Cambodia and Austria agree to strengthen trade relations

/ October 17, 2025


News Highlights

Economy and Industry

Cambodia and Austria agree to strengthen trade relations Cambodia and Austria have reaffirmed their commitment to strengthen and expand bilateral trade cooperation, focusing on key sectors such as tourism, agriculture, industry, and logistics. The decision was made during a meeting between Tekreth Kamrang, Secretary of State at the Ministry of Commerce, and Michael Friedl, Commercial Counsellor of Austria and Head of Advantage Austria in Cambodia. Kamrang highlighted Cambodia's potential in tourism and agriculture, as well as garment, footwear, and bicycle industries. The government's focus on promoting domestic industrial connectivity through backward linkages aims to strengthen value chains and increase competitiveness. The Secretary of State proposed establishing a joint cooperation framework between the two commerce ministries, while Friedl expressed strong interest from Austrian businesses in expanding trade and investment with Cambodian partners. Both sides agreed that greater private sector engagement will drive resilient, sustainable, and environmentally responsible economic growth. (Source: Khmer Times)

Cambodia launches major water industry expo to promote clean water and sustainability Cambodia has held its largest-ever international water industry exhibition and conference, aiming to accelerate the country's progress towards achieving Sustainable Development Goal 6.1: universal access to clean and affordable water by 2030. The three-day event, held at the Koh Pich Exhibition and Convention Center, is organized by the Ministry of Industry, Science, Technology and Innovation (MISTI) in partnership with the Cambodian Water Supply Association (CWA) and Informa Markets. Minister Hem Vanndy emphasized the importance of access to safe, sustainable, and affordable water for Cambodia's economic and social development. The Cambodian clean water network has expanded to serve over 1.54 million households, with private operators contributing around 36% of total production. The event provides a unique platform for local and international firms to showcase cutting-edge technologies and foster partnerships, supporting Cambodia's water operators in modernizing their systems, improving efficiency, and ensuring long-term sustainability. (Source: Cambodia Investment Review)

RGPPSEZ exports reach $1.5B, aiming for $2B milestone Royal Group Phnom Penh Special Economic Zone (RGPPSEZ) has reported robust export performance for the first nine months of 2025, reaching a total export value of $1.5 billion as of September. The zone has maintained uninterrupted production and logistics operations, ensuring its international tenants can continue to serve global markets without major disruption. Exports to Thailand and the US have remained stable, with no significant declines observed since border tensions began in June and the tariff measures were reinstated by the US earlier this year. RGPPSEZ has also stepped up efforts to support domestic employment, recruiting more than 10,000 workers since June, many of whom had returned from Thailand due to the conflict. The zone's leadership expressed gratitude to Prime Minister Hun Manet for his strong leadership in promoting social and economic development, especially within the industrial sector. (Source: Khmer Times)

Corporate News

Etihad Airways lands in Phnom Penh, opening a new international gateway for Cambodia Etihad Airways has launched its first-ever flights to Phnom Penh, Cambodia, marking a significant milestone in the airline's global expansion. The sold-out inaugural flight landed at the newly opened Techo International Airport, linking Abu Dhabi to one of Southeast Asia's fastest-growing tourism and investment destinations. The new service adds Phnom Penh as Etihad's 83rd destination worldwide and its ninth new route in 2025, with 21 additional routes planned by year-end. The route will initially operate four times weekly using Etihad's new Airbus A321LR, increasing to six flights per week from November 1, 2025. The new route underscores Etihad's commitment to expanding in Southeast Asia and connecting Cambodia's dynamic economy with global markets. The new route is operated by Etihad's next-generation A321LR, configured with three cabin classes, including the airline's first-ever narrowbody First Suites. From Abu Dhabi, travelers gain access to Zayed International Airport, offering smooth transit options to destinations across the Middle East, Europe, and Africa. (Source: Cambodia Investment Review)

Stock Market

CSX index rises slightly on gains in PAS and CGSM On 17 October 2025, the CSX Index edged up 0.15% to close at 404.1 points. On the Main Board, PAS (+0.50%) and CGSM (+0.41%) posted gains, while PEPC (-4.15%) and GTI (-0.28%) recorded losses. PWSA, PPAP, PPSP, ABC, and MJQE remained unchanged. On the Growth Board, DBDE was unchanged, while JSL rose 3.02%. Total trading volume reached 402,520 shares, with a turnover of KHR 1.195 billion. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
404.05 0.15 402,520 10,837

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 6,200 6,140 43,178 536
GTI 7,100 -0.28 0.00 39.76 7,140 6,900 66,721 284
PPAP 13,500 0.00 -0.59 -2.46 13,600 13,500 5,075 279
PPSP 2,050 0.00 -0.49 -5.53 2,070 2,050 392,700 147
PAS 12,140 0.50 -0.16 5.02 12,200 12,060 7,448 1,041
ABC 6,780 0.00 0.00 -10.08 6,880 6,760 300,713 2,937
PEPC 2,540 -4.15 -1.93 4.96 2,680 2,540 2,006 190
MJQE 1,980 0.00 0.00 -4.81 1,990 1,970 86,801 642
CGSM 2,440 0.41 0.41 0.41 2,440 2,420 38,973 4,781
DBDE 2,030 0.00 -0.49 -1.46 2,040 2,010 11,279 37
JSL 2,730 3.02 -1.09 -20.18 2,800 2,650 55,622 70
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 7,023 243.65 1.01 0.86 39.93
PPAP 1Q25 2,951 22,115 4.57 0.61 1.57 3.94
PPSP 2Q25 735 4,376 2.79 0.47 0.94 2.07
PAS 1Q25 1,212 8,224 10.02 1.48 2.18 7.69
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 99.32 3.95 6.97 19.35
JSL 2Q25 -82 492 NA 5.54 20.20 34.00
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% 2,289
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,331
ABC32C 0 0.0 - - khAA Subordinated Bond 7.50% p.a. 2,522
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,951
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,155
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,602
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 780
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,342
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,550
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 797
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) 2,624
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,276
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,276
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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