Over $3 billion needed to upgrade Cambodia's river transport and water logistics
| News Highlights |
Economy and Industry
Over $3 billion needed to upgrade Cambodia's river transport and water logistics The Cambodian government plans to invest $3.25 billion in 23 river transport projects under the Comprehensive Intermodal Transport and Logistics System (CITLS) 2023-2033 master plan. These initiatives aim to enhance connectivity, trade efficiency, and reduce transport costs throughout the Kingdom. Significant developments include the Law on Water Transport, approved in March 2024, and the Funan Techo Canal project, Cambodia's first canal system. The government has prioritized 16 short- and medium-term projects worth $2.56 billion and nine long-term projects valued at $690 million, with some already underway and others pending due to funding. The projects are expected to generate jobs, improve logistics, and attract foreign investment, ultimately fostering economic growth and competitiveness in regional trade. (Source: Khmer Times)
Investment approvals in Cambodia reach $7.8 billion in first three quarters of 2025 Cambodia registered fixed-asset investments totaling $7.8 billion in the first nine months of 2025, reflecting a substantial 47% increase compared to the previous year, according to a report from the Council for the Development of Cambodia (CDC). During this period, 546 investment projects were approved, a rise of 73% from 315 projects in the same timeframe last year, resulting in the creation of around 376,000 jobs. The majority of these investments were directed towards the garment and non-garment manufacturing sectors, infrastructure, agriculture and agro-industry, as well as tourism. China emerged as the leading foreign investor, contributing 52.96% of the total investment, with significant contributions also from Singapore, Vietnam, and several other countries. Penn Sovicheat, Secretary of State and Spokesperson for the Ministry of Commerce, highlighted that agreements like the Regional Comprehensive Economic Partnership (RCEP) and bilateral free trade agreements with China, South Korea, and the UAE are pivotal in drawing foreign direct investments. He emphasized that these new investments would inject capital, technology, and create employment opportunities for the Cambodian populace. (Source: Khmer Times)
IndiGo announces new direct route to Cambodia from India starting Nov. 13 IndiGo, India's leading passenger airline, will commence direct flight services between Kolkata and Siem Reap on November 13, operating Airbus A320neo aircraft three times a week. Bookings are currently open. This marks IndiGo's seventh international destination from Kolkata. CEO Pieter Elbers noted the rise in travel demand between India and Cambodia, driven by favorable visa regulations and increasing trade. The new flights are anticipated to enhance tourism, cultural exchange, and economic collaboration. IndiGo operates a fleet of over 410 aircraft, including numerous Airbus A320neo family jets, offering more than 2,200 daily flights to 127 destinations globally. It is ranked among the world's largest airlines by passenger numbers, with extensive domestic and international reach and holds the largest aircraft order for future expansion. (Source: Khmer Times)
Corporate News
Wing Bank introduces Mini-App for easy ticket booking and lifestyle services Wing Bank is transforming digital banking in Cambodia with its Miniapp feature, available within the Wing Bank App, which allows users to book tickets for various events and attractions while managing finances on a single platform. Mr. Vantheth Hong, Open Banking Director, highlighted that Miniapp turns the banking app into a "lifestyle gateway," emphasizing speed, security, and simplicity in managing money and accessing entertainment. Through Miniapp, users can utilize 'Go.Tickets,' which offers exclusive discounts and direct booking for experiences like Phnom Penh Safari, museums, concerts, and more. This initiative creates a unified platform that merges financial services with lifestyle offerings. Wing Bank currently supports over 9.8 million account holders and has introduced an AI-powered chatbot for 24/7 customer support. The Miniapp will soon expand to include additional services, such as booking movie tickets and transportation, with ongoing exclusive offers and discounts. This move strengthens Wing Bank's position as a leader in Cambodia's digital economy, aiming to simplify and enhance the connected experiences for all Cambodians. (Source: Kiripost)
Stock Market
CSX index rises slightly as GTI surges, offsetting PEPC losses On 3 October 2025, the CSX Index rose 0.11% to close at 402.7 points. On the Main Board, GTI (+2.32%), PAS (+0.50%), and ABC (+0.30%) posted gains, while PEPC (-2.31%), MJQE (-0.50%), and PPSP (-0.49%) recorded losses. PWSA, PPAP, and CGSM remained unchanged. On the Growth Board, DBDE gained 0.50%, while JSL remained unchanged. Total trading volume reached 39,521 shares, with a turnover of KHR 229 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 402.73 | 0.11 | 39,521 | 10,802 |
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 | 9,322 | 536 |
| GTI | 7,060 | 2.32 | -0.56 | 38.98 | 7,140 | 6,900 | 2,126 | 282 |
| PPAP | 13,600 | 0.00 | 0.15 | -1.73 | 13,600 | 13,500 | 450 | 281 |
| PPSP | 2,050 | -0.49 | -0.49 | -5.53 | 2,070 | 2,050 | 6,848 | 147 |
| PAS | 12,180 | 0.50 | 0.16 | 5.36 | 12,200 | 12,000 | 1,459 | 1,045 |
| ABC | 6,780 | 0.30 | 0.00 | -10.08 | 6,800 | 6,740 | 52,245 | 2,937 |
| PEPC | 2,540 | -2.31 | -2.68 | 6.28 | 2,680 | 2,530 | 401 | 190 |
| MJQE | 1,980 | -0.50 | 0.00 | -4.81 | 1,990 | 1,970 | 27,890 | 642 |
| CGSM | 2,420 | 0.00 | -0.41 | -0.41 | 2,440 | 2,420 | 14,289 | 4,741 |
| DBDE | 2,030 | 0.50 | -0.49 | -1.46 | 2,050 | 2,020 | 5,095 | 37 |
| JSL | 2,760 | 0.00 | 0.00 | -19.30 | 2,900 | 2,760 | 50,244 | 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 | 242.28 | 1.01 | 0.86 | 39.77 |
| PPAP | 1Q25 | 2,951 | 22,115 | 4.61 | 0.61 | 1.58 | 3.97 |
| PPSP | 2Q25 | 735 | 4,376 | 2.79 | 0.47 | 0.94 | 2.07 |
| 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 | 3.04 | NA |
| MJQE | 2Q25 | 45 | 340 | 43.83 | 5.82 | 3.87 | 12.70 |
| 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 | 13.85 | 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% | 2,303 |
| ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,345 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 2,965 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,169 |
| CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,616 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 794 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,356 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,564 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 811 |
| 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) | 2,638 |
| SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 1.80% | 5,290 |
| SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | 5,290 |
| SNTD40C | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 3.00% | 5,290 |
| 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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