Vietnam-Cambodia trade progressing toward $20 billion target
News Highlights |
Economy and Industry
Vietnam-Cambodia trade progressing toward $20 billion target Bilateral trade between Cambodia and Vietnam has tripled between 2014 and 2024, reaching $10.1 billion, with an average annual growth rate of about 12%. The two countries have established a solid legal framework through key agreements, including the 2019 Memorandum of Understanding on Border Trade Infrastructure Development and Connectivity, the 2024 Border Trade Agreement, and the 2025-2026 Action Plan. Cambodia offers Vietnamese businesses attractive opportunities with political stability, a young workforce, a strategic location, and favourable investment incentives. However, challenges remain, such as underdeveloped transport infrastructure, technical standards, limited market information, and difficulties adapting to different administrative systems. To achieve the US$20 billion target, experts and officials propose a comprehensive set of solutions that require close coordination between both sides. (Source: Khmer Times)
$80M green financing secured by Leader Energy for Cambodia transmission network Cambodian Transmission II Co., Ltd. (CTLII) has secured a USD80 million green financing facility from a consortium of banks, led by Maybank (Cambodia) PLC. This facility will be used to refinance CTLII's high-voltage transmission assets, aligning with Leader Energy's strategic shift towards sustainable energy infrastructure. CTLII owns and operates a 230 kV transmission line, which connects Kampong Cham province to Kratie province, and plays a crucial role in enhancing grid reliability and efficient electricity delivery. The project strengthens the national transmission network to meet rising electricity demand and supports national targets towards a low-carbon future. Leader Energy Group Berhad, Executive Deputy Chairman and Group CEO, expressed gratitude for the trust placed in them by its banking partners, enabling them to continue delivering energy solutions that uplift societies and protect the environment. Maybank, a leading ASEAN bank and sustainability leader, has mobilized about RM140 billion in sustainable finance across ASEAN from 2021 to the end of June 2025. (Source: Khmer Times)
Offline and online sales bring dried fish enterprise to 50 million riel per month EPOV Dried Fish Processing Handicraft, based in Kampong Cham, has grown rapidly, with monthly revenue reaching up to 50 million riels. Registered in 2023, it sources fish from local farmers, fisherfolk, and traders, targeting low- to mid-income consumers, green shops in Phnom Penh, and Cambodians abroad. Selling up to 30 tonnes annually, the business has expanded to markets in France, Australia, the US, and Canada, leveraging a strong social media presence. Owner Touch Pao aims to upgrade facilities to meet the Cambodia Quality Seal (CQS) and improve packaging, while the government continues to promote quality local SME production. (Source: Kiripost)
Corporate News
Singapore Airlines commits to boosting Cambodia's aviation sector Singapore Airlines (SIA) is expanding its presence in Cambodia's aviation market, operating from the newly opened Techo International Airport (KTI) and Siem Reap's Angkor International. The airline is committed to delivering world-class travel experiences in this growing aviation hub, with 33 years of service in Cambodia and 60 years of diplomatic relations between Singapore and Cambodia. SIA currently operates five times a day from Cambodia to Singapore, three times from Phnom Penh and two times from Siem Reap. KTI, a state-of-the-art facility, offers connectivity to 125 global destinations. SIA's cabin crew, awarded the World's Best by Skytrax in 2025, provides signature hospitality and AI-driven personalisation. In November 2025, SIA Engineering Company partnered with Cambodia Airport Investment Co. Ltd to establish dedicated line maintenance services at KTI. SIA also focuses on corporate social responsibility, partnering with an organization that serves underprivileged children and employing eco-friendly meal packaging. SIA aims to deliver new products and services in the next five years, ensuring excellent service quality and maintaining high standards through collaboration with airport partners. (Source: The Phnom Penh Post)
Stock Market
CSX index slips slightly as PEPC declines, PPSP leads gains On 29 September 2025, the CSX Index fell 0.04% to close at 404.3 points. On the Main Board, PPSP (+0.49%), PPAP (+0.29%), GTI (+0.28%), and PAS (+0.16%) posted gains, while PEPC (-1.89%), MJQE (-0.51%), and PWSA (-0.32%) recorded losses. ABC and CGSM closed unchanged. On the Growth Board, DBDE edged up 0.49%, while JSL remained unchanged. Total trading volume reached 31,515 shares, with a turnover of KHR 179 million. (Source: YSC Research)
CSX Stocks |
CSX Index
Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
404.26 | -0.04 | 31,515 | 10,843 |
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 | 6,140 | -0.32 | -1.60 | -3.46 | 6,240 | 6,140 | 59,629 | 534 |
GTI | 7,120 | 0.28 | -0.56 | 40.16 | 7,160 | 7,000 | 25,110 | 285 |
PPAP | 13,600 | 0.29 | -0.29 | -1.73 | 13,660 | 13,500 | 3,644 | 281 |
PPSP | 2,060 | 0.49 | 0.49 | -5.07 | 2,070 | 2,050 | 181,533 | 148 |
PAS | 12,180 | 0.16 | 1.50 | 5.36 | 12,200 | 12,000 | 7,159 | 1,045 |
ABC | 6,780 | 0.00 | 0.00 | -10.08 | 6,800 | 6,740 | 394,261 | 2,937 |
PEPC | 2,590 | -1.89 | -0.38 | 8.37 | 2,680 | 2,530 | 5,611 | 194 |
MJQE | 1,970 | -0.51 | -1.01 | -5.29 | 2,000 | 1,970 | 87,015 | 638 |
CGSM | 2,440 | 0.00 | -0.81 | 0.41 | 2,460 | 2,420 | 93,665 | 4,781 |
DBDE | 2,040 | 0.49 | 0.00 | -0.97 | 2,050 | 2,020 | 12,859 | 38 |
JSL | 2,770 | 0.00 | -0.36 | -19.01 | 2,900 | 2,760 | 3,190 | 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 | 7.42 | 0.53 | 1.68 | 14.84 |
GTI | 2Q25 | 29 | 7,023 | 244.34 | 1.01 | 0.87 | 40.01 |
PPAP | 1Q25 | 2,951 | 22,115 | 4.61 | 0.61 | 1.58 | 3.97 |
PPSP | 2Q25 | 735 | 4,376 | 2.80 | 0.47 | 0.94 | 2.08 |
PAS | 1Q25 | 1,212 | 8,224 | 10.05 | 1.48 | 2.19 | 7.70 |
ABC | 2Q25 | 1,460 | 14,410 | 4.64 | 0.47 | 0.81 | NA |
PEPC* | 3Q25 | -1,445 | -1,303 | NA | NA | 3.10 | NA |
MJQE | 2Q25 | 45 | 340 | 43.61 | 5.79 | 3.85 | 12.64 |
CGSM | 2Q25 | 25 | 618 | 99.32 | 3.95 | 6.97 | 19.35 |
JSL | 2Q25 | -82 | 492 | NA | 5.63 | 20.50 | 34.29 |
DBDE | 2Q25 | 147 | 1,933 | 13.92 | 1.06 | 0.31 | 7.22 |
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% | 2,307 |
ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,349 |
CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 2,969 |
CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,173 |
CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,620 |
GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 798 |
PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,360 |
RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,568 |
RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 815 |
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) | 2,642 |
SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 1.80% | 5,294 |
SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | 5,294 |
SNTD40C | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 3.00% | 5,294 |
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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