Inside Cambodia's $10.2 billion 2026 budget: 7% spending increase, security priorities, and $3.1b borrowing
| News Highlights |
Economy and Industry
Inside Cambodia's $10.2 billion 2026 budget: 7% spending increase, security priorities, and $3.1b borrowing Cambodia has approved a US$10.2 billion draft national budget for 2026, marking a 7% increase from 2025. This budget aligns with the Medium-Term Public Finance Framework and emphasizes national sovereignty, security, and institutional capacity, amidst rising expenditure demands and low revenue growth post-COVID-19. Economic growth is projected at 5.2% for 2025 and around 5.0% for 2026, with a focus on social protection and education. To finance the budget, Cambodia plans to borrow US$3.1 billion, mainly for infrastructure projects, while maintaining manageable public debt levels. The draft budget will undergo legislative review before taking effect on January 1, 2026, with its success dependent on efficient spending management and sustainable revenue growth. (Source: Cambodia Investment Review)
Germany to invest EUR47.5 million in upgrading Cambodia's energy infrastructure The European Union nation has invested in energy infrastructure by introducing innovative battery storage solutions to enhance the energy system for households and businesses, supported by a EUR47.5 million investment from Germany. This includes upgrading transmission lines and improving Cambodia's national grid stability, formalized through a loan agreement signed by the German Federal Ministry for Economic Cooperation and Development and Cambodia's Economy and Finance Ministry. The initiative, part of Cambodia's rural electrification program, aims for a more resilient energy system. Additionally, a wind battery storage project announced in Kampong Chhnang aligns with Cambodia's green energy goals and positions the country as a leader in wind power within ASEAN, reflecting a significant shift toward a modern energy framework. (Source: Kiripost)
Local company purchases over 30,000 tonnes of rice from farmers Contract farming in Cambodia is advancing with Virak Buntham Company purchasing over 30,000 tonnes of rice from farmers at 950 riels per kilogram. Supported by the Ministry of Agriculture, Forestry and Fisheries (MAFF), approximately 2,000 farmers have signed contracts to produce rice under this initiative, which guarantees fair prices, provides capital support, technical assistance, and reduced input costs. This approach enhances farmers' livelihoods by ensuring stable markets, access to credit, and technical support, reducing risks associated with fluctuating prices. The government is also investing $35 million to support modern agricultural communities through low-interest loans and promote high-potential crops, contributing to sustainable growth for rural areas. (Source: Khmer Times)
Corporate News
Turkish Airlines to open direct route linking Istanbul and Phnom Penh next month The introduction of direct flights by Turkish Airlines from Istanbul to Phnom Penh, commencing on December 11, marks a significant advancement in Cambodia's international air connectivity and tourism diversification. Sinn Chanserey Vutha, Secretary of State and spokesperson for the State Secretariat of Civil Aviation, highlighted this achievement under Prime Minister Hun Manet's leadership. The route enhances accessibility to Europe, linking to over 350 destinations in 130 countries via Istanbul, which is strategically positioned as a transit hub between Europe and Asia. Cambodia becomes Turkish Airlines' seventh Southeast Asian and eleventh Asian destination, boosting the influx of international travelers. (Source: Khmer Times)
