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