New Cambodia-India routes expected to boost medical tourism
| News Highlights |
Economy and Industry
New Cambodia-India routes expected to boost medical tourism Cambodia and India are set to establish a direct air link, starting on 13 November, to improve access to high-quality, affordable healthcare for Cambodian citizens. IndiGo Airlines will operate three weekly flights connecting Siem Reap, Cambodia, with Kolkata, a major commercial and medical hub in eastern India. This will facilitate direct travel for patients seeking treatment at India's Apollo Hospitals network, allowing them to undergo consultations, procedures, and check-ups with minimal transit time and return home within days. Apollo Hospitals, one of Asia's largest healthcare providers, will introduce its services to the Cambodian public at the Wellness Expo 2025, organized by the International Business Chamber of Cambodia. (Source: Khmer Times)
Cambodia, Canada explore partnership to advance digital and green economic development On October 29, Sun Chanthol, Deputy Prime Minister of Cambodia and First Vice-Chairman of the Council for Development (CDC), led a delegation to Canada for an investment promotion mission. This included a meeting with Victor Fedeli, Ontario's Minister of Economic Development, Job Creation, and Trade, attended by key officials from Cambodian ministries and associations. The discussions focused on enhancing economic, trade, and investment cooperation, specifically in technology transfer, digital economy, agro-industry, and clean technology, aligning with Cambodia's aspirations for a digital and green economy. Chanthol emphasized Cambodia's attractiveness as an investment destination, highlighting favorable investment laws and government policies in sectors like infrastructure, agro-processing, and renewable energy that align with Ontario's strong industrial capabilities. Minister Fedeli acknowledged Cambodia's economic potential and expressed intent to visit Cambodia officially soon. Both parties agreed to further their collaboration, intending to boost trade and investment flows, thereby strengthening their economic partnership in the future. (Source: Khmer Times)
Ministry of Economy and Finance finalizes comprehensive strategy to advance public procurement reform The 'Public Procurement System Reform Strategy 2025-2028' aims to enhance Cambodia's procurement system by addressing emerging challenges and fostering better coordination among ministries. Chaired by Deputy Prime Minister Aun Pornmoniroth, a recent meeting reviewed the draft, which supports the ongoing modernization of public financial management and aims to strengthen fiscal discipline. Built on the Public Financial Management Reform Program, the strategy focuses on clear goals and a reform roadmap to make procurement more reliable and competitive, promoting effective use of public funds to support national development. The Royal Government emphasizes the need for stakeholder cooperation to ensure successful implementation, aiming for a transparent, accountable procurement system that aligns with international standards and fosters sustainable economic growth. (Source: Khmer Times)
Corporate News
HEINEKEN Cambodia supports displaced families in Oddar Meanchey with new homes and fresh hope HEINEKEN Cambodia has signed a Memorandum of Understanding (MoU) with the Oddar Meanchey Provincial Administration to expand its New Home, New Hope initiative, which aids displaced families affected by recent border conflicts. This agreement includes the construction of 30 mobile homes and the distribution of daily essentials to approximately 300 families in refugee camps. The initiative aims to build a total of 50 mobile homes and repairs across Cambodia, emphasizing HEINEKEN's commitment to community support. The signing ceremony featured local authorities discussing the emotional impact of the conflict and HEINEKEN's role in restoring hope and stability for affected families. The program has already helped provide 11 homes in various provinces, demonstrating HEINEKEN Cambodia's dedication to fostering long-term resilience and community well-being. (Source: Kiripost)
Stock Market
CSX index rises 0.34% on gains in CGSM and MJQE On 31 October 2025, the CSX Index gained 0.34% to close at 405.1 points. On the Main Board, CGSM (+0.82%), MJQE (+0.51%), PWSA (+0.33%), PAS (+0.17%), and PPAP (+0.15%) posted gains, while ABC (-0.29%) and GTI (-0.28%) recorded losses. PPSP and PEPC remained unchanged. On the Growth Board, DBDE was up 0.50%, while JSL declined 1.76%. Total trading volume reached 21,990 shares, with a turnover of KHR 123 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 405.06 | 0.34 | 21,990 | 10,864 |
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 | 0.33 | 0.00 | -3.14 | 6,180 | 6,140 | 357,034 | 536 |
| GTI | 7,060 | -0.28 | -0.56 | 38.98 | 7,140 | 6,900 | 168,126 | 282 |
| PPAP | 13,520 | 0.15 | -0.44 | -2.31 | 13,600 | 13,480 | 8,364 | 280 |
| PPSP | 2,050 | 0.00 | -0.49 | -5.53 | 2,060 | 2,030 | 472,808 | 147 |
| PAS | 12,140 | 0.17 | -0.16 | 5.02 | 12,180 | 12,080 | 13,294 | 1,041 |
| ABC | 6,760 | -0.29 | -0.29 | -10.34 | 6,880 | 6,740 | 470,512 | 2,928 |
| PEPC | 2,510 | 0.00 | -3.09 | 3.72 | 2,650 | 2,500 | 4,598 | 188 |
| MJQE | 1,980 | 0.51 | 0.00 | -4.81 | 1,990 | 1,960 | 184,668 | 642 |
| CGSM | 2,460 | 0.82 | 1.23 | 1.23 | 2,460 | 2,420 | 73,575 | 4,820 |
| DBDE | 2,020 | 0.50 | -0.98 | -1.94 | 2,040 | 2,000 | 23,482 | 37 |
| JSL | 2,790 | -1.76 | 1.09 | -18.42 | 2,840 | 2,650 | 58,980 | 72 |
| 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 | 4.58 | 0.61 | 1.57 | 3.95 |
| 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 | 4.63 | 0.47 | 0.81 | NA |
| PEPC* | 3Q25 | -1,445 | -1,303 | NA | NA | 3.01 | NA |
| MJQE | 2Q25 | 45 | 340 | 43.83 | 5.82 | 3.87 | 12.70 |
| CGSM | 2Q25 | 25 | 618 | 100.13 | 3.98 | 7.02 | 19.49 |
| JSL | 2Q25 | -82 | 492 | NA | 5.67 | 20.65 | 34.43 |
| 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% | 2,275 |
| ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,317 |
| ABC32C | 0 | 0.0 | - - | khAA | Subordinated Bond | 7.50% p.a. | 2,508 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 2,937 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,141 |
| CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,588 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 766 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,328 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,536 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 783 |
| 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) | 2,610 |
| SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 1.80% | 5,262 |
| SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | 5,262 |
| Government Bonds |
Historical Issuance Summary
| 1 Y | 2 Y | 3 Y | 5 Y | 10 Y | |
| Total issuance ('K units) | 238.1 | 312.0 | 384.8 | 18.0 | 0.0 |
| Outstanding (KHR'bn) | 58.0 | 208.0 | 384.8 | 18.0 | 0.0 |
| Issuance ('K units, Latest) | 34.0 | 0.0 | 157.5 | 8.0 | 0.0 |
| Coupon rate (Latest) | 2.70% | 3.20% | 3.40% | 4.34% | 4.60% |
| Successful yield (Latest) | 3.25% | - | 3.90% | 5.00% | - |
| Latest bidding | 23-Apr-25 | 21-May-25 | 22-Oct-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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