Projects valued at $280 million get approval from Preah Sihanouk Incentive Group

/ October 2, 2025


News Highlights

Economy and Industry

Projects valued at $280 million get approval from Preah Sihanouk Incentive Group Seventeen investment projects in Preah Sihanouk province, totaling $280 million and potentially creating around 2,000 jobs, have received approval for special incentives under the "Special Investment Promotion Program." By September 2025, the Working Group had approved a total of 392 projects, with a combined capital of approximately $7.8 billion and the potential for over 50,000 jobs. The meeting on September 30, chaired by Hean Sahib, aimed to review incentive requests and facilitate legal procedures for business projects. Incentives include tax relief, support with licenses, and factory launches. Notable approved projects include a mixed-use commercial center, an aluminum processing factory, and various construction initiatives. From 2024 to September 2025, the working group has approved policies for 392 projects, including stalled, new, and expansion projects, while also offering additional support such as tax exemptions for qualified investments. (Source: The Phnom Penh Post)

Cambodia's Angkor Temples welcome more than 700,000 international tourists in first three quarters of 2025 Cambodia's Angkor Archaeological Park welcomed 705,269 international visitors in the first nine months of 2025, marking a slight increase of 0.77% compared to the same period last year. The park generated $32.7 million in revenue from ticket sales during this time, reflecting a minor rise of 0.57%. In September 2025 alone, the park drew 35,650 foreign tourists, producing $1.64 million; however, this was a 25.7% decrease in visitor numbers and a 25% drop in revenue compared to September 2024. Located in Siem Reap Province, the UNESCO World Heritage site features 91 ancient temples constructed between the ninth and 13th centuries. Thourn Sinan, chairman of the Pacific Asia Travel Association Cambodia Chapter, stated that due to the current geopolitical climate and various challenges affecting global travel, he does not anticipate a significant uptick in tourist arrivals in 2025. He emphasized the need for initiatives like free visas or special incentives for travel management companies and tourists to stimulate visitor numbers. (Source: Khmer Times)

Cambodia's development strategy focuses on expanding financial inclusion Access to formal financial services is vital for economic growth in Cambodia, as emphasized by a senior official from the National Bank of Cambodia (NBC). Financial inclusion prevents poverty, fraud, and inequality and is central to the National Strategy on Financial Inclusion 2019-2025, which aims to increase access from 59% to 70% and significantly reduce women's exclusion from financial services. Despite progress, low financial literacy remains a challenge, leading many to rely on informal lending. The NBC is promoting financial literacy through school curricula and national campaigns like "Let's Talk About Money," and initiatives such as the "Financial Street Program" aim to enhance public understanding of financial services. The program, supported by key financial institutions and media, seeks to bridge the gap between banks and populace, encouraging informed financial decision-making across urban and rural communities, contributing to the country's economic growth. (Source: Khmer Times)

Corporate News

Smart Axiata hosts Deputy Prime Minister and Education Minister at Smart Startup Space, pledges continued support for youth empowerment Smart Axiata hosted Dr. Hang Chuon Naron, Deputy Prime Minister and Minister of Education, at the Smart Startup Space, emphasizing its dedication to education, entrepreneurship, and digital safety for Cambodian youth. The Smart Startup Space, established in May 2025, supports entrepreneurs with training, mentorship, and resources, enhancing their engagement in innovation. The company demonstrated its commitment to digital access by providing "Smart Laor! Rean Monthly" packages to Grade 12 A-graders. Smart Axiata has invested over a decade in youth education through programs like the SmartStart ULP and the SmartEdu Scholarship, aiming to equip students with necessary skills for the digital economy. CEO Ritesh Kumar Singh reiterated the company's mission of empowering youth with tools for success in a digital society, highlighting corporate responsibility in education and digital empowerment. (Source: Cambodia Investment Review)

Stock Market

CSX index edges down as GTI leads losses despite PEPC gain On 2 October 2025, the CSX Index fell 0.21% to close at 402.3 points. On the Main Board, PEPC (+0.39%) posted gains, while GTI (-2.82%), PAS (-0.66%), and ABC (-0.29%) recorded losses. PWSA, PPAP, PPSP, MJQE, and CGSM remained unchanged. On the Growth Board, DBDE slipped 0.49%, while JSL also remained unchanged. Total trading volume reached 31,256 shares, with a turnover of KHR 123 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
402.29 -0.21 31,256 10,790

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 6,160 0.00 0.00 -3.14 6,240 6,140 2,911 536
GTI 6,900 -2.82 -2.82 35.83 7,140 6,900 1,458 276
PPAP 13,600 0.00 0.15 -1.73 13,600 13,500 201 281
PPSP 2,060 0.00 0.00 -5.07 2,070 2,050 5,954 148
PAS 12,120 -0.66 -0.33 4.84 12,200 12,000 963 1,040
ABC 6,760 -0.29 -0.29 -10.34 6,800 6,740 29,180 2,928
PEPC 2,600 0.39 -0.38 8.79 2,680 2,530 363 195
MJQE 1,990 0.00 0.51 -4.33 2,000 1,970 24,835 645
CGSM 2,420 0.00 -0.41 -0.41 2,450 2,420 9,644 4,741
DBDE 2,020 -0.49 -0.98 -1.94 2,050 2,020 4,138 37
JSL 2,760 0.00 0.00 -19.30 2,900 2,760 50,089 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 7.45 0.53 1.68 14.85
GTI 2Q25 29 7,023 236.79 0.98 0.84 39.12
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 10.00 1.47 2.18 7.68
ABC 2Q25 1,460 14,410 4.63 0.47 0.81 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.11 NA
MJQE 2Q25 45 340 44.05 5.85 3.89 12.76
CGSM 2Q25 25 618 98.50 3.91 6.91 19.21
JSL 2Q25 -82 492 NA 5.61 20.42 34.22
DBDE 2Q25 147 1,933 13.78 1.04 0.31 7.17
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% 2,304
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,346
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,966
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,170
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,617
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 795
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,357
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,565
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 812
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) 2,639
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,291
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,291
SNTD40C 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 3.00% 5,291
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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