Stock Market
PEPC leads main board as CSX edges up 0.15% On 20 November 2025, the CSX Index rose 0.15% to close at 413.8 points. On the Main Board, PEPC (+2.69%), PPSP (+1.46%), and ABC (+0.29%) recorded gains. PWSA, GTI, PPAP, PAS, and MJQE remained unchanged. On the Growth Board, DBDE decreased 2.29%, while JSL increased 0.37%. Total trading volume reached 117,172 shares, with a turnover of KHR 364 million. (Source: YSC Research)
| CSX Stocks |
CSX Index
| Value | 1D % Chg | 1D Vol | Mkt Cap (KHR'bn) |
| 413.79 | 0.15 | 117,172 | 11,098 |
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 | 6,220 | 0.00 | 0.97 | -2.20 | 6,220 | 6,140 | 39,738 | 541 |
| GTI | 7,040 | 0.00 | -0.28 | 38.58 | 7,100 | 6,980 | 40,780 | 282 |
| PPAP | 13,760 | 0.00 | 1.78 | -0.58 | 13,800 | 6,220 | 7,116 | 285 |
| PPSP | 2,090 | 1.46 | 1.95 | -3.69 | 2,090 | 2,030 | 290,269 | 150 |
| PAS | 12,360 | 0.00 | 1.81 | 6.92 | 12,360 | 12,100 | 4,553 | 1,060 |
| ABC | 7,020 | 0.29 | 3.85 | -6.90 | 7,180 | 6,740 | 521,096 | 3,041 |
| PEPC | 2,670 | 2.69 | 6.37 | 10.33 | 2,670 | 2,500 | 1,798 | 200 |
| MJQE | 1,980 | 0.00 | 0.00 | -4.81 | 1,980 | 1,960 | 103,805 | 642 |
| CGSM | 2,500 | 0.00 | 1.63 | 2.88 | 6,220 | 2,430 | 45,114 | 4,898 |
| DBDE | 2,130 | -2.29 | 5.45 | 3.40 | 2,180 | 2,000 | 20,443 | 39 |
| JSL | 2,700 | 0.37 | -3.23 | -21.05 | 2,840 | 2,670 | 7,439 | 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 | 7.52 | 0.54 | 1.70 | 14.89 |
| GTI | 2Q25 | 29 | 7,023 | 241.59 | 1.00 | 0.86 | 39.69 |
| PPAP | 1Q25 | 2,951 | 22,115 | 4.66 | 0.62 | 1.60 | 4.01 |
| PPSP | 2Q25 | 735 | 4,376 | 2.84 | 0.48 | 0.96 | 2.12 |
| PAS | 1Q25 | 1,212 | 8,224 | 10.20 | 1.50 | 2.22 | 7.78 |
| ABC | 2Q25 | 1,460 | 14,410 | 4.81 | 0.49 | 0.84 | NA |
| PEPC* | 3Q25 | -1,445 | -1,303 | NA | NA | 3.20 | NA |
| MJQE | 2Q25 | 45 | 340 | 43.83 | 5.82 | 3.87 | 12.70 |
| CGSM | 2Q25 | 25 | 618 | 101.76 | 4.04 | 7.14 | 19.77 |
| JSL | 2Q25 | -82 | 492 | NA | 5.48 | 19.98 | 33.78 |
| DBDE | 2Q25 | 147 | 1,933 | 14.53 | 1.10 | 0.33 | 7.44 |
| 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% | 2,255 |
| ABC32B | 0 | 0.0 | - - | KhAA | Subordinated Bond | 8.50% | 2,297 |
| ABC32C | 0 | 0.0 | - - | khAA | Subordinated Bond | 7.50% p.a. | 2,488 |
| CGSM33A | 0 | 0.0 | - - | KhAAA | Sustainability Bond | SOFR +3% or 5.5% per annum, whichever is higher | 2,917 |
| CIAF28A | 0 | 0.0 | - - | KhAAA | N/A | 6.30% Annually | 1,121 |
| CIAF30A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | 5.60% | 1,568 |
| GT27A | 0 | 0.0 | - - | N/A | Plain Bond, Green Bond | 7% per annum | 746 |
| PPSP29A | 0 | 0.0 | - - | KhAAA | Guaranteed Green Bond | Term SOFR + 1.5% | 1,308 |
| RRC32A | 0 | 0.0 | - - | N/A | Plain Bond | 7% Annually | 2,516 |
| RRGO27A | 0 | 0.0 | - - | KhAAA | Guaranteed Bond | SOFR+3,5% or 5% per annum (take which one is higher) | 763 |
| 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) | 2,590 |
| SNTD40A | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day SOFR Average + 1.80% | 5,242 |
| SNTD40B | 0 | 0.0 | - - | N/A | Green Infrastructure Bond | 180-Day Average SOFR + 1.60% (4.00% - 6.00%) | 5,242 |
| 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. | |||||
| Stock Charts |
Main Board
Growth Board
