar

/ September 2, 2025


News Highlights

Economy and Industry

Riel steady, edges up vs. Dollar The Cambodian riel has shown slight gains against the US dollar in the first seven months of 2025, with an average of 4,011 KHR per USD between January and July. This is a 1.7% increase compared to the same period last year. The monthly exchange rate also showed little movement, easing from 4,030 KHR per USD in January to 4,010 KHR per USD in July. This stability strengthens Cambodia's economic resilience, improves investor confidence, and supports local purchasing power. (Source: Khmer Times)

Transforming challenges into investments in Cambodia Cambodia, strategically located at the intersection of ASEAN and RCEP, is emerging as a vital destination in global supply chain integration. The country's young workforce, investment-friendly environment, and steady growth make it a preferred destination for global industrial relocation. Despite changes in tariff policies, Cambodia's total exports to the world grew 27% in the first seven months of 2025, and since 2018, total exports have doubled to $26 billion. The Royal Government of Cambodia is formulating its Integrated Industrial Initiative (III) Programme, targeting electronics, auto parts, and agro-processing, to unlock billion-dollar investment potential and usher in a new wave of growth. Recently, about one million Cambodian workers have returned from Thailand, easing labor shortages and providing strong human resources support for industrial relocation. (Source: Khmer Times)

Key driver of Cambodia's economy: the food processing sector Cambodia's food processing sector, traditionally dependent on agriculture, is at a turning point for growth and sustainability. By investing in value-added production, the country can generate stronger economic returns, improve food security, and strengthen its position in regional and global markets. This sector is not just an economic strategy but also a social and developmental imperative. By modernizing infrastructure, adopting new technologies, strengthening workforce skills, ensuring quality standards, and expanding markets, Cambodia can boost rural incomes, create jobs, and diversify its economy. The Royal Government has recently rolled out measures to establish 'agro-industrial parks' in several provinces, and this should not be delayed any further. The growth of agro-processing industries would create thousands of jobs, particularly in rural areas where employment opportunities remain limited. (Source: Khmer Times)

Corporate News

PPCBank, Kosign, NongHyup finance partner on payments PPCBank, a leading commercial bank in Cambodia, has partnered with Kosign and NongHyup Finance to offer faster, smarter, and more convenient payment solutions. The partnership integrates PPCBank's KHQR with Kosign's WeBill365, making transactions simpler and more efficient. The Memorandum of Understanding (MoU) was signed by PPCBank President Lee Jin Young, NongHyup Finance CEO Jung Joo Yong, and Kosign CEO Seol Wook Hwan. NongHyup Finance customers will now have access to WeBill365's digital payment options, with real-time payment notifications when loan repayments and other transactions are completed. This collaboration aims to reduce processing time, eliminate the need for branch visits, and provide a secure, user-friendly way to manage financial transactions. (Source: The Phnom Penh Post)

Stock Market

CSX index slips 0.20% as main board stocks weaken On 02 September 2025, the CSX Index edged down 0.20% to close at 405.4 points. On the Main Board, MJQE (+0.50%) posted gains, while GTI (-0.56%), CGSM (-0.41%), PAS (-0.33%), and PPAP (-0.15%) recorded losses. PWSA, PPSP, ABC, and PEPC closed unchanged. On the Growth Board, DBDE and JSL were down 0.49% and 0.36%, respectively. Total trading volume reached 35,120 shares, with a turnover of KHR 155 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
405.41 -0.20 35,120 10,874

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 6,240 0.00 0.00 -1.89 6,260 6,160 7,852 543
GTI 7,120 -0.56 -0.56 40.16 7,180 6,760 5,926 285
PPAP 13,580 -0.15 -0.44 -1.88 13,700 13,500 804 281
PPSP 2,050 0.00 0.00 -5.53 2,100 2,050 5,969 147
PAS 12,100 -0.33 0.83 4.67 12,140 11,920 1,026 1,038
ABC 6,780 0.00 0.00 -10.08 6,860 6,760 24,344 2,937
PEPC 2,600 0.00 0.00 8.79 2,700 2,510 13 195
MJQE 2,000 0.50 0.50 -3.85 2,000 1,980 21,726 648
CGSM 2,450 -0.41 -0.41 0.82 2,460 2,430 6,937 4,800
DBDE 2,030 -0.49 -0.49 -1.46 2,050 1,990 290 37
JSL 2,790 -0.36 0.36 -18.42 2,800 2,760 805 72
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 2Q25 827 11,622 7.54 0.54 1.70 14.90
GTI 2Q25 29 7,023 244.34 1.01 0.87 40.01
PPAP 1Q25 2,951 22,115 4.60 0.61 1.58 3.96
PPSP 2Q25 735 4,376 2.79 0.47 0.94 2.07
PAS 1Q25 1,212 8,224 9.98 1.47 2.18 7.67
ABC 2Q25 1,460 14,410 4.64 0.47 0.81 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.11 NA
MJQE 2Q25 45 340 44.27 5.88 3.91 12.82
CGSM 2Q25 25 618 99.73 3.96 6.99 19.42
JSL 2Q25 -82 492 NA 5.67 20.65 34.43
DBDE 2Q25 147 1,933 13.85 1.05 0.31 7.19
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% 2,334
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,376
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,996
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,200
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,647
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 825
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,387
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,595
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 842
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) 2,669
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,321
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,321
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,321
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) 58.0 208.0 187.3 18.0 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% 4.60%
Successful yield (Latest) 3.25% - 3.50% 5.00% -
Latest bidding 23-Apr-25 21-May-25 25-Jun-25 45,861 45,889
*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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