Cambodia and Japan work to expand cooperation in the banking sector
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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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