ADB backs $52 million initiative for Cambodia's green energy path

/ September 19, 2025


News Highlights

Economy and Industry

ADB backs $52 million initiative for Cambodia's green energy path The Asian Development Bank (ADB) has approved a $52.72 million loan for Cambodia's Grid Expansion Project, aimed at strengthening the nation's transmission network to integrate more renewable energy and meet escalating electricity demand. Cambodia has substantially increased its domestic electricity generation and reduced reliance on imported power. The project will involve constructing 55 kilometers of 230-kilovolt transmission lines and upgrading nine substations, enhancing capacity for renewable sources and improving overall grid reliability, aligning with Cambodia's energy development master plan. (Source: Khmer Times)

Bonds to emerge as a potential major investment option for Cambodians Cambodia's bond market is expanding and showing stronger growth than the stock market, though it remains largely inaccessible to ordinary citizens due to high minimum investment requirements and complex participation processes dominated by institutional investors. To democratize access, the National Bank of Cambodia is developing a blockchain-based platform that will allow citizens to purchase government bonds directly. This initiative aims to lower entry barriers through fractional ownership, increase accessibility for small investors, and improve liquidity via digital trading, potentially transforming the bond market into a more inclusive investment option that supports national development and strengthens household savings. (Source: Khmer Times)

Cambodia's exports to EU rise nearly 20% from Jan-Aug, imports remain stable Cambodia's trade with the European Union continues to expand, with exports reaching over $3.3 billion in the first eight months of 2025, marking a 16% year-on-year increase. Total trade volume for the period stood at $3.92 billion, up more than 10%. The EU is a critical market for Cambodian goods, second only to the US, with key trading partners including Spain, Germany, and the Netherlands. The composition of Cambodian exports to the EU has diversified beyond traditional garments and footwear to include agricultural products and electronic components. This positive trend is supported by the EU's preferential trade systems, although trade levels have not fully recovered to pre-Covid-19 figures, partly due to the partial withdrawal of EBA preferences in 2020, which imposed tariffs on key export items. (Source: The Phnom Penh Post)

Corporate News

Phnom Penh Autonomous Port revenue rises nearly 20% In the first eight months of 2025, the Phnom Penh Autonomous Port (PPAP) generated over $32 million in revenue from its business operations, marking a nearly 20% increase compared to the same period in 2024. This revenue was primarily derived from port operations ($27.19 million), port authority services ($4.33 million), and other services ($0.9 million). Experts anticipate further growth once the Techo Funan Canal project becomes operational, which is expected to connect inland waterways to seaports and significantly enhance logistics and transport sectors by reducing costs, shortening delivery times, and stimulating economic development. The broader Cambodian freight and logistics sector is also experiencing strong momentum, driven by increasing foreign direct investment. (Source: The Phnom Penh Post)

Stock Market

CSX gains 0.20% as PAS leads market rise On 19 September 2025, the CSX Index rose 0.20% to close at 404.4 points. On the Main Board, PAS (+1.00%), PEPC (+0.76%), PPSP (+0.49%), ABC (+0.29%), and GTI (+0.28%) posted gains, while PPAP (-0.15%) recorded losses. PWSA, MJQE, and CGSM all closed unchanged. On the Growth Board, DBDE remained unchanged, while JSL edged up 0.36%. Total trading volume reached 31,687 shares, with a turnover of KHR 164 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
404.44 0.20 31,687 10,848

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 -0.64 -2.52 6,260 6,200 50,802 539
GTI 7,080 0.28 -1.12 39.37 7,180 7,000 21,691 283
PPAP 13,580 -0.15 -0.44 -1.88 13,700 13,500 3,278 281
PPSP 2,070 0.49 0.98 -4.61 2,070 2,050 164,645 149
PAS 12,180 1.00 1.50 5.36 12,180 11,920 6,869 1,045
ABC 6,800 0.29 0.29 -9.81 6,800 6,740 329,245 2,946
PEPC 2,660 0.76 2.31 11.30 2,660 2,510 3,411 199
MJQE 1,990 0.00 0.00 -4.33 2,000 1,980 75,125 645
CGSM 2,430 0.00 -1.22 0.00 2,460 2,420 85,753 4,761
DBDE 2,030 0.00 -0.49 -1.46 2,050 2,020 9,714 37
JSL 2,770 0.36 -0.36 -19.01 2,900 2,760 2,439 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 2Q25 827 11,622 7.49 0.53 1.69 14.88
GTI 2Q25 29 7,023 242.97 1.01 0.86 39.85
PPAP 1Q25 2,951 22,115 4.60 0.61 1.58 3.96
PPSP 2Q25 735 4,376 2.82 0.47 0.95 2.09
PAS 1Q25 1,212 8,224 10.05 1.48 2.19 7.70
ABC 2Q25 1,460 14,410 4.66 0.47 0.81 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.19 NA
MJQE 2Q25 45 340 44.05 5.85 3.89 12.76
CGSM 2Q25 25 618 98.91 3.93 6.94 19.28
JSL 2Q25 -82 492 NA 5.63 20.50 34.29
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% 2,317
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,359
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,979
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,183
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,630
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 808
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,370
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,578
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 825
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) 2,652
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,304
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,304
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,304
Government Bonds

Historical Issuance Summary

  1 Y 2 Y 3 Y 5 Y 10 Y
Total issuance ('K units) 238.1 312.0 227.3 18.0 0.0
Outstanding (KHR'bn) 58.0 208.0 227.3 18.0 0.0
Issuance ('K units, Latest) 34.0 0.0 40.0 8.0 0.0
Coupon rate (Latest) 2.70% 3.20% 3.50% 4.34% 4.60%
Successful yield (Latest) 3.25% - 4.30% 5.00% -
Latest bidding 23-Apr-25 21-May-25 17-Sep-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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