Investor accounts on CSX approach 70K amid $650 million fundraising by listed firms

/ December 1, 2025


News Highlights

Economy and Industry

Investor accounts on CSX approach 70K amid $650 million fundraising by listed firms CSX continues to waive commission fees for first-time stock investors and has launched the upgraded CSX Trade mobile app to improve accessibility and user experience. With over 68,000 investor accounts reported in October, the Cambodia Securities Exchange is on track to meet its goal of 70,000 accounts by the end of 2025. CEO Hong Sok Hour acknowledged slower market growth but expressed optimism for its long-term development, noting a gain of over 10,000 accounts since 2024. The capital market has facilitated around $650 million in funding for 25 listed companies. The initiative 'My First Stock 2025' aims to educate investors on the stock market, further encouraging public participation. The recently introduced Cambodia Securities Sector Development Strategy 2025-2035 seeks to transform the sector into an economic growth driver. CSX operates as a joint venture between the Cambodian government and the Korean Exchange. (Source: Khmer Times)

ADB invests $763 million to enhance water infrastructure in Cambodian cities The Asian Development Bank (ADB) has approved a $763 million investment program aimed at enhancing Cambodia's water security and developing climate-resilient cities. This initiative, part of the Livable, Resilient, and Water-Secure Cities Investment Program, will improve urban services in 14 cities and 12 districts, benefiting over two million people, including 15% from low-income households. The program addresses increasing demands from rapid population growth, with basic water and sanitation access reaching 83% in 2024, up from 73% in 2015. It aims to mitigate climate-related risks, projected to cause annual damages of $10.6 billion by 2050 without action. The investment, aligned with national urban resilience goals, will be executed in four phases to ensure long-term sustainability, focusing on climate-proof utilities and institutional capacity building. Overall, the ADB's initiative is crucial for Cambodia's urban transformation amid rising climate pressures and growing population demands. (Source: Cambodia Investment Review)

Chinese visitors to Cambodia hit 1 million through October 2025, Minister reports Cambodia welcomed approximately 1 million Chinese tourists between January and October 2025, according to Tourism Minister Huot Hak. This contributed to the total of around 4.8 million international arrivals during the same period. The minister highlighted the importance of the tourism sector in supporting Cambodia's economic growth and its aspirations to become an upper-middle-income country by 2030 and a high-income nation by 2050. Acknowledging a pre-pandemic peak of 2.3 million Chinese tourists in 2019, Hak emphasized the readiness to promote further inflows of Chinese tourists and investment, which could enhance tourism, create jobs, and support infrastructure development in Cambodia. Lecturer Thong Mengdavid pointed to improved flight connectivity and rising interest in Cambodia's attractions as factors driving this growth, which is expected to yield substantial benefits for local businesses and cultural preservation. (Source: Khmer Times)

Corporate News

ABA participates in delegation to strengthen Canada-Cambodia trade relations On 30 October 2025, the National Bank of Canada hosted a strategic Canada-Cambodia Investment Seminar in Montreal to enhance bilateral trade and investment. The event was part of Cambodia's Investment Roadshow, led by Deputy Prime Minister H.E. Sun Chanthol, and included senior officials from Cambodian ministries and ABA Bank representatives. Discussions at the seminar focused on financial cooperation and sustainable investment, with both sides interested in forming long-term partnerships. H.E. Sun Chanthol highlighted Cambodia's economic reforms, aligning with the National Bank's commitment to sustainable growth through ABA Bank. The bilateral trade between the two countries exceeded US$1 billion by Q3 2025, demonstrating a solid foundation for future collaboration. This marked the second year of direct engagement between Cambodia's investment delegation and the National Bank of Canada, emphasizing the strengthening ties between both nations. (Source: Kiripost)

Stock Market

CSX index rises 0.71% on broad-based gains On 01 December 2025, the CSX Index rose 0.71% to close at 417.8 points. On the Main Board, PAS (+0.97%), ABC (+0.85%), CGSM (+0.80%), MJQE (+0.50%), and PEPC (+0.37%) recorded gains, while PWSA, GTI, PPAP, and PPSP remained unchanged. On the Growth Board, DBDE and JSL increased by 0.93% and 0.75%, respectively. Total trading volume reached 61,065 shares, with a turnover of KHR 329 million. (Source: YSC Research)

CSX Stocks


CSX Index

Value 1D % Chg 1D Vol Mkt Cap (KHR'bn)
417.78 0.71 61,065 11,205

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 6,300 0.00 0.00 -0.94 6,300 6,140 2,019 548
GTI 7,040 0.00 0.00 38.58 7,100 6,920 1,512 282
PPAP 14,000 0.00 0.00 1.16 14,000 6,220 871 290
PPSP 2,080 0.00 0.00 -4.15 2,100 2,050 6,777 150
PAS 12,480 0.97 0.97 7.96 12,480 12,120 268 1,070
ABC 7,100 0.85 0.85 -5.84 7,180 6,760 33,951 3,075
PEPC 2,740 0.37 0.37 13.22 2,760 2,510 1,557 205
MJQE 2,000 0.50 0.50 -3.85 2,000 1,970 7,826 648
CGSM 2,520 0.80 0.80 3.70 6,220 2,440 6,284 4,937
DBDE 2,160 0.93 0.93 4.85 2,180 2,010 2,275 40
JSL 2,700 0.75 0.75 -21.05 2,840 2,650 2,578 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 7.62 0.54 1.72 14.94
GTI 2Q25 29 7,023 241.59 1.00 0.86 39.69
PPAP 1Q25 2,951 22,115 4.74 0.63 1.62 4.08
PPSP 2Q25 735 4,376 2.83 0.48 0.95 2.11
PAS 1Q25 1,212 8,224 10.30 1.52 2.25 7.84
ABC 2Q25 1,460 14,410 4.86 0.49 0.85 NA
PEPC* 3Q25 -1,445 -1,303 NA NA 3.28 NA
MJQE 2Q25 45 340 44.27 5.88 3.91 12.82
CGSM 2Q25 25 618 102.58 4.08 7.19 19.91
JSL 2Q25 -82 492 NA 5.48 19.98 33.78
DBDE 2Q25 147 1,933 14.74 1.12 0.33 7.51
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% 2,244
ABC32B 0 0.0 - - KhAA Subordinated Bond 8.50% 2,286
ABC32C 0 0.0 - - khAA Subordinated Bond 7.50% p.a. 2,477
CGSM33A 0 0.0 - - KhAAA Sustainability Bond SOFR +3% or 5.5% per annum, whichever is higher 2,906
CIAF28A 0 0.0 - - KhAAA N/A 6.30% Annually 1,110
CIAF30A 0 0.0 - - KhAAA Guaranteed Bond 5.60% 1,557
GT27A 0 0.0 - - N/A Plain Bond, Green Bond 7% per annum 735
PPSP29A 0 0.0 - - KhAAA Guaranteed Green Bond Term SOFR + 1.5% 1,297
RRC32A 0 0.0 - - N/A Plain Bond 7% Annually 2,505
RRGO27A 0 0.0 - - KhAAA Guaranteed Bond SOFR+3,5% or 5% per annum (take which one is higher) 752
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) 2,579
SNTD40A 0 0.0 - - N/A Green Infrastructure Bond 180-Day SOFR Average + 1.80% 5,231
SNTD40B 0 0.0 - - N/A Green Infrastructure Bond 180-Day Average SOFR + 1.60% (4.00% - 6.00%) 5,231
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) 0.0 0.0 0.0 0.0 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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