Cambodia and Japan work to expand cooperation in the banking sector

/ October 20, 2025


News Highlights

Economy and Industry

Cambodia and Japan work to expand cooperation in the banking sector Cambodia's National Bank of Cambodia (NBC) held two meetings with Japanese financial institutions to discuss innovation, regulatory compliance, and long-term investment. The discussions were led by NBC Governor Chea Serey and GFTN CEO Takeshi Kito. Kito aimed to study Cambodia's fintech sector and explore opportunities for collaboration. The NBC Governor highlighted the strong cooperation between Cambodia and Japan in building digital financial infrastructure and encouraged further collaboration. Hattha Bank Plc's senior management delegation, led by Kenichi Yamato, reaffirmed their commitment to collaboration with NBC and support for long-term investment and sustainable growth. The NBC Governor expressed appreciation for shareholders' confidence in Cambodia's banking sector and encouraged Hattha Bank Plc to continue innovating using digital technologies. (Source: Khmer Times)

Vietnam and Cambodia strengthen trade ties, targeting $20 billion in bilateral value The Vietnamese Ministry of Industry and Trade (MoIT) and the Cambodian Ministry of Commerce held a trade promotion conference in An Giang province to strengthen economic cooperation and advance the $20 billion trade goal. The partnership has made solid progress, with total trade reaching $10.2 billion in 2022 and $8 billion in 2025. Vietnam ranks among Cambodia's top five foreign investors, with over 210 active projects worth more than $2.9 billion. The conference emphasized deeper trade and investment ties to boost growth and improve livelihoods. Cambodian undersecretary Tith Rithipol urged Vietnamese businesses to invest in high-value, growth-oriented sectors, while the MoIT committed to working with Cambodia and southern provinces to develop a 2025-2027 action plan supporting market access, trade capacity, e-commerce, and logistics. (Source: Khmer Times)

New federation formed to strengthen Cambodia's mango supply chain Cambodia has established the Cambodian Mango Development Federation (CMDF), a national private institution to coordinate efforts and promote value, quality, and trust across the country's mango supply chains. The first CMDF election saw 15 members elected, with 65 of 79 registered voters casting ballots, representing an 82% turnout. Leng Sokly was elected President and Chairman of the Board. The CMDF will play a key role in sector development, including shaping national mango policy, updating data to support sustainable growth, and promoting Cambodian mangoes internationally through trade fairs and related activities. The federation aims to position Cambodia as a leading source of high-quality, competitive, and sustainable mangoes - marking a major step toward strengthening the sector, fostering collaboration, and enhancing global competitiveness. (Source: Khmer Times)

Corporate News

Prudence Foundation and Prudential Cambodia wrap up initiative strengthening safety and climate resilience in 96 schools The Prudential Foundation, the philanthropic arm of Prudential plc, has completed its nine-year "Promoting Safe School Initiative in Cambodia" project. Funded by the Prudence Foundation and Plan International Hong Kong, the initiative has designated 96 public schools in Ratanakiri, Siem Reap, and Stung Treng provinces as safer and more resilient learning environments. It focuses on strengthening disaster risk reduction, climate change adaptation, and sustainability to build school resiliency. The project has improved school conditions and established a Disaster Management Committee to ensure long-term success. All Safe School initiatives follow the Comprehensive School Safety (CSS) Framework, enabling schools, teachers, students, and communities to work together to reduce disaster risks, promote safe learning spaces, and integrate education on risk reduction and climate resilience. (Source: Cambodia Investment Review)

Stock Market

CSX index edges up 0.15% as CGSM and PPAP gain; JSL declines 2.20% On 20 October 2025, the CSX Index edged up 0.15% to close at 404.2 points. On the Main Board, CGSM (+0.41%) and PPAP (+0.15%) posted gains, while PPSP (-0.98%), MJQE (-0.51%), PWSA (-0.32%), ABC (-0.29%), and GTI (-0.28%) recorded losses. PAS and PEPC remained unchanged. On the Growth Board, DBDE was unchanged, while JSL declined by 2.20%. Total trading volume reached 211,709 shares, with a turnover of KHR 1.145 billion. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
404.2 0.04 211,709 10,841

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 -0.32 -3.46 6,200 6,140 187,068 534
GTI 7,080 -0.28 -0.28 39.37 7,140 6,900 67,241 283
PPAP 13,520 0.15 -0.44 -2.31 13,600 13,500 5,322 280
PPSP 2,030 -0.98 -1.46 -6.45 2,070 2,030 412,118 146
PAS 12,140 0.00 -0.16 5.02 12,200 12,060 7,584 1,041
ABC 6,760 -0.29 -0.29 -10.34 6,880 6,760 324,441 2,928
PEPC 2,540 0.00 -1.93 4.96 2,680 2,540 2,046 190
MJQE 1,970 -0.51 -0.51 -5.29 1,990 1,970 102,726 638
CGSM 2,450 0.41 0.82 0.82 2,450 2,420 46,778 4,800
DBDE 2,030 0.00 -0.49 -1.46 2,040 2,010 11,419 37
JSL 2,670 -2.20 -3.26 -21.93 2,800 2,650 55,803 69
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 7,023 242.97 1.01 0.86 39.85
PPAP 1Q25 2,951 22,115 4.58 0.61 1.57 3.95
PPSP 2Q25 735 4,376 2.76 0.46 0.93 2.05
PAS 1Q25 1,212 8,224 10.02 1.48 2.18 7.69
ABC 2Q25 1,460 14,410 4.63 0.47 0.81 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.04 NA
MJQE 2Q25 45 340 43.61 5.79 3.85 12.64
CGSM 2Q25 25 618 99.73 3.96 6.99 19.42
JSL 2Q25 -82 492 NA 5.42 19.76 33.56
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% 2,286
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,328
ABC32C 0 0.0 - - khAA Subordinated Bond 7.50% p.a. 2,519
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,948
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,152
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,599
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 777
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,339
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,547
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 794
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) 2,621
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,273
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,273
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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